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Achieve financial freedom

Retirement should be an enjoyable time. It is the period of your life when you can reap the rewards from your hard work over the years. It is certainly not a time for counting every penny and worrying if you will get by. Finally reaching your retirement date should provide a sense of freedom and joy. The key to achieving that feeling? Get your finances in order, know you are not going to run out money whilst maintaining your standard of living AND still be able to tick items off your bucket list. Our retirement service does not look to restrict you, we want your finances to set you free.

Financial freedom

Throughout our working lives, we are accumulating wealth and therefore feel better about spending money since we know more will come in soon. Once we retire, everything changes. Suddenly, the pot of money we have seen growing for years is now getting smaller each year. That can be a scary feeling, but it doesn’t have to be. Staying in control of your retirement is key to letting those worries go and feeling like you can maintain your standard of living. Rather than worrying about how much you COULD spend, you can confidently know how much you CAN spend. This enables you to truly unlock financial freedom and do all the things you have dreamed of doing.

Start the right way

Planning for your retirement takes some dedication if you wish to maintain a high standard of living. However, with the right structure in place, we make sure your finances are right on track and your worries are resolved. We will work with you to set retirement targets so that you know whether you are saving enough to finish work at the age you desire. Of course, plans and situations change, so we will review your situation every year to account for changes along the way. Click here to read more about how much is a good pension pot at age 60.

Worry-Free Retirement

Setting realistic, attainable retirement goals is the first step to success. When planning for your retirement with Consilium we ask the questions that need to be answered to create a structure that will work in the long run. What age do you wish to retire? What will your income streams be at that stage? Are there factors that could possibly change between now and your retirement? What can we do to secure these into dependable streams for your peace of mind?

At Consilium, we take the worry out of the unknown. Structuring a plan that will work with your limitations and highlight your potential.

The bucket theory

This well-known idea is a simple way of demonstrating your cash flow in retirement. It starts with a bucket, which holds water representing your liquid assets. This would include cash and savings that you have immediate access to.

Unfortunately, there are holes in the bucket, and some water drips out. This represents your spending. The more you spend, the more water falls out of your bucket.

Luckily, you also have taps attached to the bucket. There are various taps that turn on at different stages and these are your cash inflows. This may be your state pension, final salary scheme income, inheritance, rental income or withdrawals from pensions and investments.

The key in retirement is making sure that the inflows from your taps are equal to or more than the outflows going out the holes at the bottom of your bucket. Keeping that balance is difficult when future factors such as inflation, investment returns and interest rates need to be considered. However, our software and tools will simulate your retirement using hundreds of different scenarios. Then, we will use the data to tell you how much you can realistically spend without running out of money. Since we review this every year, we can then adjust your recommended spending rate if needs be. Read more about your Income Sustainability Review here.

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