Maturity within your financial planning and other aspects of life
02 June 2025Many aspects of life take planning to reach an objective. From the start of the planning with targets to achieve, through to implementation and staying on course, to reaching a time when further implementation occurs, such as reaching retirement and drawing pension benefits. Of course, the journey does not end there, hopefully with the plan that you enjoy the fruits of your work. Time stands still for no person.
As a somewhat unrelated, although tangible, example, I moved house some two decades ago and stripped the garden bare within the first year. The planting of shrubs and trees was laid out for maximum space and effect, also taking into account future growth and progression. Underplanted where needed, the garden was kept in trim, with a few variances made, the loss of a plant or two, their suitable replacement, some trimming, and then ongoing care. With this maturity, the garden care continues with maintenance, but the outcome is pleasing and reaches what was originally envisaged. Now time to enjoy! Hopefully the comparison of the planning required in both examples is effective.
Time and effort are key, but the question might be when do you expect to reach your financial goals or aspirations? Managing expectations is important, and using the example of retirement planning, our book Coming in to Land, Runway to Retirement advocates looking at your planning a good period of time in advance of a retirement age that you have in mind. More can be found here: https://www.amazon.co.uk/Coming-land-retirement-Keith-Churchouse-ebook/dp/B0B5HK671H/ref=sr_1_1?crid=2FRTE44BMFX6N&dib=eyJ2IjoiMSJ9.YLJzAydbk07Rj9WHmxzSjA.hs9CgRei5gj6ikDV2w8J_mwPD0PrXP6ac7OaDdcuv5Y&dib_tag=se&keywords=churchouse+runway+to+retirement&qid=1746456782&sprefix=churchouse+runway+to+retirement%2Caps%2C101&sr=8-1
It is also important to remember that for many, retirement may arrive in a flexible format, perhaps reducing working hours for a year or two before stopping in full. And retirement benefits do not normally come from one source, and might include the State Pension, personal savings arrangements, a deferred final salary scheme, and other investment income (savings, investments, ISAs, an inheritance, or buy-to-let as examples). We are all different and each will have accumulated wealth to use in later life in the decumulation (retirement) phase.
Of course, getting the basics in place is usually important, such as having an up to date Will and checking your State Pension. However, like the garden analogy above, there is usually a lot to plot, implement and maintain, taking into account tax changes as they occur. This is where working with a financial planner at an early stage can make a real difference, both in the lead up to, and perhaps most importantly, in the enjoyment phase.
Summary
However you lay out the boundaries of your financial planning and your goals and aspirations, some early financial planning can make a real difference, and using tax allowances is usually sensible in helping in both the accumulation and decumulation phases. We look forward to speaking to you for your individual needs.
No individual advice is provided in the content of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899
