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Make your money work harder:

  1. Maximise tax reliefs and allowances.  This will help you get more for your money when investing and planning.  The obvious options are pension funding and using your ISA allowances.  But we have plenty more to use if appropriate.
  2. Have you any lazy capital sitting in cash?  If you have a medium or long term investment horizon, consider investing some of it for real capital growth over time.  Cash buying power is eroded by inflation over the long term.
  3. Do you have any legacy pension and investment assets that have not been reviewed recently?  Are they invested in line with your risk profile, capacity for loss and objectives?  If not, you could be missing out on potential investment returns and/or taking too much risk.
  4. Do you have any spare monthly income?  If you have, you could invest it in either your pension or a Stocks & Shares ISA.  Other investments are also available.

Get your ‘legal’ house in order:

  1. Do you have up to date Wills in place?  If not, please take legal advice.
  2. Have you got both Power of Attorney in place?  One for Finance and Property and the other for Health and Welfare:
  3. Are your pension nomination forms up to date on your current Workplace Pension and on any legacy pension assets?  As these are potentially some of your biggest assets, it’s important that your nominations/Expression of Wishes reflect your current situation.  They can drift out of date and legislation can and does change.

Please take independent financial advice and legal advice as appropriate.

Whilst any of the above won’t help you lose weight or get a (better?) beach body they could help you straighten out your finances for your financial good health.

All the best for 2022, have a happy, healthy and prosperous year.

Steve Speed