The standards, which include three different levels of living, are based on goods and services, ranging from holidays to food and gifts. It is hoped that these guidelines will change the way people think about their retirement savings.
So what kind of lifestyles do the standards describe? Well for those living outside of London, there are three levels of affordable lifestyle:
The level of income needed for the minimum would be £10,200 for a single person and £15,700 for a couple. Under this minimum lifestyle you would be able to get a £38 weekly food shop and a holiday in the UK but you wouldn’t be able to own or run a car!
If you wanted to have a car (replaced every 10 years) and an annual 2-week holiday in Europe, you would need an income of £20,200 per year for a single person or £29,100 for a couple.
The final, more comfortable lifestyle outlined would require an income of £33,000 for a single person or £47,500 for a couple. This would allow you a few more luxuries including three weeks in Europe per year, a replacement car every five years and a £56 weekly food shop.
Planning your retirement is a huge decision, so these standards are a good guideline to help you make decisions about your future today. If you still have questions, or you want advice on how to achieve your desired level of income in retirement, then book a free retirement planning consultation with one of our advisers. Call us on: 01925 396 122 for a FREE review today.
Almost 60% of people in the UK say they would benefit from regular financial advice.
Almost 60% of people in the UK say they would benefit from regular financial advice.
As the need for financial advice continues to grow, the country needs more financial advisers to meet demand.
Are you in the 33% of people who admit to a lack of confidence in money matters? Or do you worry that you don’t know enough about money and your finances? The stats show you’re not alone.
Younger people are now seeking advice to improve their financial situations. Retirement planning is happening a lot sooner. And people aim to retire early and are encouraged to do those bucket list items before they retire.
What’s Stopping Some People Seeking Financial Advice?
More people across the UK are realising they need expert help when it comes to protecting wealth for their families. Choosing a financial adviser can be an intimidating process.
That’s why it is important financial advisors are transparent and make things easy to understand.
Just as you trust a dentist to take care of your dental health, you trust in a financial advisor to take care of your financial health. Like choosing a dentist, choosing a financial adviser can feel like a daunting job. So when making a decision, choose a financial advisor you know will make things clear from the offset.
As you’d expect from Assured Wealth, we make you feel at ease from the start, whatever your knowledge level. We encourage customers to be confident that we’re the right fit for them. And that’s why our initial consultation is always free.
Get In Touch
Whatever your financial situation, Assured Wealth is here to educate and deliver financial advice in a way you’ll understand it. To set up a free consultation, call 01925 396 122 or get in touch via our contact us page.
At what age can I stop working and retire for good?
Building your business has been hard work. But what is it all for? After all, you only get one life, so why not start to live it today!
Will the value you receive for your business allow you to live out your retirement dreams for you and your family? How much do you need to retire on? How old will you be when you exit your business? Will retiring at age 65 for example, allow you enough time to do everything you want to do in life?
These are all challenging questions, with answers that seem a mystery right now. Without expert advice, it’s normal to feel unsure if you’re heading in the right direction to an great retirement.
How To Successfully Sell up and Retire Early
Sitting down with an Independent Financial Planner, you’ll find out how to retire earlier from your business. We will ask you some thought-provoking questions. They’re usually questions you’ve never really sat down to think about. It’s those things you dream of doing when you retire, those all-important bucket list items that remain on your to-do list! Things like how often you want to go on holiday and to where, how you may want to support your children (Education, new home deposit or first car), or what big purchases you want to make in the future for yourself (houses, holiday homes, final home move, new cars etc).
After sharing your dreams and desires with us, we’ll be able to put a monetary figure against them. Treat us as your retirement calculator. We do the maths and create a highly detailed financial plan that works for you. It will include what value you need to sell your business for so you can live the lifestyle you deserve, and that you’ve been dreaming of. After all, no one wants to run out of money early, or sit back and do nothing fearing that they will run out of money in later life.
You owe it to yourself to get a detailed personal financial plan. After all you have been planning for your business for years. Don’t drift into selling your business, take control, now how much you need to sell it for and why.
Get In Touch
Assured Wealth will provide you with a detailed plan, so you know how soon you can sell your business and how much you need it to sell for. And after, you will have a clear vision of your roadmap until your 100 years old.
Bring clarity and direction to your exit strategy today. Call Assured Wealth on: 01925 396 122 today, to book a FREE review.
Did you know that people who are in problem debt are three times as likely to experience suicidal thoughts?
Not only that, but over 100,000 adults in problem debt will attempt suicide every year.
These are worrying, yet unsurprising statistics linking financial difficulty to mental health. People in problem debt can worry about keeping up to date with bill payments, losing their home and providing for their family. Without addressing it, they can fall deeper and deeper into debt. It can lead to anxiety, depression and so often, suicidal thoughts. Even a call from a mortgage company or energy provider can trigger suicidal thoughts.
Here’s an experience of a married couple, Kelly and Tom, who racked up a lot of problem debt. It all started when Tom was made redundant.
