Growing Family (25-45)
Have you just started your own family? You will want a comfortable and stable future for your children. Your new family count on you for support and you want to provide the love, care and security they are looking for.
You probably have a home of your own and a significant proportion of your income goes into essential expenditure.
Your career is flourishing. You are ambitious and intend to live the good life.
You’re most likely thinking about moving to a bigger home to provide enough space for your children to grow and play as well as planning a future for your young family to expand. You have much more responsibility now as your number of dependants grow. This causes your priorities to change, focusing more on your family and managing your finances to cater for all.
Protecting what you have
You have hopefully already taken out income protection to ensure your family are covered for bills and essentials if you are unable to work. It’s important to ensure that the level of cover is increased to protect the financial demands of your improved lifestyle.
Planning for the future
If you haven’t already done so, starting a pension is now a priority in order to accumulate sufficient funds to support you when you stop working. It is important to assess your pension in regards to your life style and the cost of living comfortably. This offers you the security of knowing your later life plans will be covered.
An adviser can provide vital assistance in helping you explore your options to be able to reach your goals and help you understand the tax benefits. A financial adviser can also help you assess what is important and help you organise any existing pensions and review their performance. You need to know your invested pension funds are working efficiently for you.
To provide the best chances for your family you need to assess the risks you take with your assets and income and how you spend your money. Careful planning can help you achieve your goals.
Working out your objectives and priorities is not easy. An independent financial adviser will help assess your situation and needs to help provide the best recommendations and safety net for your family and their future. To discuss your circumstances, contact us at People and Business. Click here.