system, as it depends on individual circumstance.
So what can barristers do to save for the future, when all these
factors are taken into account?
The first step is to build awareness. Barristers must understand
their different financial stresses, cash flow squeezes and even tax
commitments before a sustainable plan can be built. A financial
adviser can help here.
1.
2.
3.
Melbourne Mercer Global Pensions Index (MMGPI), 2015
The Bar Council, 2014
Law Society president Lucy Scott-Moncrieff, 2013
Once this has been established, the next step,
with your adviser, is to identify a longterm goal, then put into place an
achievable – and flexible – plan to
achieve this. Crucially, this will also
help to identify the periods when cash
flow will be stretched, so that long-term
saving is not compromised.
The right financial adviser will also help make
the most of a barrister’s irregular income. This will
include tax-planning measures, and financial product selection (such
as mortgages) for their circumstances. This should also include
investment planning. Ensuring that a non-regular income is well
managed so that it can grow over time, and work that little bit harder,
is vital.
Yes, barristers face an array of financial planning challenges, but there
is no reason why they should not reach retirement having met their
financial goals, making the most of later life.
the barrister Hilary Term 2016
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