The answer really depends on a few factors, and the answering of a few questions.
Questions like: What is your net asset position now? Do you have the ability to save to add to your retirement capital? And what investment return is achieved?
It also is dependent on the level of tax you are paying (if any!), and importantly, how much it will actually cost to live your desired lifestyle.
Some factors you can control – such as your level of savings and living expenses. But others are somewhat out of your control – such as the investment return.
Importantly, it does depend on discipline, a lack of discipline is one of the most common mistakes people make when it comes to money. In other words not having a plan to get where they want to be financially so as to achieve their other lifestyle aspirations.
More and more people are starting to realise that financial advice is not all about investments and portfolio management.
While this is naturally important, a key benefit is the peace of mind a long-term relationship with a professional adviser can bring where the role is that of a trusted ‘sounding board’.
It is “critical” that advisers are actually able to add “real value” to their clients and as a trusted adviser, must understand a clients’ financial/tax affairs, have their best interests in mind, be accountable to them and available to provide guidance on holistic financial matters as and when they arise.
An adviser would generally assist in every material ongoing financial decision a client makes and help weigh up the benefits and risks. This extends more and more to helping their children as well.