5 times in your life when financial advice could really help
Throughout your life, there will be major milestones that shouldn’t go uncelebrated. These events will be unique for you, as the achievements, successes, and challenges you experience are yours alone.
No matter what stage of life you are at, and the milestones you are currently working towards, one thing is certain: big changes in your life can often affect your finances in a significant way.
One important lesson many of us learn the hard way is that prevention is better than reaction. If you are approaching a major life milestone, it could be useful to discuss this with your financial planner before it happens, rather than afterwards.
With that in mind, here are five times in your life when financial advice could really help you and your loved ones.
1 Getting married
Although our world is changing fast, marriage remains one of life’s most treasured rites of passage for many people.
If you have found the one and are planning to get married in the near future, this is a very exciting time. You have the opportunity to celebrate your love among family and friends, and to build a life together to create something meaningful.
One thing some couples don’t consider when getting married is how they might financially benefit from this. For example, according to government figures, making the most of the Marriage Allowance can save spouses and civil partners up to £252 a year in tax.
In addition, financial planning as a couple can help you to make the most of the various tax allowances available, ensuring you keep more of your hard-earned wealth.
Discussing the financial opportunities you can take advantage of from marriage with your financial planner could help you to plan ahead for a happy future together.
2 Buying your first home
Whether alone or in a partnership, buying your first home is a huge achievement that shouldn’t be underestimated, since you have spent years diligently saving for this moment.
As you may already know, buying a home can be complex, and even stressful, if you go through it alone. Tasks you’ll have to approach include:
- Preparing for your mortgage application
- Securing a mortgage loan that suits your budget
- Budgeting for additional taxes and fees, such as Stamp Duty Land Tax
- Setting money aside for moving, renovations, and repairs once you move in
- Ensuring you can afford your mortgage in the years to come.
By working with your financial planner before you begin the homebuying process, you could significantly reduce the stress involved in completing these stages.
This might allow you to appreciate buying your first home for the amazing achievement it is, rather than becoming engulfed by financial or administrative stress.
3 Starting a business
Growing a business from scratch can be highly rewarding, but there’s lots to think about.
One of the most crucial aspects of kickstarting your dream company is affordability. As you may know, many businesses struggle to break even for a few years when they get started – which might call your financial viability into question while you’re building your company’s foundations.
If starting a business is a dream you have been working towards for some time, your financial planner can help you make it a reality. Financial advice from a professional could help you arrive at this milestone with the confidence and knowledge to succeed.
4 Growing your family
For many people, raising a family is both their biggest priority and their proudest achievement. If this prospect is on the horizon for you and your partner, it could be useful to start preparing for this milestone financially, as well as emotionally.
While having a family is one of life’s greatest joys, it can also prove financially stressful if you don’t plan ahead. For example, a Telegraph report from May 2022 revealed that British families pay the highest childcare costs in the developed world.
Even without childcare, there are other financial considerations to bear in mind when having children. For example, you may want to move to a new home to accommodate your new family member or take time off work when they arrive.
Your financial planner can cast an expert eye over your financial circumstances, helping you to make efficient savings if you are planning to have children soon. That way, you can focus on your family’s health and wellbeing, rather than being distracted by financial worries.
We can work with you to put the relevant protection options in place when you have children, so your family is further protected from unexpected events, such as an untimely passing or serious illness.
Finally, we can also help you to save for your child, building up a nest egg that can boost their own financial independence when they reach adulthood.
Finally, retirement is one of life’s most important milestones. You have worked hard, thrived in your career, and are now ready to take your foot off the accelerator and enjoy life at your own pace.
Nevertheless, as you approach retirement, you may have concerns about whether you have saved enough into your pension to support the lifestyle you want. According to a report from FTAdviser, two-thirds of 2021’s retirees are at risk of running out of money.
Once again, prevention is better than reaction – so if you are yet to draw your pension, now is the time to take financial advice. The earlier you begin planning for retirement with the help of a professional, the more peace of mind you may gain as you approach this milestone.
Using cashflow modelling, your financial planner can determine how much wealth you will need to last a lifetime. We can help you organise your priorities in retirement – such as financially supporting loved ones, travelling, or caring for grandchildren – and provide expert guidance on how to get the most out of your later-life income.
If you are approaching a key life milestone, now is the time to seek advice. Email us at firstname.lastname@example.org or call us on 0330 332 7866 to speak to one of our team.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.
Workplace pensions are regulated by The Pension Regulator.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
Buy-to-let (pure) and commercial mortgages are not regulated by the FCA.
Think carefully before securing other debts against your home.