This is the question we’re probably asked most frequently by senior executives in large organisations. You tend to work pretty long hours and carry a lot of responsibility, while at the same time thriving in the role and enjoying being at the sharp end of big business. Your work life consumes a significant amount of your time and attention, and the rewards tend to be good, both financially and in personal satisfaction. But the stage usually comes where you want to see the end of your work life in sight.
It’s a question we’re asked a lot too by SME business owners, who have one eye on their exit from the challenges of running a business.
The question is often framed in different ways. While organisations have a retirement age of (usually) mid-sixties, executives tend to set their own time horizons. And so the question is often asked as, “What do I need to do to get out at age 59/60/61?”
AdvisorPro answers such big questions
We answer such questions with our AdvisorPro financial planning approach. The process doesn’t actually start with your financial picture today and your employee benefits package. Instead, it begins with understanding what you want to do and need in retirement. Once we’re all clear on what your future financial situation needs to look like, we build up a visual picture of what your anticipated future household cashflows look like, for every year from now and right through retirement. Then we can see if and when you can afford to live that life that you want.
As part of the process, we work through many different “What if” scenarios with you. What will be the impact on your future lifestyle of bringing retirement forward, or instead delaying it by another year or two? If you slightly reduce or increase your income requirements in retirement, what impact will this have on your retirement date?
Outcomes are achieved with the right investment strategy
While running these scenarios, we also make assumptions about anticipated future asset growth, and develop an investment strategy to deliver this. An appropriate investment plan is needed to achieve your required outcomes, to support your financial plan. Each of our clients has a dedicated investment advisor who leverages our in-house team of experienced investment experts. Your dedicated investment advisor will work with you, in a process-driven approach, to develop the right investment plan for you.
Ongoing guidance is key to success
Your circumstances will inevitably change. Changes could relate to your professional life or your renumeration package or could relate to a shift in what you want in retirement. Indeed, your current circumstances outside of work today might change, and these could have a fundamental impact on your AdvisorPro financial plan. Your plan is dynamic, being constantly tested and tweaked in line with your evolving life.
We place very high importance on the annual proactive check-in meetings with you to review and assess progress. While you have access online at all times to review and consider different scenarios, these meetings are the opportunity to fully review any changes in your life, the plan in place and the investment strategy to achieve the desired outcomes. Your investment advisor can also guide you in other areas of your financial life, such as your gifting approach and estate planning.
Knowing when you will be in the position to live the life you want without worrying about money is very liberating. Maybe you can retire sooner than you think…
For more information about AdvisorPro from Acuvest, please contact Aengus Moran, Investment Advisor, on 01 634 4807 or email directly at firstname.lastname@example.org.
u also know the service that you are receiving from your advisor each year. You can then make a straightforward judgement about value.
Seemingly small amounts add up. Every 0.1% that you can shave off your total investment or pension plan charges will have a big impact, particularly over time and as your investments grow. Insist on full transparency about what you are paying to all the various service providers, and seriously consider a fee-based approach for crystal clarity in relation to your adviser’s charges.
If you would like to understand how Acuvest helps investors and pension fund holders to minimise the impact of charges on their pension funds, please contact Aengus Moran, Investment Advisor, on 01 634 4807 or email directly at email@example.com.