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If your goals remain hazy and indistinct, how will you get there?
Picture the "future you."
Now, imagine penning a letter to your future self. What would it say?
Would it congratulate 'future you' on achieving everything you ever wanted – or explain why none of it was possible? And what would 65-year-old you say in return?
Start putting what you can into a pension
First, there's good essential planning. This planning involves looking ahead and considering the course that your life might take and any physical, emotional and social challenges you're likely to encounter along the way.
The more you're able to put into your pension throughout your working life, the closer you'll be to realising your dreams and keeping your plan on track.
Consider how long you'll live and take advice
When I say prepare for a 100-year life, people often say: "I will never reach that". I am sure Captain Tom Moore thought the same. People need to plan to live longer than they think.
Put the 'pen to paper' and map out a real and realistic plan. You are far more likely to get where you are going if you have a destination in mind.
Please don't panic!
Don't worry if you're already a bit older and did not 'start early' or you feel you can't afford to save the 'right amount' each month. There are still actions you can take. A financial adviser will be able to review all your assets and savings and consider how all of these could 'work smarter' for you. This plan could cover cash in savings accounts, property, any ISA you might have, your pensions and inheritance tax considerations.
So, write that letter. Think about what you want to do, when you want to do it, and how you're going to afford it. Then share the letter with an adviser.
To receive a complimentary guide covering retirement planning, contact Wilcox Day Wealth Management at geoff.day@sjpp.co.uk or 07940717725
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
This article was provided to us by Geoff Day at Wilcox Day Wealth Management Ltd. Please note that this does not imply an endorsement by us.
You can review further articles that may be relevant. Please visit www.wilcoxday.co.uk [wilcoxday.co.uk]
Wilcox Day Wealth Management Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's wealth management products and services, more details of which are set out on the Group's website www.sjp.co.uk/about-st-james-place/our-business/our-products-and-services.
Geoff Day DipPFS, Cert CII (MP) 07940 717725 www.wilcoxday.co.uk
