In this month's Chartered Wealth Solutions' Blog, Pat Blamire shares how important she thinks it is to start creating your vision for retirement early.

We as financial planners are very much aware that the sooner you start planning for retirement, the more chance you have of achieving your retirement goals.   Last week I met a couple who were concerned about the fact that he was turning 55 next month, but he thought he was too young to plan for retirement!

I explained to them that a financial plan was like a road map.   It guides you towards your destination, telling you which way to turn at the different intersections that you meet along your journey.   A financial plan empowers you to make certain important decisions in your life.  For example, can you afford to retire right now, and not earn any further income in your lifetime?   If you can’t afford to retire right now, what do you need to do in order to retire at a certain age?   Or do you really want to fully retire as you enjoy your work.  Possibly your hours of work could be reduced, and this could bring in additional income.

When you go through the financial planning process it touches on a number of different issues such as investment planning, tax planning, income planning, estate and will planning, etc.   Each one of these aspects is an important aspect which needs to be considered to ensure that your affairs are structured correctly.

The financial aspects are not the only aspects that need to be considered.   What is terribly important is what you intend doing in your retirement to make sure that you enjoy the most successful retirement possible.   We find that some clients spend more time planning their children’s  wedding, or their overseas holiday, than actually planning their retirement.    In the same way that you plan your career, your retirement needs to be planned.   By having this plan, at least you know what it is that you are trying to achieve.  

Very often we find that our wealthiest clients are not necessarily our happiest clients.   Our happiest clients sometimes have less financial resources, but have made it their business to plan their retirement, and live lives that are fulfilled and meaningful to them.  This may include doing charity work, mentoring a young person, studying, or travelling around this beautiful country of ours and finding amazing out of the way places.   They wake up in the morning with purpose, knowing what their goals are and what they are trying to achieve.

We encourage everybody to have a holistic financial plan which addresses both their life issues and their money issues.   In this way you can continue on your life journey, confident in the knowledge that you understand the consequences of certain decisions you make today, and knowing where you are to go.  

Learn more about the Chartered Wealth Solutions process and philosophy when planning for retirement.