Personal Financial Planning of a Common Citizen Essay

Personal Financial Planning of a Common Citizen - Essay Example As he would not have any regular inflow of money as with age he would retire from the profession he was into, he needs to save and plan for future, which would take care of his old age. Though at the old age citizens are entitled to state-sponsored pensions still having own money would definitely help them with greater mental assurance to fight the diseases and illnesses which invariably comes with age. Also, the proper financial planning from the right age would also assist a person in fulfilling his other dreams and commitments like those of education of family members and purchasing of house, etc. Jeff, aged 55, works at building trade sites for last 39 years. He started to work at the age of 16 and has earned enough to pay off his mortgages. Jeff is married to Amy, a homemaker. The couple has two children. The first child of Jeff and Amy is Kylie (29) who is married (to Jake) and has two children, of three years and eighteen months old. The other child of Jeff and Amy, named Phil is 26 years old and is still single. Jeff earns a decent sum of  £ 24,000 per annum for last five years. The standard of living of the couple is much simpler and only major indulgence of the aged pair is that they smoke around 20 cigarettes per day. Jeff had been trying his luck by purchasing lottery tickets for last ten years or so but without any fruit. But at last luck supported the man and he has owned a considerable amount of  £ 750,000. The cheque has just reached him and he wants to have proper financial planning for future with the sum he has received as the winner of the lottery. Jeff hopes the amount that he has ownership in the lottery would be able to take care of his needs. The objectives of Jeff includes to receive a decent sum of pension during his period of retirement (approximately around  £ 25,000 per annum and that should also be inflation proof) and to make contributions towards the education of the children of their daughter. Also, the couple wanted to make some contribution towards their children.