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Finances don’t have to leave you feeling terror stricken!

For many people, the word “finances” fills them with horror.

However, dealing with your financial situation shouldn’t feel like this, and in fact, if you don’t reach out to an expert to help you put your finances in order, especially after a life-changing situation such as a divorce, you could leave your loved ones feeling extremely afraid of the future.

The Money Advice Service – Pensions – The basic facts

How will my family cope if I die or I’m ill?

This is usually a worry for clients in their 30s and 40s who have young children and liabilities in the way of a mortgage. For this client there is the concern that their family would not be able to continue with their current standard of living if the main breadwinner were to die or suffer a critical illness, or if the primary caretaker for the children was to die or become critically ill.

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In each of these cases there would be an impact on the income that comes into the household or an additional expenditure required to fulfil duties previously provided by the primary caregiver. In this type of situation we consider various types of protection plans that pay out an income or a lump sum, on diagnosis of a critical illness, death or if the insured is unable to work due to illness. One or more protection policy could put your mind at rest when it comes to protecting your family and their lifestyle.

family walking away into a forest

Will I have enough money to retire?

The majority of my clients are planning towards retirement and their biggest concern is whether or not they have done enough to retire on their desired income. Before we can start to answer this question we need to know information such as how much money they want in retirement (broken down between desirable and essential), what guaranteed income they will receive from both state and any final salary pensions, along with income from money purchase pensions, their attitude to risk, overall assets and liabilities and how much time they have between now and retirement to better their position.

Following my divorce, I plucked up the courage and went to a financial advisor to get my finances in order for the future. I got a dormant pension fund up and running again and working hard for me and put measures in place to protect my loved ones.

It was such a relief to face the future with the help of an expert who explained everything to me in plain English. I definitely had my head in the sand because I didn’t really understand pensions and life insurance; my ex dealt has always insisted on dealing with all of that. Now I am in control!

Founder – The Group Hug

The longer we have before the desired retirement age the more we are able to do in terms of establishing the right tax strategies, making the necessary contributions and investing in the most appropriate way. Retirement doesn’t need to be scary if it is thought about in enough time, and working with a financial planner will help to keep you on point.

Are my assets invested in the right way?

If you have amassed savings and investments over time it’s likely that they have been considered on an individual basis, rather than in the grand scheme of your overall financial plan. It’s normal to forget about a pension which you started at 21, premium bonds your nan gave you or shares you may have inherited.

happy mother and child hugging

Having disjointed investments can mean an inconsistent risk profile, multiple plans with differing charging structures and no clear path to achieving your overall financial goal. A financial planner will review your entire portfolio, arrange it in a way that is easy to administer and is in line with your attitude to risk.

If you are concerned about any of the above, or if you have other areas of your finances that frighten you, get in touch for a free initial consultation. 

Written by Katie Nutting

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