There are some key moments in life that really focus your mind on the future.
From marrying or having children to starting a business or retiring, these major life events can change your priorities. This in turn can have a big knock-on effect on how you intend to manage and use your wealth.
So how do you prepare your finances for these major events?
Even if you’re financially savvy, it can be hard to confidently manage your finances to ensure you are well prepared for life’s big changes; and plan how to make the most of your wealth.
It might be that you lack time to give your finances the attention they really need. Or perhaps you have lots of assets in different places, such as multiple pensions funds.
Then there are the challenges of wading through the complexities of financial products, the accompanying jargon and tax planning. And of course, there’s life itself: things change, your goals change, and your financial planning needs change with it.
Thankfully, you’re not alone; an NFU Mutual Financial Adviser can help ensure you’re financially prepared for life’s big moments.
They’ll listen to your circumstances and find out your financial aspirations in order to help you make the right financial decisions to achieve your goals. Crucially, they can assist you and your family in having the right protection in place when it’s really needed.
Few of these life changes are bigger than retirement. Say the end of working life is drawing near for you: the options available are numerous and can be complicated, not least because the pension rules may change during your lifetime. You’ll have some big questions to think through, including whether you’ve got enough money squirrelled away to fund the lifestyle you want. Even if you plan to retire gradually, rather than giving up work all at once, it’s a major step that requires a lot of thought.
You’ll also inevitably start considering how best to preserve as much of your wealth as possible for your loved ones. At the same time, you need to ensure you have enough money to ensure you can maintain the lifestyle you want. Inheritance Tax planning is complex but essential. Are you aware of the tax reliefs available? This is one of those times where professional financial advice is invaluable.
Sean McCann, chartered financial planner at NFU Mutual, says: “Financial advisers give people the confidence to make informed choices. Financial products can be full of jargon and complex rules. Financial advice is about helping you to navigate your way through that and giving you the confidence to make the right choices.”
Don’t just make a plan and forget about it
But while it’s important to have a financial plan in place - especially to prepare for life’s big events and landmarks - you can’t simply file this plan away and forget about it. After all, things change.
Sean says: “It’s important to review things with your Financial Adviser regularly. Don’t make plans and just put them in a drawer and forget about them. Rules and regulations change, tax laws change. So it’s really important to stay in touch with your Financial Adviser, to make the most of them.”
Whatever stage of life you’re at, when it comes to planning your finances, you shouldn’t wait until one of life’s big moments draws near to get your finances into shape.
Whatever your financial goals are, our financial advisers are ready to help.