What words of wisdom would you give yourself? Your money planning17 September 2021
September is a time of return to education for school pupils and university students and marks a return to work for many others. Those who have stopped work, perhaps reaching retirement, may reflect on the past and their youth at this time, hopefully with many happy memories.
If you could reach back to your age 15 as an example, what would you tell yourself from a money planning perspective? This might have been some decades ago, and you may have a few words of wisdom for your younger self, perhaps suggesting a few savings disciplines that were missing at the time.
Reflection and indeed hindsight are exact sciences, but the life journey is not over. Reaching retirement as an example, in whatever format that takes, is simply a life junction with many onward paths available. With your personal accrued life wisdom, if we think forward, the likelihood of longevity for an additional 30 or 35 years from a normal retirement age is certainly possible as an average, based on current actuarial tables. Therefore, in principle, an individual aged 55 or so has largely the same opportunity as they did when they were aged 15 to plan their funds, money, and assets with perhaps greater care than in the heady days of their youth.
If this has got you thinking, then what words of wisdom would you give yourself? This time you might take financial advice, based on your financial position, which may not have been needed when you were young. There are many good free services from the government that can provide guidance – pointers if you like – however, each of us is individual and so is our money planning. A financial planner will need to understand your journey so far, will look forward to what can be achieved, and will manage expectations if appropriate.
With potentially many decades ahead in retirement, getting it right now is perhaps more important this time round than it was during the education years. You never stop learning, so please do speak to a financial planner today about what can be achieved as you look forward, rather than back.
Speak to the team at Chapters Financial in Guildford for your financial planning needs looking forward. No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
CFP Chartered FCSI
Chartered Financial Planner