Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

SPONSORED: How to know if you’ve saved enough money for your future

Post Thumbnail

Graeme Milne, Divisional Director at Brewin Dolphin, discusses how to know if you’ve saved enough money for your future.

‘Have I saved enough money?’ ‘When can I retire?’ ‘Will I run out of money in later life?’ Most of us have asked ourselves at least one of these questions.

They’re difficult questions to answer because they’re dependent on your unique circumstances. You won’t find the answer via an internet search or by chatting with your friends, colleagues or neighbours.

Your current lifestyle, whether you have children, what you plan to do in life, and how your money is invested are just some of the factors that will have a bearing on your future finances.

What is ‘enough’?

Working out whether you’ve saved enough money is difficult because you first need to define what ‘enough’ is. What is enough for you could be very different to what was enough for your parents and grandparents.

Again, it will depend on things like your spending patterns and aspirations for the future. By figuring out your goals, how much you’ll need to achieve them and setting a timeline, you’ll have something concrete to work towards.

To really understand if you’ve saved enough money, you’ll need to piece together all the parts of your financial puzzle – and this is where cashflow modelling can help.

No crystal ball required

It might seem like you need a crystal ball to model your future finances, but this isn’t the case. Financial planners use sophisticated cashflow modelling software to provide clarity over your future and help you answer life’s all-important questions.

By collecting information about your current finances and goals, cashflow modelling enables your financial planner to build a full picture of your life and give a projection of when you’re likely to run out of money.

Once the initial picture has been built, your financial planner can use the software to show the effect of saving more, working longer, or reducing spending in retirement. This effectively enables you to ‘rehearse your future’ by exploring multiple ‘what if?’ scenarios.

Financial roadmap

Having clarity over your future will help you determine the changes you need to make today. Your financial planner can help you implement these changes, whether that means investing more money, making the most of tax reliefs and allowances, or reducing expenditure.

You might find you have more than you need, in which case the best course of action might be to spend and give away more money or retire earlier than planned.

It’s important to bear in mind that cashflow modelling is just one of the tools in a financial planner’s armoury. A financial planner will take the time to get to know you, your family and your goals. By understanding where you are now and where you want to be, they’ll design a financial roadmap to help you realise your dreams.

Find out more

At Brewin Dolphin, we combine our local expertise and personalised financial planning with sophisticated cashflow modelling software to help you achieve your ambitions. To find out more, visit the Brewin Dolphin website or email me Graeme.Milne@brewin.co.uk

Disclaimers

The value of investments can fall and you may get back less than you invested.

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

Information is provided only as an example and is not a recommendation to pursue a particular strategy.

Opinions expressed in this publication are not necessarily the views held throughout Brewin Dolphin Ltd.