Graduating from having to work
What would you do with your time, if you didn’t have to work?
One of the first things needed is to get rid of the phrase “retirement” and replace it with “graduating from having to work”.
The word retirement generates negative thoughts about being old, slowing down, stopping, and not working any more. If your finances are planned properly and you have built up enough in the pot, why not graduate from having to work?
We have a great number of clients that have benefited from our ‘retirement audit’ to see where they are, and what they need to do in order to be able to enjoy their graduation. Some clients are still working even though they know they don’t need to.
It is difficult to actually think of how much is needed, each month, every month and don’t forget inflation – how much will petrol be in ten years time (providing there is still some left)?
By engaging in professional financial planning our clients know how much they need, how to build it tax efficiently, and how to combine it with other assets.
Many of Northern Star’s clients are business owners who will be relying on the sale of their business to contribute to funding their graduation – with good planning and implementing other plans there is less pressure to sell at the highest possible price because plans B, C and D have reduced the risk of only having a business to sell.
It has taken me over half of this column before I mention pensions. Pensions form part of the equation, but only part. There are plenty of routes to financial independence and having enough money to live the life we want to live.
As a firm we specialise in helping clients maximise their investments and pensions, whilst helping them reduce their risks, and combine this with making sure that everything is as tax efficient as possible – especially with regards to IHT planning.
We always offer an initial consultation without any charge or obligation so that prospective clients can get a feel for how we work, and how we differ from traditional financial services firms – we may also be able to help you set your graduation date.