25 OCTOBER 2015 THE GOLDEN YEARS 7
Your future in your hands: does it add up?
There’s a perfect storm brewing: a bulge in the number of baby boomers retiring, together with the demise of the final salary and defined benefit pension scheme. And those baby boomers are living longer than ever. It means your future is your responsibility and you need to establish: does it add up?
Tom Sheridan, chief executive officer at Seven Investment Management
If you’re reading this, the chances are you’re part of the baby boomer generation. Born in the age of post-war prosperity and optimism, you’re different from your parents’ silent generation: you’ve got a voice and you want a say in how the world is run. You have an expectation that
the world
should improve and that your world should continue to improve too. So far, your life has been wealthier, fitter and more active than your parents’ — but is that improvement set to continue? Tere’s a peak in the number of baby boomers retiring. You might be one of
the
lucky ones, retiring (or retired) on a final salary or defined benefit pension scheme, with a guaranteed level of income for the duration. If so, we hope you’re looking ahead and helping your children get things straight for their future, and retirement too.
Or, you might be part of the majority who
aren’t quite so fortunate. If that’s the case, you’ll be preparing for 25 years of retirement (actuarially speaking) and with all the guarantees gone. Even if you have a fairly large sum put away, will it be enough? With a longer retirement to fund, you could
buy an annuity, but thanks to all-time-low interest rates, you don’t get much from it and it may not furnish a lavish retirement. So unless you’re unbelievably wealthy, you need to find another way to fund your retirement and take some risk you’re comfortable with. As a retiree, you’re now responsible for your
future. If you get it wrong, it’s unlikely you can go back to work full-time. And if you’ve messed up your retirement, you’ve messed up your children’s inheritance too. Hopefully you’re not in denial. If you’re not, don’t despair — there’s a way forward. Oh, and as for
Generation X or Y, please tell your children it’s never too early to get started, because this is the new world order. You need to know that your future adds up. Or, put another way, you need to know what income you’ll need in the future to live the life you want to lead, and what level of capital lump sum this translates into. Ten you can take control once more. At Seven Investment Management, we know
the importance of that number and work with a variety of trusted partners who can help you work it out. Once that’s done, whether you want
help to decide how to get the best out of your portfolio or — if you’re confident enough — help to make your own choices through a self- invest service, why not get in touch? Tere’s no charge for talking to us. Find your number and discover whether
your future adds up, whether you’re one of the less or, indeed more, fortunate ones. Tink of it as future planning, rather than retirement planning: working out all your life’s ambitions and finding a way of getting there. It might just all add up to Seven.
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