As much as we all like to be thinking ahead, the reality is our busy daily lives often present us with a lack of time and focus for such matters. There are however many occasions when financial planning comes to the forefront:
When you’re planning for your retirement
The message is clear that we all need to plan and prepare better for our retirement but understanding exactly what we individually need and how to achieve that is less so. We will help you to understand what is enough based on how you plan to live once retired and create a clear plan to achieve it.
When you’re building wealth
Building wealth is rarely achieved on a whim. It requires strategic planning and a close alignment with your personal goals to continually build to a level you will be proud of.
When you want to pass on your wealth
If you want to maximise the level of wealth you can pass on to your children and grandchildren, planning ahead will help you to evaluate the most appropriate ways in which to be able to do so.
When you receive an inheritance
On the flip side, you may be a beneficiary of wealth and wish to ‘use it wisely’, ensuring it helps you in the achievement of your financial security aspirations.
When you want to prepare for the unexpected
Sadly, things such as ill health, divorce, and death will occur when you least expect it. Life changing events such as these often force you to reassess your priorities. Having a financial plan in place can help to reduce the financial burden when such changes happen.
These aren’t the only reasons you may be considering to look at your financial plans for the future but they do tend to highlight the importance of having a plan in place.
Here we share insight into the some of the areas we can assist you with planning for:
Retirement planning is more than just regularly contributing to a pension. The pensions landscape has changed so much over recent years and discussing your needs and ambitions with a financial planner is the most appropriate way to prepare your finances best for your life after retiring.
Whether you are approaching the age of retirement or you’re planning well ahead, there will lots of factors impacting the options available to you. We will help you navigate these options and make recommendations that best suit your individual circumstances.
Your retirement plans should be made as part of a holistic approach to your personal finances. Pensions are just one element of financial provision when you are no longer working. Other wealth assets like investments and savings, as well as the expenses you expect to have, all need to be considered and work together.
In most cases estate planning is straightforward – but understanding the different options available to you and deciding which ones to choose can be a daunting and difficult task. Having the advice of an independent adviser can be incredibly useful for this reason.
It’s extremely important to plan for the future of your estate. Not planning to take any measures to reduce your Inheritance Tax liability could potentially leave your estate with a hefty tax bill after your death. This means any loved ones you hoped would benefit may well receive far less than what you intended. The rest will be going straight to the taxman.
It’s important to remember that all options require significant planning over an extended period so the sooner you start planning the better. We are able to guide you to the best advice as rules and thresholds change with time.
We help many of our clients to consider the impact of unexpected events that would have a significant impact on their financial security. We can discuss your needs and make recommendations on personal protection or business protection.
Personal protection policies, such as critical illness protection, help you to cover household expenses if you became too ill or had an accident that prevented you from working.
If you are a business owner, it’s important to consider protection for the unexpected to ensure the continuity of your business. Afterall financial security is not just about you – you could have employees who are dependant on their salaries for their own financial security. For example, if a partner you own the business with dies or suffers a specified critical illness, his or her share of the business passes to their beneficiaries. With partnership protection, you will have the safety net of a pre-arranged scheme to ensure that you and any other surviving partners have enough funds to buy out the departed partner’s interest in the business, who may not be interested in support the future of the business.
This a brief insight into the types of financial planning we provide for our clients at HJS Financial Planning. No two clients will be given the same advice as their circumstances are totally unique. We’re proud of how our approach delivers results for our clients, and we’d be delighted to have the opportunity to discuss your financial security needs. Simply call us on 02380 920128 or complete the contact form and we’ll call you.