‘Developed for planned obsolescence’ The end of your production?

18 May 2018

Many of you may know that I am something of a car buff. I tend to like the technical stuff, rather than the driving, and the recent opportunity to watch a programme on car production and design, its techniques, and principals was very appealing one mid-week evening.

Phil Jupitus, the comedian, as presenter, was grittily interesting in his light trip through history, stretching as far back as the beginning of main stream production of the Ford Model-T, that apparently had a production life of 19 years. This in itself was a problem, because the old needed to be replaced by the new, and a competitor when looking at their opportunity 'developed a car for planned obsolescence'. Wow! What a powerful objective, both in sentiment and delivery.

How can you summarise this planned obsolescence? 'Develop and build something that is really good and attractive that you can retire when it's at its peak, to be replaced by something younger and better', perhaps? Almost something we do each day of our lives as we move through work to retirement, hopefully planning to have enough at the end to allow us to be replaced?

And is that what you had in mind? We are all individuals, but we are also human, and to some extent have a working 'design life' that is likely to come to an end because health dictates such, or because we have simply had enough and want to do something different, and probably more relaxing. And sure, someone – or now with technology, something – will take our place as techniques, knowledge, styles and understanding evolve.

As you take your designed journey, are you ready for the end? Two recent press articles on this topic have focused on the very issue of how much you might need, as follows:

https://www.independent.co.uk/money/spend-save/uk-retirement-personal-savings-pension-money-homeowner-old-age-a8355126.html

http://www.cityam.com/285421/aged-40-no-pension-you-might-afford-100-year-life

Chapters Financial Limited is not responsible for the content of external websites

However you travel through your working career, be ready for the end date. I used to find the saying 'start with the end in mind' somewhat trite, but in this context it works well. Pensions and savings only need two things: money and time. Start early and keep focussed…and of course take suitable advice along the way!

No individual advice is provided during the course of this blog and if you would like to consider this opportunity a stage further then please let the team at Chapters Financial know.

Keith Churchouse FPFS

Director ,CFP Chartered FCSI

Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899