Receiving regular advice has financial and emotional benefits. Receiving regular annual reviews can give you a greater sense of control, increased confidence in your plans, and peace of mind that you and your family are looked after whatever the future brings.
However, your financial position isn’t static. Your income can fluctuate, your priorities can shift, and your long-term plans can change.
Be sure to check-in for your annual review, but also be aware of these four signs that you might be overdue a financial check-up.
1. You’re worried about achieving your goals
It’s never too early to start putting plans in place for your future. And the sooner you start saving into a pension, the better your chance of living your desired lifestyle in retirement.
A recent Which? survey suggests that a comfortable retirement could set you back £25,000 a year. If you want your retirement to include luxuries like long-distance travel and a new car, a retired household will need around £40,000 a year. According to the report, that income equates to a pension pot worth over £700,000 at retirement, if you opt to take an annuity.
The earlier you start saving, the smaller the percentage of your salary you’ll need to put aside and the more disposable income you’ll have – and the more opportunities to further grow your wealth.
The hard work doesn’t stop once you’re retired. If you’re already in receipt of a pension, you might worry that your withdrawals aren’t sustainable, or that you are in danger of eating into your children’s inheritance. We can help there too.
Understanding the complexities of estate planning and the implications of Inheritance Tax (IHT) can be tricky. Whatever your goals, if you worry that you’re not on track to meet them, get in touch.
2. A big life event has shifted your priorities
A recent Royal London survey found that 38% of people who receive financial advice do so on a transactional basis. That is, they only speak to their adviser when they have specific needs.
We believe in a more holistic approach that takes your whole financial position into account. We put plans in place designed around your long-term goals and aspirations and believe this is the best way to help you achieve them.
But a big life event, when it arrives, does have the potential to throw your plans off course. We’ll be there for you when that happens too.
Births, deaths, and marriages can all change your priorities in the short, medium, and long term.
A death might mean revisiting your will? You might want to add beneficiaries to your pension following a birth? The arrival of grandchildren, or a divorce, might leave you rethinking your retirement plans?
If a big life event leaves you revaluating, get in touch with us.
3. You have loved ones relying on your income
A recent study from Aviva found that just 58% of mortgage holders have life insurance. The figures for Critical Illness cover (28%) and Income Protection (12%) are even worse.
Not planning for the unexpected could lead to severe financial hardship should the worst happen. If you have dependants relying on your income to pay off a mortgage, could they keep up repayments if you had an accident or became ill?
If not, it’s time to think about protection.
Income Protection could help you pay household bills by replacing your income if you are unable to work through accident or illness. Critical Illness cover will pay a lump sum that could be used to cover bills or towards ongoing medical expenses, for example.
Life insurance plans pay out a lump sum on death but there are different types available. Some will guarantee to pay out whenever you die, while others will only pay out if death occurs during a given term. Some can be timed to help pay off a large debt such as a mortgage, should you die before it is fully paid off.
Advised customers surveyed by Royal London were twice as likely to have protection insurance in place. If you have loved ones relying on your income, get in touch now and we can help you decide on the right cover for you.
4. Financial worries are impacting your health
It’s been a difficult year for many and with coronavirus restrictions likely to remain in force until the spring, there are challenging times ahead for businesses, workers, and those struggling to make ends meet.
Financial advice has been shown to help improve emotional wellbeing.
Regular advice can give you back control of your finances, giving you confidence in your long term plan and peace of mind that you and your loved ones will be looked after whatever the future brings.
Read more about how financial advice can improve your emotional wellbeing and what we can do to help.
Get in touch
If you’d like to get in touch to book your annual review or to discuss a change to your plans or aspirations, please contact us today.
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
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