How much should you be saving for your retirement is one of the questions we get asked the most.
Our answer always starts with ‘How do you really want to live your life, now and in the future?’
By talking about your life and not just your money, we can help you understand what you want your money to do for you, and therefore how much of it you will need.
If you want to know how much should you be saving for your retirement, then you should also be thinking carefully about what is likely to make you happy in retirement. The answers might surprise you!
For some, it’s spending more time with friends and family, for others it might be working part-time if that still gives you a sense of purpose.
Retirement is changing
Retirement is changing and we need a new conversation. For many it’s no longer a hard stop at a certain age but an evolving journey of flexible semi-retirement. The good news is that we’re all living longer. But we now also have the challenge of ensuring that we have adequate resources to make the most of our later years.
Creating a great retirement plan
We believe that a great retirement plan consists of a thorough understanding of what you already have financially, together with a series of conversations about what is most important to you and what you would like to achieve with the rest of your life. We will then translate this into a financial plan that gives you clarity and certainty for your long-term future.
Using sophisticated financial planning software, we will create a model of your financial future, so that you can see if you are on track to achieve your goals and make the most of your life along the way.
We will model various scenarios, such as when you might want to stop working and how your investments might perform, until we find the scenario that suits you best.
Not Enough
If the scenarios suggest that you won’t have enough to fund the lifestyle you would like now and in the future, then we will look at ways to deal with this.
More than Enough
If on the other hand it looks like you’ll have more than enough, we will encourage you to chase your dreams and aspirations and build some “guilt-free” luxuries into your plan, knowing that you have already taken care of what’s most important.
Just Enough
If you will have enough then we will let you know, so that you can have financial peace of mind.
Everyone deserves to have their own unique answer to the “Enough” question.
