How could redundancy affect your pension?

How could being made redundant affect my pension?

Just when you thought you had it all sorted, one of the few people to still be in a final salary pension scheme, a good salary, and making additional pension contributions, suddenly, it all goes wrong.

Redundancy sends you on a very different journey indeed.

However, being the diligent person, paying additional amounts into your pension, perhaps maximising your annual allowance of £40,000, the future looks ok, especially with the large redundancy lump sum you are going to be paid in the present tax year.

Then the tax regime comes tripping merrily in your direction : Continue reading “How could redundancy affect your pension?”

Is my ideal retirement possible?

Is there a chance my retirement may be different?

Many people find that their view and experience of their retirement may be very different from what they expect. Reality can be a pretty harsh awakener (especially if it’s your own retirement).

How do I get a picture of my income in retirement?

In the financial part of the equation, you can of course model, plan and adjust assumptions and figures as you head towards the big day and the rest of your life.  Of course it takes a high degree of  knowledge and skill to get the figures absolutely correct, and with the aid of technology, it is easier to get pretty close, even building in re-runs of the 2008 credit crunch (remember that?).

What if things don’t turn out like I thought?

Even if you have the financial plan in place, it may be that the other side of retirement – LIFE – can all of a sudden, not unfold quite as you had imagined.

What do I want from retirement?

Will your retirement be all holidays and lunches at garden centres? Will it be just looking forward to watching your favourite TV show with an eccles cake and a cup of tea at 3.30pm ?  Or, could it be full of purpose, full of fun, a brand new start?

What do I want to achieve when I finish work?

Frequently people who had such high expectations for their retirement, find that a year or two in, they have managed to find themselves in a rut of mundaneness (they may even be fulfilling their spouses retirement and not even thinking about their own). They may even look back and wish that they had stayed working and be paid to be bored, rather than sacrifice an income and lack little social interaction.

Should I start to plan my life and money?

People just like you are quickly realising that they need to plan their retirement just as they plan their future.  That planning is not just about scheduling in a month-long break to Malta each October, but figuring out how each day and week may look for you.  What will you do to happily fill the time, and regain your purpose and passions which may well have been put on hold for 50 years (whilst ‘grown up life’ for in the way).

Is there more to retirement than just money?

Finding your happy retirement is not just going to be attached to a number – a certain amount of income, especially if all those years lack fun, freedom and a real purpose. You will probably find that the things which bring you the most joy, may not even cost much at all, you just need to find them and not be trapped in a retirement bucket.

Together we can bring some Serenity to your life

 

How bad is commuting for your mental health?

Many of us acknowledge that the journey to work is a real drag, that arduous commute, changing from 1st gear to 2nd, or jammed into a stuffy bus or tube train.  That is no way to make you feel uplifted and positive about the day to come – far from it!

How has commuting changed?

According to research by the University of West of England (analysing 26,000 people over 5 years), not only has the commute time increased by 25%, but 1 in 7 spend more than 2 hours commuting every day – that is 10 hours a week!

What is the impact of commuting on your mental health

An increase in stress and worsening of mental health for workers (not to mention the impact that then has on their families).  There are of course only 24 hours in each day – so choosing how to spend them is a very important task indeed. Continue reading “How bad is commuting for your mental health?”

Pension reviews – the new timeshare scandal

Even those of us in the profession get phone calls offering a free pension review (I have also been told that my investments have underperformed and I am entitled to compensation, my life cover was not advised properly, and my mortgage was not set up on the right rate) recently, I had this call which went like …

“Hello, I am from the pension review service, and we are phoning to give  you a free review of your pension as it is probably underperforming”. Continue reading “Pension reviews – the new timeshare scandal”

Why just goals or objective based planning is selling the client short

Pure goals and objective based planning is far better than the greedy pursuit of ‘more’ which has been the bedrock of financial advice for many a year.  Look at it, once we have more, we want some more of that more – it is a never satisfying cycle. Continue reading “Why just goals or objective based planning is selling the client short”