It's time for a paradigm shift in how we approach retirement planning. The pension regulator's figures are a stark reality check: the average defined contribution pot at retirement is a mere £5,000, with an anticipated average total pot of £50,000 after a decade of auto-enrolment. At today's annuity rates, post-tax, this amount is insufficient for even weekly grocery expenses, not to mention the potential loss of means-tested benefits.
Decades of redirecting funds from paychecks to providers have been hailed as the antidote to poverty in old age, yet the true solution is conspicuously obvious. Maintaining eudaimonic wellbeing into later life isn't just beneficial for health; it's economically sensible. The answer lies not in retirement but in finding joyous engagement in work — work that feels less like an obligation and more like a calling, or 'Ikigai' — work from which we would never want to retire.
Imagine the societal benefits if we channelled even a fraction of our efforts into assisting those in midlife to discover such fulfilling work. We would see not only an increase in life expectancy but also in healthy life expectancy, alleviating the financial burdens on the treasury and the NHS. With advancements in AI, identifying these Ikigai opportunities is more feasible than ever.
The gap in the market isn't advice — as we can see, traditional financial advice does little to bolster consumer confidence in retirement readiness. The majority of advisers are not financial planners and are unfamiliar with lifetime cash flow forecasting. Promoting a service where an adviser's minimum fee exceeds £2,000 is not the solution. Instead, we must champion democratised, decentralised, and empowering solutions at a mass-market price point, just above a premium Netflix subscription.
"Planning My Life" (PML), founded by financial industry pioneer Steve Conley, is at the vanguard of this revolution. PML's AI Life Planner is a testament to the power of technology in empowering individuals to take the reins of their financial and life planning. For £19 per month, members are privy to an expansive resource library, planning tools, expert Q&A support, and a community of forward-thinkers.
At PML, our values of empowerment, integrity, innovation, community, and personal growth are not just words; they are the principles that drive our service and define our relationships with clients. Our vision is global — we are not just helping individuals plan their lives; we are contributing to the eradication of world poverty.
This is not about selling a product; it's about promoting a sustainable livelihood that enhances longevity and quality of life. PML is more than a service — it's a philosophy, a community, and a commitment to forging a path to a successful and fulfilling life for everyone.
Join us at "Planning My Life," where financial planning is not just accessible but transformative, and be part of a movement reshaping the future and changing lives for the better.