Wealth management and financial planning is an important matter for many of us. We want to know that as well as working hard to make money, we can make that money work hard for us too. We also want the reassurance that we have money put aside for our future, our children’s future and for those bigger purchases and adventures in life.

One of the most important factors in our wealth management planning has to be our pensions. After a lifetime of working, we want to know that we can relax into a retirement with enough funds to make the most of it. There are a variety of pension schemes available that can help us to do just that. While it’s true that in the UK we are lucky enough to qualify for state pensions, is this really enough to see you through your older years? Without taking responsibility ourselves for additional provisions, we are at risk of being left with very little disposable income to really enjoy our retirement with.

What Pension Scheme Is Right For You?

There are several different methods of planning for your retirement. You could look to invest a lump sum to boost your funds, undertake a savings plan or choose from the various pension schemes available such as SIPPS (Self Invested Personal Pensions). It can seem very complicated, having so many choices, so it’s a good idea to get some professional help before you make a decision.

By going to an independent financial adviser, you will benefit from honest and impartial advice and help to identify the best type of pension scheme for your circumstances. Whatever type of pension you choose, the sooner you start saving, the better. Your financial adviser will be able to help you source, set up and manage your pension scheme, enabling you to breathe a sigh of relief that you are ready for your retirement.

Overseas Pension Schemes

Other options for your retirement planning include overseas pensions. If you are an expat living and working abroad or you are planning on retiring to another country, a QROPS, or a Qualifying Recognised Overseas Pension Scheme can provide a much better solution for your retirement. If you already have a UK pension, you can transfer this into a QROPS, giving you much more flexibility and enhanced tax benefits. There is also no requirement to take out an annuity with a QROPS, so you may find that an overseas pension is a much better solution for you. Whatever you decide, get proper professional advice and then make sure that you make the most out of your retirement!

You may be wondering if you have financialitis, but do not know what symptoms are needed for a correct diagnosis. See if this is how you are feeling. One day, you wake up exhausted, realizing you had been having a horrible dream about money which caused you to toss and turn all night long. Now you begin to wonder how you will get through the day. Your symptoms are body aches from head to toe, neck and shoulder pain, a low back ache and your feet hurt when you stand on the floor. It feels like you have been hit by a truck. You stumble to the bathroom as your mind starts to clear and become more focused, and that is when you realize your dream is actually your reality. Now your breathing may become shallow, your heart rate increases and you may begin to sweat. Does this sound like you? If so, you have joined millions of people worldwide who are suffering from the same kind of symptoms.

Financialitis and the Stress Response

The stress response is a built-in, primitive, automatic reactive system that gets triggered when a person perceives a threat which in turn signals the body to begin a cascade of events, similar to that described above. The body naturally wants to escape the impending danger and begins to prepare itself. The problem for modern-day citizens is most times there is no actual physical threat present. Our brains and bodies have been reprogrammed to now include non-physical perceived threats which evoke the same response, such as worrying over finances. And, in our high paced, pressure laden society, the revved up body has become a constant means to get through the day which in the long run ruins our health, relationships and ultimately our finances. It becomes a vicious cycle unless steps are taken to break it.

The symptoms of stress and the symptoms of financialitis are in fact very similar because stress is stress no matter where it originates. The effects of stress can be mild to severe, and can have short or long-term consequences. Actually, stress can prove fatal by increasing blood pressure, and induce a heart attack or a stroke without any underlying cardiovascular disease. For women, the statistics are even worse because the first heart attack is often the last due to the high death rate.

Steps to Controlling the Symptoms of Financialitis

Getting control of your finances is perhaps the best thing you can do to reduce or eliminate the symptoms. Here are some ways to accomplish that:

1. Make a list of all your fixed expenses that you need to cover on a regular basis.
2. Compare what your expenses are to how much income you need to pay the bills.
3. Eliminate wasteful spending on unnecessary items, such as the daily coffee purchase at the big priced specialty shop.
4. Stop using your credit cards for non-emergency items and commit to paying them off starting with the highest interest rate card.
5. Recognize it will take time to reverse the problem since it probably did not occur over night and habits need to change.

Denying the problem of financialitis and avoiding the implementation of necessary steps to reduce or eliminate the symptoms will continue to be a detriment of your health and your relationships. By taking these first small steps, you are gaining control over a monster which haunts you day and night. As you see success, you will feel and sleep much better.

Charlene Christiano is an Advanced Registered Nurse Practitioner with over 25 years experience in healthcare. Her firsthand experience in providing patient care has helped formulate the concept of Wealth Care, which is the combination of health and wealth in order to live a full life. Additionally, her experience with helping patients and families at end of life has further defined wealth to be more than about money. As an educator, author, lecturer and practitioner, her goal is to change the perception of health and wealth and make a global impact on the lives of millions of people.