FINANCIAL PLANNING, LIKE SPACE EXPLORATION, NEEDS CAREFUL MANAGEMENT AFTER SUCCESS Space exploration is pushing boundaries. Yet, like Retirees may face two challenges that financial planning could help. financial planning, the period after reaching a goal requires just as much attention as those that 1. Managing assets to ensure they last for the rest of your life: As you’ll often be responsible for garner coverage.
creating an income from your pension, as well as On 23 August 2023, India celebrated its third lunar deciding how to use other assets, you might need exploration mission as Chandrayaan-3’s Vikram to consider how to manage withdrawals to ensure Lander successfully reached the south pole of the you don’t spend too much too soon. moon. It’s the first time the feat has ever been You may also need to weigh up other areas that accomplished. could affect your wealth, such as investment THE PERIOD AFTER REACHING A MILESTONE CAN returns, inflation, or tax liability. BE JUST AS CHALLENGING 2. Changing your mindset: It’s not just your financial Successfully launching a spacecraft is one thing, but strategy that might need to change when you bringing it safely back to Earth is another challenge. retire, but your attitude to money too. Spacecraft re-entry is difficult for numerous reasons. After decades of putting money carefully to one While exciting launches grab attention, just as much side, it can be difficult to start depleting some of work goes into preparing for the period after the the assets you’ve built up. You might even be afraid milestone event. to spend some of the money – what would happen Similarly, while you may celebrate reaching a financial if you faced a financial shock? Or could you run out goal, your decisions after could be just as important. during your lifetime? When you’re working towards something, you’ll often WE COULD HELP YOU CREATE A PLAN THAT GOES have a clear plan to achieve it. For financial goals, it BEYOND GOALS could be contributing a certain amount each month Your aspirations are an incredibly important part to your pension or investment portfolio. Once you reach your goal, a plan is still important, but of a financial plan, but so is the period that comes you may need a very different strategy and approach. after them. Working with a financial planner could help you Take retirement as an example. You may have saved create a plan that incorporates goals and goes diligently during your career to retire with enough beyond these milestones to build long-term security. assets to be financially comfortable and enjoy the next chapter of your life. While you have the assets to live the retirement you want, without a plan, your goals could still go awry. Marlborough House, 102-110 High St, Shoreham-by-Sea BN43 5DB T. 01273 774855 E. shoreham@pembrokefs.co.uk W. www.pembrokefinancial.co.uk
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Pembroke Financial Services Limited is Authorised and Regulated by the Financial Conduct Authority. We are entered in the Financial Services Register under number 228341, www.fca.org.uk. Registered and Incorporated in England & Wales at Atlas Chambers, 33 West Street, Brighton BN1 2RE under number 2518721. The FCA does not regulate National Savings, or some forms of Mortgage, Tax & Estate Planning, Offshore Investments or School Fees Planning.
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