It’s been 10 years since Alan Carter retired and like many retirees, he initially became obsessed about his money when he stopped working. He was worried about how his pension investments were performing and whether he was spending too much.
“After I retired, I found it very difficult to come up with a plan that would provide me with a lifetime income, whilst minimising tax” Alan told us.
As people retire, they become less confident in their investments and as a precaution downshift their spending, when they really do not need to.
A smart draw down spending plan is difficult to prepare as you don’t know how long you are going to live, how long your spouse is going to live and what your pension investments are going to do in your retirement. For Alan, now 67, the solution was ultimately quite simple – speak to a professional. Alan had never consulted anyone about his money before, but about a year ago he approached us for advice.
“I decided that seeking independent financial advice was the way to go. After speaking to a Craig at Milestone Financial Planning I now feel more confident about my spending. It really helped me and now I am enjoying retirement much more.”
Alan said that he used to check on his pension obsessively, probably 4 times a week, but since meeting with Craig, a financial planner at Milestone, his perspective and, more importantly, his behaviour has changed dramatically.
“It was a relief to know from someone who is an expert that I am actually in pretty good shape financially. There is no need to keep worrying about money because, according to Craig, I am not going to run out.” After a review and a meeting with us, for the first time in his life he realised he was financially comfortable and secure.
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Alan now meets with Craig twice a year to go through everything in detail. With this peace of mind, he spends far less time obsessing over his spending and pension investments.
Craig says “The earlier you can plan for retirement the better. Having a goal but with flexibility is important to deal with life’s challenges. Regular reviews with clients ensure that we keep their plan on track. Some people are wary of seeking financial advice as they feel they might be forced into something or have to deal with pushy salespeople. I can assure you that isn’t the case at Milestone. We work with clients to find the best strategy to suit their needs. Our job is to take the stress out of your finances and give you peace of mind – if we don’t, we’re not doing it right”
Contact us today to arrange a review with an independent financial advisor from Milestone Financial Planning
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