Couples need to be in tune to attain true financial freedom

It seems like a long time ago that our ex-President Nelson Mandela took his long walk to freedom, an event that turned the eyes of the World on South Africa. It was a time of hope and the expectation of a new and better country.

The very idea of freedom sparks hope and the possibility of new beginnings. When we celebrate our Freedom Day this month it will remind us that we now all have the right to vote, the very essence of democracy, and we will celebrate it with relish.

What freedom do you value most?

There are many types of freedom and some are valued more than others, depending on what you, the individual, believe to be the most important. It is quite a personal thing. For some, it is the freedom to vote, for some the freedom of choice, for some the freedom to be single and for some the constitutional freedom to practice your religion and have freedom of speech etc.

One freedom that is almost always a favourite however is financial freedom – the attainment of finally not having to rely on an income from another source but to have what you need to get what you want.

For most couples this financial freedom on retirement is a goal, but to ensure that you have a common goal in terms of how you achieve it, there are other things to consider. Remember that just as we celebrate our nation’s freedom because it gives us all common benefits, couples need to be in tune to attain true financial freedom.

A few important points for retiring couples to consider…

  • Discuss common goals – There is little point in making financial plans when you are not attuned to common goals for what you want to attain from retirement and wealth in general. Share these with your Financial Advisor too so he or she can help to attain what you both want.
  • Be aware of age differences and retirement deadlines – Take cognisance of the fact that if you have any sort of age difference, even of a couple of years, the chances are that you are unlikely to reach retirement age at the same time. Unless you are in your own business you need to take this into account, remembering that on retirement you will not have the same lifestyle as your partner.
  • Seek professional financial advice – There are various ways that a good Financial Advisor can assist you to get the maximum benefits from operating as a couple and maximise your investments and savings. There are tax benefits given according to income, and dual incomes sometimes affect these. There are also important considerations that need to be made concerning saving and investing together or individually, and when to draw on individual retirement and investment packages.

We understand and plan accordingly

At Hereford Group we have prided ourselves over the last 25 years on recognising that every individual and every couple is unique and will have their own special requirements. Our expertly trained Financial Advisors are aware of not only the benefits but also the common pitfalls that retiring couples can face.

Allow us to become a part of your retirement plans as early as possible so that we can best assist you, as a couple, to happily achieve the Financial freedom you both want to enjoy.


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