The 2 Must-Haves to Secure Your Lifetime Cashflow

The 2 Must-Haves to Secure Your Lifetime Cashflow

Here we stand in uncertain times . . .

The Russian war in Ukraine. Domestic political issues. Rising Inflation.

At times like these you may be thinking of putting your retirement planning on hold.

I know it’s tempting to wait until things settle down.

Read on to discover why waiting is never the right strategy for your financial journey:

Firstly, remember:

• Current challenges will not last forever
• New challenges will come to test us

Whether you’re still paying into a pension, or drawing from one, there are 2 Must-Haves to maintain your lifestyle throughout your life, whatever is going on in the wider world:

• Your Lifetime Cashflow Plan.
• Active Management of Your Pension

Your Lifetime Cashflow Plan

In its simplest form, a household income and expenditure spreadsheet is a good starting point. Feed the data into specialist cashflow planning software and you have a powerful tool to forecast lifetime income.

My team uses Voyant software and here’s 5 ways it adds extra value:

1. Shows your real spending power, taking account of inflation
2. Budgets for large items of expenditure eg. cars, trips and events
3. ‘Stress tests’ your cashflow plan for major stock market upsets
4. Calculates how much income you can safely take to age 100
5. Avoids you ever running out of money with regular reviews

Cashflow planning is just one Must-Have. The other is Active Management of the funds which make up your pension and savings. Consider these thoughts – at least one could apply to you:

• If you have a number of pension pots, transferring them to a single pension portfolio could give you better control and performance from your funds.

• None of your previous employers care about how well your pension funds are performing. Company pensions are often put in a default fund managed without knowledge of your age or risk tolerance.

• Or if you have just one pension – consider if the funds it is invested in are giving the growth potential you need at a level of risk you are comfortable with? Is your current advisor ensuring they are in funds actively managed by top fund managers?

• Do you have flexible access to draw regular income and lump sums from your pension?

• If you are taking income from your pension and savings are you sure you are taking it in the most tax efficient way? Are you getting the right advice?

Active management of pension funds is now vital throughout your life.

The old approach of transferring your pension fund into cash upon retirement will not serve you well. Particularly considering rising inflation. Cash deposit accounts have never kept up with rising inflation – reducing your spending power over time.

We know we’re not the only advisors on your radar – just make sure whomever you choose they meet your exacting standards.

For our part, we offer unlimited free meetings while we assess your situation and give our fully independent financial advice. Our fees are completely transparent and consistent across all our clients.

We’re externally accredited by Standards International and hold BS 8577 for best company practice in financial planning and advice. Our advisors also hold ISO 22222 for ethical personal financial planning.

Oh, and we’re told our coffee is pretty good too . . .

Please don’t keep your future on hold – it depends upon the actions you take now.

Call us on 0121 355 4455 to chat with one of our friendly pension specialists or email us at appointments@oaklandswealth.com  Why not make it the next thing you do?

PS. Did I mention our 12-month guarantee?

If you are not satisfied with our service in your first 12 months and leave us, we’ll refund the ongoing service fees (not including initial advice fee or product provider fees).