3 steps to retirement planning

3

steps

to plan your retirement

You’ve been looking at your bank statements and thinking about your money more than usual

haven’t you? WORDS BY KERRY SMITH

With many people spending more time at home, they’ve been taking more interest in their finances. Chartered Financial Planner Kris Amliwala from Designer Wealth Management has noticed a rise in enquiries across Leicester as people look for a local expert to help them with their pensions since the pandemic hit.

He’s a 30-year-old advisor offering stress-free financial planning and is one of only 500 globally registered Kinder Institute life planners. To demonstrate his distinction at such a young age, Kris was invited to do a TED-style talk in 2021 for NextGen Planners, which brings together a community of young financial planners worldwide. His talk was streamed live to six continents.

The average age of a financial planner is around 55 years old, but Kris says there’s a complication here. “If you’re retiring and your financial advisor is retiring a couple of years after you, that’s no good. We have to see people all the way through to leaving their legacy.”

Office for National Statistics reveal that a 50 year old man has a one in 10 chance of living to 100, and a 50 year old woman has a one in 10 chance of living to 102. If you’ve been looking at your statements more than usual lately, you’re right to do so. In fact, you probably should have taken a closer look years ago, but it’s never too late.

Kris used the pandemic as an opportunity to teach school children about money. He’s been explaining payslips, deductions, that the tax you pay goes towards road repairs and funding the NHS, and more. He believes it’s essential to understand finances at a young age to see you through to leaving your legacy to the next generation.

Kris has shared his threestep process that he uses with his clients to achieve their life ambitions.

KRIS USED THE PANDEMIC AS AN OPPORTUNITY TO TEACH SCHOOL CHILDREN ABOUT MONEY

Step 1

You must first understand yourself and what you want from life, your money habits, and your bucket list. Kris might even get you to draw a picture of what money looks like to you to understand this better. Kris added: “Understanding your deep wishes and ambitions is key; I’ve had grown men cry in relief and joy when unlocking some of the sticking blocks in their life.”

Step 2

Now comes what most might find the boring part, but you can make it fun like Kris does by using cartoons, colours, bar charts and animations to do your own cashflow planning – what’s coming in and going out. “I do not use spreadsheets,” Kris laughed. “And I won’t give you a 100-page report. Unless you ask for one.”

Step 3

You now devise which options are best for you; the appropriate mortgage, the right pension, and the most effective investments for your circumstances. “Money is a tool for life and we should be living the best life possible. That doesn’t always mean having avocado toast every day! It’s important to have that money balance, which is why we do step one. We also do a lot of behavioural management, coaching and education so that they can understand their assets, risks and potential.”

For more financial planning advice, visit dwm.uk.com.