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Financial Planning - Research Paper Example

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Research Paper
Finance & Accounting
Pages 5 (1255 words)


An essential part of knowing what an investor would like to accomplish is identifying his/her present position. For this it is required to analyse the vital information and details of an investor, upon which the strategies for the financial planning for the investor would be based…

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Financial Planning

Financial Planning

James Patterson wishes to retire by the age of 56. Nevertheless, if retirement at the age of 56 looked difficult he would consider cutting back to 4 days one year, then 3, and so on. The age pension would start from the time Mr. Patterson attains the age of 65. So it is imperative that Mr. Patterson makes proper arrangement for the financial needs arising during the big gap from the age of 56 to 65. Thus, his prime objective is to accumulate sufficient Retirement Income to fulfil all his responsibilities during that period in addition to fulfilling his personal interests. The interests of James Patterson after retirement comprise of travelling extensively, and attending summer school courses on aspects of ancient history particularly about Greece and Rome among others. He also wants to remain associated with Community Aid and one of his prime responsibilities is to look after his aged mother, and his nephew and nieces. The target retirement income that Mr. Patterson is looking forward to is equivalent to 60% of his pre-retirement income. The disposable income of James Patterson at present is $50567, 60% of which would be equivalent to $30340. Thus, the client would require an annual income of around $30340 following his retirement after about 5 years. He could continue to require an income of $30340 for at least the subsequent 9 years, until he attains the age of 65 and his age pension starts. ...
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