Last Vegas


WED, 05 FEB 2014

Las(t) Vegas isn’t for everyone.

Acting may be a job where working well into your 70s is not only acceptable but often desirable (with the caveat the casting director’s gender bias dictates that craggy only becomes ‘characterful’ if the actor in question has a mix of chromosomes). For the rest of us – male or female – chances are you’ll want to stop work this side of 70.

It’s a safe bet to assume that you’ll also want to have the financial means to be able to enjoy life once you’ve stopped drawing a salary. For my parents’ generation that meant saving into a pension. And for my generation it does, too, albeit it’ll likely be pension pots rather than a single pot. The other difference is that our pensions are not where retirement saving begins and ends.

Rather than talking about SIPPs being different from ISAs being different from general investment accounts, in financial services we’re all broadly talking about the same thing: helping people plan for the period up to their retirement when they are trying to accumulate assets and then the period after retirement when they are trying to balance how they then use those assets, as either capital or drawing it down as income, to complement other income they might be accessing from elsewhere.

Saving into a pension is good. Being able to blend those pension pots with your collectives or ISAs, property rental income or cash in the bank, whatever it may be that you’ve built up over your working life, is even better. Being able to pull it together into a coherent plan that helps you to build wealth up to retirement and access it via a well devised plan once retired, is even better still.