Page 60 • The HERALD • 14th September 2023 v INDEPENDENT, LOCAL AND PROUD v ASK A PROFESSIONAL CPR For Your Financial Future by Michael Osman, Oyster Financial Planning We did some client research a few years back asking new clients how they felt a er experiencing our Lifestyle Financial Planning (LFP) service for the rst time. On seeing and understanding their nancial plan the key feedback words were Con dence, Peace of Mind and Reassurance. Con dence that at the age they were at they now had a plan they could follow, Peace of Mind that their money was invested in the right place, appropriate level of risk with as little tax as possible and Reassurance they could live the rest of their lives without the fear of ever running out of money! ree great feelings right? How do we achieve this? e LFP is very involved and one of the key aspects of this is working out the cost of your future desired standard of living. To help calculate this we ask our clients to do a bit of homework. Complete a detailed Expenditure Questionnaire. Probably the most important part of the process for our clients when trying to create a nancial plan for them. You are not going to spend the same during your working life, early retirement and in later life. e numbers may well be similar in total but whilst you are working you are paying o mortgages and saving for retirement, whereas in the early part of your retirement you will likely spend more of your income on nice things such as travel as you have more time on your hands. Whilst in the second half of retirement you will still hopefully be enjoying lots of nice ‘stu ’ but may just do a little less due to energy levels and maybe some health issues. For these reasons our Expenditure Questionnaire breaks life down into these 3 life stages, now, early retirement and later life. Allowing us to decipher what the di erent phases of your desired future lifestyle will cost. We encourage our clients to complete the questionnaire based on them ‘living’ and not just ‘existing’. Approaching it this way really helps create your nancial plan and helps create that ‘CPR for your nancial future’ feeling our clients enjoy! To learn more contact Michael at Oyster Financial Planning on: 023 8084 8410 or pop in and see us in Hythe village. Michael Osman, Oyster Financial Planning
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