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Happy New Year! – Tips for 2017

This is the time for New Year resolutions.  Making commitments to lose weight or going to the gym regularly are commendable. Why not put your financial position in the spotlight at this time of year and help yourself plan for the future?  Engage your family too if at all possible.

Try ticking off this check list:

 

  • Have you got a will (or wills for a couple) in place? If you have, is it up to date?
  • When was the last time you asked for a State Pension forecast? The State Pension system changed in April 2016 and a new forecast could help you understand your position.  Just google ‘State Pension forecast’.
  • Have you reviewed your full pension position recently? What pension do you expect to receive when you draw benefits or retire?  If you are in a Defined Benefit pension scheme as a deferred member, now might be a particularly good time to review it.
  • Do you have a good cash reserve as an emergency fund just in case you can’t work for a while?
  • Save money on your utility bills by changing providers of gas and electricity. Use any money saved to help fund your retirement.  Plenty of websites can assist with this but please check a range to get a full view on your options.
  • If you have spare cash on a monthly basis fund a Stocks & Shares ISA to provide additional funds for the long term. A good ISA fund can generate tax free income later in life.  Investment ISAs are available in a range of risk profiles.
  • Review your existing life, critical illness and income protection covers. Do they adequately cover your needs?  Don’t forget to include any cover that you might receive from work; Death in Service benefit, etc.
  • Think about your financial planning over the long term. Long term planning can help you become more tax efficient now and in retirement.

 

Whilst ticking off the above points may not give you the figure you are looking for getting your financial planning into shape could alleviate some stress and help you feel better generally.

If you are unsure about any of the above please seek independent financial advice or, for wills, legal advice.

 

Steve Speed

03/01/2017