You have heard a lot about pensions and the unique tax advantage that is characteristic of them. You have decided to plan for your retirement and have booked an appointment with a financial adviser you trust. There you are on the appointment day sitting in front of your adviser. It is a gorgeous summer’s day, with the brilliance of the sun’s rays stealing its way through the windowpanes of your adviser’s office. A multitude of thoughts pervade your mind, most of which you have managed to block, but one: ” I want my days of retirement to be as pleasant as this day – really easy and comfortable”. But just how can you ensure the achievement of this end? What sort of questions should be answered, with the assistance of your adviser?

Essentially the process of retirement planning should commence with your adviser establishing what pension provisions you have already, find out what your capital and income needs will be at and after retirement, and ascertain what shortfall exists between your present resources and those needed in the future when you retire. The shortfall should then be quantified in order to be able to plan successfully towards its provision.

Until the right questions are asked and answered it will be impossible to find out what the gap is between your present circumstances and where you want to be at and after retirement. So what are these important questions?

If order is important, I suppose your guess is as good as mine that the first question should be something like: ” What provision have you made so far towards your retirement?” In answering this question you should look back, more so if your current employer is not the first. You might have some ‘preserved’ pension stashed away with some previous employers, and hey don’t forget to find out how much state pension you will roughly be entitled to, during retirement.

Now that you know how much pension provision exists, the next important question to ask is ”when and how do you want to retire?”. Why is it necessary to know when you want to retire? I know women especially hate talking about their age, more so when it’s far from the teens; it is however necessary that one gets really open and honest about age at this juncture. A consideration of your age in tandem with when you want to retire will help your adviser to prioritise you needs properly. Prioritisation is important during financial planning because the resources that are available at any point in time will be limited, whereas ones financial needs may be endless! For instance, if you just in your twenties, with a spouse or civil partner and some children who are financially dependent on you, then protection through say life insurance policies will merit greater attention than savings towards retirement.

When you want to retire has to be known so that with your age in mind your adviser will know how much time you have to save up for the quantified shortfall. But just how would you like to retire? Perhaps you are employed and are considering not retiring outright, but to phase in your retirement by progressively reducing your hours of work over time. Or you might be self-employed or a director of a company and have decided to take less responsibilities over a certain period. Either way, it means that your drawing on your pension will also be phased in. This will reduce the amount of income you will require from your pension, during the early part of your retirement, and should be factored into the retirement plan.

The income and capital needs at and after retirement should also be looked at. Pension schemes pay a tax-free lump sum, currently known as ‘pension commencement lump sum’. This lump sum can be used to pay off liabilities or deal with certain capital needs at the start of your retirement, such as paying off the rest of your mortgage, buying a holiday home or indeed replacing a company car.

It must however be noted that if the tax-free lump sum is utilised at the start of retirement it will not be available to supplement later income from your pension, implying the need for higher income provision for later years after retirement. On the other hand if you have no plans to use the tax-free lump sum at the commencement of retirement, it will help to reduce the provision that has to be made for income as your retirement progresses.

We have so far being talking about your capital and income needs at and after retirement. One other main purpose of pension arrangement is to ensure that your spouse or civil partner and dependants, such as children are financially
catered for should you die.

You have to discuss what the capital and income needs of your dependants will be at and after death. Does your spouse or civil partner have a pension of his or her own? What are the ages of your children and for how long will they be needing financial support until they leave home or complete their higher education? Mind you if some of these kids are disabled they probably will need financial assistance for the rest of their lives! Do you have any special retirement plans such as a desire to enjoy a comfortable long-term care?

It is good practice to estimate your income needs after retirement in terms of a proportion of your current salary, of course making allowance for the effects of inflation. Please don’t be tempted to say you will need 100% of your current income as this will be unrealistic and also expensive to provide for.

Remember that in the early years of retirement certain expenses such as the cost of commuting to work will be absent, and mortgage payments would have been completed. On the flip side of the coin, you might want to fund some pastimes and hobbies during the early part of your retirement which may increase your income needs. Later on during retirement the cost of such activities will be reduced only to be replaced by the cost of long-term care and medical expenses. It is advisable, hence, to look at income needs earlier on in retirement in isolation from those of later years.

