We spend much of our working life dreaming of all the things we’ll do when we retire. At Harpur Wealth Management we’re in the business of making those retirement dreams into a reality. We do it by creating financial retirement plans that will ensure the funding clients need to enjoy the lifestyle they desire. This planning always begins with the question, “How much do I need to save for retirement?’.
Start by Imagining Your Retirement
What you want to do with your retirement will determine the funds you’ll need to finance it. If you’re planning to travel, cruise the world or indulge your passion for sailing, you’ll need a very different budget from a retirement spent gardening, and enjoying time with your family. Which is why, at Harpur Wealth, our first conversation with a client is about what they dream of doing once they stop work.
Three Key Questions
The answer to the question, ‘how much do I need to save for retirement?’ will ultimately come down to one figure. But, in order to arrive at it, there are 3 calculations that we need to make:
- When do you want to stop work? It’s important to know what age you either want to begin your retirement or have the finances in place to shift direction.
- How much will your monthly retirement income need to be? Looking at a typical monthly average income for your retirement allows us to dig down into your desired lifestyle.
- How do you get from here to there? Harpur Wealth advisors look at your current finances and create a plan to take you from where you are now, to where you need to be for your retirement.
What Happens Between Now and Retirement?
We’re happy to see that our clients are getting younger. As the state pension shrinks, and many workplace pensions are no longer able to promise a fully funded retirement, people are starting to think about retirement planning earlier. A lot happens between 30 and 55, though – you start a family, buy property, grow a business – so our planning needs to take into account your life goals, not just your retirement goals.
Our conversations with clients will look at a number of different potential scenarios, all intended create a clear understanding of the financial commitments required in order to achieve their desired goals.
Once we have arrived at a shared agreement as to your detailed plans for retirement, and the income you will need to generate in order to achieve it, we create a financial plan. This details how your assets can be used in order to facilitate the required result.
Working With Harpur Wealth Management
This post illustrates the detailed knowledge we require of our clients’ retirement aspirations, in order to turn them into reality. For that reason, we take time to get to know the people we work with. Because our best work is done when we know, in detail, what we need to achieve.
When you’re dealing with people’s lives, you’re well aware of the kinds of events that can throw them off track. Harpur Wealth clients are offered regular investment review meetings to ensure that the agreed financial plan remains aligned.
If you’re ready to address the question ‘how much do I need to save for retirement?’ – whatever your age – we would love to be part of the process. The Harpur Wealth team provides professional expertise and a bespoke service, with the aim of making your retirement dreams a reality.
Why not book a free consultation today with a Harpur Wealth Advisor? Call us on 01234 924620 or use our online form.
Disclaimer
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.
The value of your investment can go down as well as up and you may get back less than the amount invested.
‘The Financial Conduct Authority does not regulate taxation advice’
