Creating a Financial Plan Workshop
As a reminder of the workshop, please refer to the following information.
Three Key Messages
1. GOAL BASED FINANCIAL PLANNING
This is often used by Financial Advisers. If you have a target, you are more likely to achieve the future lifestyle and income you want:
It can also help people feel more in control of their financial future as there is clarity on what should be planned for. You may wish to create a ‘Stretch Plan’ (along with Financial Advice potentially), however keeping the ‘simple’ objective of the programme, we suggest starting with the ‘Base Plan’, so that you can plan to meet your financial commitments.
STRETCH PLAN
Early retirement, holiday home, cars, etc.
BASE PLAN - SAFETY
Able to meet financial commitments, bills, food, water…
- Feeling of control
- Knowing what to expect
- Will be OK
- Happier – today
STRETCH PLAN
Early retirement, holiday home, cars, etc.
BASE PLAN - SAFETY
Able to meet financial commitments, bills, food, water…
- Feeling of control
- Knowing what to expect
- Will be OK
- Happier – today
2. KEEP IT SIMPLE – BASE IT ON YOUR OUTGOINGS TODAY
So many employees struggle to decide on what income they may need in the future, and, as a result, do not start the planning process. So the guidance is to base your plan on your outgoings today, so that you can then review this every year, if and when your circumstances change.
But include at least one outgoing that is really important to you
Part of Financial Wellbeing can include an understanding of what makes us happy and having financial goals to achieve that happiness. This could be being a member of a sports club or being able to spend a week at your favourite holiday location.
3. USE SPECIALIST TECHNOLOGY WHERE APPROPRIATE TO DO SO
Now that you have decided on your targets, there is some excellent software to help you create your plan.
It is critical though to have decided on this first, as this mean far more to you when running through the steps on-line, than doing this without a target. Please click here to access the Aviva Retirement Planner.
