Future proofing your finances

Future proofing your finances

We have been speaking to some of our clients to find out what makes them tick, from their concerns, to recent successes, to planning for the future.
In a series of blogs, we’ll look at some of the issues which have come up time and time again.

When planning for the future, it’s important to keep things simple. Think about what’s really important to you, be it a good pension, saving for your children’s future, moving house, or all of the above.

Some of our clients are planning for retirement, something made much more complicated in the last few years, thanks to new pension freedoms. Designed to give you much more flexibility, it opens up options that many of us won’t have considered previously.

As before, you can take a quarter of your savings as a tax-free lump sum,
but instead of using the remainder of the money to buy an annuity (providing you with an income until you die), anyone over 55 can now withdraw the whole amount.

There has been concern that people don’t fully understand the new rules, with one in five retirees having no previous investment experience, and yet funds transferred tripled in 2017 to a record of  £34.2 billion.

Three years after the changes were announced, it’s clear that people are making the most of it. But everyone is different, and what works for you, might not work for anyone else. It’s important to carefully consider your options, and if you’re still unsure, seek advice, be it from the government’s advice service,
or an independent provider.

For those many years away from retirement, it’s never too soon to start planning ahead. Our clients come from very different backgrounds and stages in their lives, but the top priority for the majority is to plan ahead for their family.

There are a number of ways to do this, through cash savings or other investments, but one of the most important things to do is make sure everyone’s in the loop. There has been a dramatic rise in the number of disputed will cases reaching the High Court, from 15 in 2005 to 116 in 2015.

Regardless of the route you take, it’s important that everyone knows your wishes and intentions, and to carefully plan ahead. If you are unsure what steps to take, make sure to do your research, or seek professional advice
if necessary.

There isn’t a one-size-fits-all approach to financial planning, because everyone is different. It’s important to find the right fit for you, to keep things simple.

If you’d like to find out more about how to future proof your finances and keep things simple, get in touch.

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