The young ones

Posted on Aug 21, 2018

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According to a recent report on the BBC website, young workers are pessimistic about their retirement prospects.

UK employees are among the most gloomy in the world about their retirement finances, according to State Street, an asset management company. A survey it commissioned showed that fewer than one in 10 young workers felt financially prepared for retirement, while a similar proportion thought they would be able to retire when they wanted to.

The survey of nearly 10,000 people globally suggested that employees in the UK expected their retirement income to be half of their earnings in work. However, only six per cent of young workers asked thought they would be able to afford the lifestyle they wanted in retirement.

This was a far more pessimistic result than their counterparts in the US, where 23 per cent thought they would be in a financial position to live the life they wanted in retirement, as well as Germany (18 per cent), Australia (15 per cent) and Italy (10 ten per cent).

State Street suggested that the pensions industry needed to do more to help people understand whether they were on track to meet their income expectations in retirement and we’re certainly working with our clients to do that.

We’d be happy to meet with people of any age to talk about pensions and finance in retirement. It really is the case of the earlier the better. Certainly it makes more sense to have these conversations while somebody in still in their 30s or 40s than about to hit retirement, as there is more opportunity to address any obvious financial shortfalls.

At The Goodman Partnership this is our process of getting to know you and your financial situation:

1. INITIAL DISCUSSION We’ll start with an initial discussion, when we introduce ourselves to each other. We will explain how we work, our areas of expertise and our fees.  We will then ask for some background information about your current financial situation and the advice you require.

2. REVIEW OF EXISTING ARRANGEMENTS We will provide a detailed assessment of your existing pension plans, occupational scheme entitlements and other investments. We will ascertain the options available and report on their performance and effectiveness in the light of your objectives and requirements.  We can also take over the administration of existing arrangements, if required.  

3. ASSESSMENT & STRATEGY DESIGN This is possibly the most important step and includes:

  • A meeting to define your objectives, requirements and priorities.
  • An assessment of your investment risk profile using specialist software.
  • Further comment on your current plans, pension entitlements and investments. 
  • The creation of a report.
  • A follow-up discussion to review our analysis and explain our recommendations.  

4. IMPLEMENTATION 

This stage includes:

  • Refining our Strategy Design recommendations.
  • Research to identify the most appropriate products and providers.
  • A report confirming our final recommendations.

5. REVIEW SERVICE

Regular reviews, follow-up advice and practical help are an integral part of our approach.

Whatever age you are, if you’d like to start talking about finances in retirement, give us a call on 01892 500600 or click here

 

 


Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.