You could be closer to reaching your retirement goals than you think. Here’s why

Depending on your ultimate retirement goals, accumulating the necessary funds to enable you to finish work and enjoy a comfortable retirement without having to worry about money can feel like a distant dream.

Indeed, a report from the National Institute on Retirement Security found that more than half of Americans are concerned they won’t be able to achieve financial security in retirement.

Despite scary headlines about the cost of retirement, with self-discipline, some savings, and time, happiness and financial freedom might be closer than you think.

Financial goals matter, but they aren’t the be-all and end-all of retirement

Your financial plan typically starts with your goals, circumstances, retirement aspirations, and family. The key here is to forget about the money, and focus on what will bring you joy and contentment – both now and in the future.

While a large part of our job is to help you understand opportunities to work towards accumulating the required resources to meet your objectives, not all goals will cost you money.

For example, while a trip of a lifetime, purchasing your dream home, or buying a sporty convertible will require funds, spending more time with your family, or improving your golf handicap require you to spend time rather than wealth.

During your working life, it’s easy to fixate on the financial goals you have, forgetting about the less tangible goals. And yet, it’s often these that could have the greatest positive effect on your overall wellbeing.

As such, the time will come when you look at your achievements and decide you’ve done enough, earned enough, and accumulated enough wealth to be happy for the rest of your days.

But when you’ve spent your entire adult life in pursuit of wealth, recognising this point may not be easy.

You may already have enough to pursue your dreams

When it comes to financing your retirement, it’s easy to assume you don’t have “enough” to retire or pursue your dreams.

This negative stance could lead to you working harder for longer than necessary.  

In the worst case scenario, you may keep delaying your retirement indefinitely. But delaying too long could mean your health begins to deteriorate, making it more challenging to enjoy the lifestyle you’ve been dreaming of.

This balance between accumulating wealth and enjoying your life in the way you’d like is the crux of successful financial planning.

And Reuters has reported that, beyond a certain level of income, people who prioritise building wealth are less happy than those who prioritise meaningful experiences.

This is just one reason it’s crucial to review your financial plan with your planner at regular intervals.

Your financial planner can help you realise when you have accumulated enough wealth to pursue your goals

Our dedicated wealth management team will communicate with you on a regular basis.

Typically, this means that on a quarterly basis we will provide a review of your portfolio and ensure that your investments align with your goals, help you to keep your plans on track.

We can help you to identify when you are in a position to shift your lifestyle away from accumulating to enjoying the fruits of your labour using cashflow planning software and our knowledge and experience of financial markets.  

As such, we can confidently predict whether you are likely to encounter a shortfall in income in the future and help you to address these risks early on.

During your regular financial check-up, you may find that your investments have grown more quickly than you anticipated.

This may mean that you’re able to start thinking about phasing into retirement sooner than you thought. Or perhaps you’re now in a position to begin planning the dream holiday you’ve been looking forward to for years.

Get in touch

To learn more about how we can help you attain your long-term financial and lifestyle goals, please get in touch.

Email enquiries@alexanderpeter.com or give us a call on +44 1689 493455.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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