How Financial Difficulty Can Lead To Suicidal Thoughts
Following Tom’s redundancy, he was having suicidal thoughts. Kelly didn’t know what to do. But, she did know that Tom’s thoughts and feelings were symptoms of their financial difficulties. In a last-ditch attempt to resolve things, Kelly approached Assured Wealth. She wanted help organising finances and gaining clarity on their financial future.
One of the reasons to choose a Financial Adviser is their ability to look at situations objectively and neutrally. And even better, they enjoy playing devil’s advocate, which is what we did with Kelly and Tom. We took a close look at their spending and provided ways which they could cut back before Tom found another job. We asked awkward questions that we knew would help them make all-important changes in their lives.
As a result, we stopped Kelly’s pension contributions for a period. We also changed their mortgage to include some debt consolidation, which would buy them more time. Plus, we put wills and powers of attorney in place, should the worst happen to either of them.
Tom and Kelly are now on a clear journey to living debt-free. Tom has multiple job interviews lined up. And when he lands his next job, it will mean the road to being debt-free will be an even shorter one!
How Can You Achieve A Debt-Free Life?
Do you want to get on the road to a debt-free life? Spark a conversation with Assured Wealth today by calling 01925 396 122 to book a FREE 1 hour review.
One in four of us lose sleep over our financial struggles.
And with three out of five of us in debt, is it any wonder?
It might be due to impulsive overspending, income anxiety or worry of having to take time out of work. Whatever the financial problem, it can impact your relationships, social life and mental wellbeing.
The world is changing. We live in a time where mental health is becoming more openly discussed, and so it should be. With that in mind, let’s take John’s experience as an example of the impact of finances on mental health.
The Effect Of Debt On Mental Health
John had been having sleepless nights for months. He was in debt and was struggling to pay the bills. For him, it seemed like a never-ending struggle. He saw no way out. And on a recommendation from a friend, he decided to speak with the Assured Wealth team to shine a light on his financial future.
The stats linking finances to mental health surprised John. There is clearly more work to be done to raise awareness. But, after a quick discussion about how common his situation was, he realised he was not alone. And we wanted to help him solve the underlying problem – his debt, rather than treat the symptoms.
How To Overcome Debt To Help Mental Health Challenges
Nowadays, Financial Advisers should pay closer attention to mental health problems. At Assured Wealth, we welcome the discussion and do so with complete openness, empathy and confidentiality.
We helped John restructure his credit card and loans through a new mortgage. This helps him lower his monthly outgoings. We also put in place income protection insurance for him so if he became ill, he would still be able to afford to live. John is now confident that he can afford his mortgage, pay the bills and is on a clear plan to become debt-free.
There is no doubt that there is work to be done when it comes to mental health awareness. And this is especially true for the link between finances and mental health. As with all mental health challenges, it starts with speaking up. And at Assured Wealth, we are able to offer financial solutions and recommend available support services if our client is in need.
Inspire Mental Health Conversations
We want to inspire more people facing financial difficulties to have conversations sooner. So if you, a friend or family member would like a FREE 1 hour confidential conversation about finances, then call Assured Wealth on 01925 396 122 today.
Not having a financial plan for the future can hold you back from living your life to the fullest.
Let me show you why it’s so important. Here’s a financial planning experience one of my clients, Janet.
Janet has been a primary school teacher for over thirty-seven years. And recently, she has been offered a redundancy package of £38,000 and access to her teachers’ pension. Since the news of the redundancy offer, Janet and her husband, Simon, were worried. They were mostly concerned that they wouldn’t be able to afford the lifestyle they have now. And with little knowledge of financial planning, they felt sure they were facing disaster. They knew they needed the help of an Independent Financial Advisor. That’s why they came to Assured Wealth. They wanted financial advice that would give them clarity of their financial future.
Over a few meetings, I did two important things for Janet and Simon.
Firstly, I reviewed their life goals. The things on their bucket list which they wanted to do together. This included things like taking big holidays and moving into their ‘forever home’.
And secondly, I reviewed whether they could continue to maintain the lifestyle they had now.
After expert cash flow planning, I had some good news for them. I was delighted to share that they could afford their lifestyle. Not only this, but they could also afford a more expensive ‘forever home’ that was on their bucket list. And the news got even better when I told them they could make the move five years sooner than they expected!
What happened next?
As a result, Janet took the redundancy package and they bought their new bungalow. By coming to Assured Wealth, Janet had unlocked opportunities she never knew existed. She had come to us with a simple question and left with a life-changing solution. We had surpassed her expectations.
Thanks to my help, Janet didn’t need to work again, but that won’t keep her away from her love of teaching. You’ll still find her in the classroom for two days a month!
Get in touch with us Are you in a situation where you can’t see the longer-term financial impact of a life-changing moment? Or do you know someone who is? Then don’t feel confused for a second longer.
Speak to a Financial Planner today, by calling 01925 396 122 or Contact us