You will find it rewarding to bear in mind that people are living longer than they used to say, twenty years ago, and this means that annuity rates will be lower and as such more money will have to be saved to provide for the same income than would have been the case in the past. It is hence inadvisable to delay saving towards your retirement as the longer you wait, the more strain saving will have on

your income, once you start! As a result of an increase in average life span, if you opt for a final salary scheme, your employer will bear the problem of paying your pension for a longer period; a choice of a defined contribution scheme, however will place the burden of longer payments on you. If you intend leaving some of your pension fund for your dependants at death, it will influence your adviser’s choice of pension arrangement, and you must make him aware of such a desire. Finally, the various questions should be pondered separately as well as collectively as they will be interconnected. For example, your age and how much income you can save will help to answer the question whether or not the date you have set to retire is realistic.

A business litigation lawyer can represent people who have suffered as a result of a variety of unfair business practices. A Cleveland lawyer can help to defend a business that has suffered from unfair competition or predatory practice in business. A business litigation lawyer can help to defend a corporation against infringement of its trademarks or copyright. A small business that is not accustomed to pursuing business litigation can find valuable help from a business litigation lawyer.

When a person goes to a financial adviser to receive advice on the best way to invest money, the financial adviser has certain responsibilities towards a client. It is not enough for a professional adviser to merely point to an investment that the adviser thinks is likely to succeed.

The advice must take into account the client’s financial position, income and ability to bear any financial losses resulting from the investment.

Where a person has suffered financial loss because of the misrepresentation or negligence of a financial adviser in respect of investments an Ohio securities fraud attorney can represent that client and help to gain redress in the Courts. If a person is concerned about the legal fees involved in such an undertaking it may be possible to find a solution based on a contingency fee, meaning that the business attorney only charges a fee where the action is successful. People within a business sometimes find that the actions of the corporation are illegal or that the rules of the corporation are being broken.

They may also feel that the customers of the business are not receiving fair treatment.

Such people often feel that they must speak out about the situation. This can require courage because these whistleblowers are often opposed by powerful people within the corporation. Where a person is considering speaking out against wrongdoing within the business or has already done so and the corporation is behaving unfairly towards the whistleblower it is time to consult a business litigation attorney on the best course of action to take.

A Cleveland lawyer can give advice on the correct course to follow so as to speak out in defense of justice without suffering discrimination. A business may often run into trouble when it has suffered a loss and has to make an insurance claim. The insurance company may deny a claim in circumstances where the business feels that it had the right to make a claim and receive compensation under an insurance policy. Where a business has had a legitimate claim for compensation denied a Cleveland lawyer can help to cope with the complexity of Ohio business law and pursue the compensation claim.

Sometimes in the case of misrepresentation by a financial institution over their products a large number of people are affected and it can help them to pursue a claim if they join together in a class action. A Cleveland lawyer can help people to engage in a class action where they have been adversely affected by misleading information about interest rates or fees by a financial institution. Advice from a business litigation lawyer can help people who would otherwise hesitate to take on a large institution in the Courts.

Facebook is an internet marketer’s dream, if used properly. This article focuses on financial advisers who may be starting out or who want to expand their online marketing strategies.

If you’re wondering how to become a financial adviser, the info at the end of this article will help you evaluate your business options.

Note: I’ll assume that you already have a free Facebook account. If you’ve been living under a rock somewhere, and don’t have a Facebook account yet, head on over after reading this article and set up your account. It’s free and it’s a no-brainer for any business owner. I’ll also assume that you’ll begin searching for your existing client base on Facebook, and that you’re actively inviting them to be your friends.

Another note: Make sure you check with compliance about your company’s rules for online client interaction. If your compliance department is anything like mind was, they’ve got a book on it.

Let’s get started:

Strategy #1: Start a Facebook group. The advantage of starting a group is credibility. Set up a group that’s relevant to the area of being a financial adviser, that would appeal to clients. Make it a Getting Wealthy Club or an Investing for Great Returns Club.

When you set up the group, clearly state your ‘credo’, which is a statement of purpose for what this group is all about.

Once you start the group, invite your clients to join the group.

Then, visit the group daily, posting your comments, ideas and/or wealth building strategies. You’ll gain credibility and your clients will gain knowledge and a closer connection with you…which means more money. Financial planning success is built on relationships.

Strategy #2: Comment daily on your own feed with your meaningful thoughts. That means to go daily to your own Facebook page and post a meaningful thought for the day-one that will appeal to your clients.

As a financial adviser, you want to stay top of mind to your clients. This is a great way to interact with them, without selling something or seeming pushy.

Important Note: Do not post what cereal you’re having for breakfast or any of the other minutiae of life you’ll find on Facebook. That’s not effective marketing. You want to make your posts meaningful to your clients.

Strategy #3: