Will I have enough money in the future?

There was a time when you would visit your bank manager for help with your finances and receive what is now known as ‘unregulated advice. It was an informal chat between a couple of blokes (women were rarely involved in these kinds of conversations), with some friendly advice based on little more than what the bank manager personally believed.

There was also a time when interest rates on savings accounts were over 10%, final salary pensions schemes were prevalent and the need to take any investment risk was minimal (ISAs formally known as PEPs were introduced on 1^st Jan 1987.)

Those savings rates and the prevalence of final schemes have been resigned to the history books. We now live in a world where we need to take more control of, and interest in, our financial future. And we need more robust financial advice.

Software takes the guess work out of the equation

As a financial planner, I often get asked what my role really is. I typically say that I help my clients not to run out of money – a subject we talk about a lot (see my previous article here), which means making sure they are financially organised and more importantly, they stay financially organised. This is something that I focus on in my life too – like you, I want to be sure that I can do the things that are important to my family and me, now and in the future.

With the help of some wonderful software, we can provide helpful guidance for clients to understand if they will have enough money. No one wants any hidden surprises! And all these are available via our SK Hub.

For those of you who are not familiar with this software, here are two really powerful examples of what it can do:

Lifelong Income Charts:

This chart very clearly shows meaningful information about how your future income could be sourced. It is easy on the eye and easy to explain. At a glance, you can see what income is tax free, and when a certain source (eg investment income) will run dry. It will very clearly tell you how much money you will have each year.

Value of Liquid Assets:

The question many of us want to know is – can we afford the lifestyle we want for ourselves and our loved ones? This chart tells you just that. If the chart hits the red, a rethink of priorities could be needed.

Based on our financial knowledge and understanding of your individual circumstances, we can help give clarity about your financial picture and make sure that you are on track with your finances. And as I mentioned earlier, we will help you become financially organised and stay that way – leaving you to get on with really enjoying your life. Let’s base plans on figures and facts rather than just fiction.

If you’re interested in signing up to the SK Hub, please do get in touch.

This article first appeared in SKQ magazine. You can read the full magazine here.