Do not think you are too old for financial planning. Financial planning is essential, no matter your age. Financial planning is all a matter of lifestyle. It’s about protecting the lifestyle you currently enjoy for yourself and your family. But it’s also about planning to create the lifestyle that you desire for the future. As you get older, your financial priorities change. It is important to regularly review your financial plans to ensure it meets your needs.
Young, Single and Free
At this stage, you’re probably more interested having fun and enjoying your life than in financial planning. It is very important to have fun and enjoy your life with your friends. You can make a significant difference in your financial future by taking small steps now to plan for the future.
You should pay attention to these key financial areas:
Save often
Pension planning
Insurance to protect your income
Critical illness coverage
Advice about mortgages
Young Couple – No Children
If you are currently living with someone, but you haven’t started a child, this stage is one of your most prosperous. When you have two incomes but one house and no kids, you will be one of the most wealthy in your life. When you find yourself in this situation, it’s crucial to start your financial planning. There may be little money left for savings later on if you decide that you want to have children. All the important areas of financial planning that apply to the Young, Free and Single’ are also applicable to you.
Couple with Children
This is when financial planning should be taken seriously. You are responsible for protecting your lifestyle and that of your loved ones.
Here are some of the top priorities:
Essential Life Insurance
Critical illness coverage
Education fees planning
Income Protection
Retirement planning
Empty Nesters
What if your children have left the nest and all of their siblings are now adults? Now is the perfect time to put your focus on your own financial planning. This isn’t a game. It is vital that you make an effort to become financially independent sooner than you think. This will allow you to stop working while you are young and still fit enough to enjoy the things you want.
The following areas are of particular concern:
Retirement planning
Investment advice
Planning for the inheritance tax (IHT).
How to pay off your mortgage
Retirement
When you retire, you will have major decisions to make about your pension options. Independent financial advice is critical.
Financial planning is based on the following key areas:
You have options for income from pensions
Advice for investors
Wealth management
Estate/IHT planning
Equity release
The Elderly
As you age, your ability to pay for long term care may decrease. Not all financial advisors are qualified to provide this type of advice.
Financial planning is based on the following key areas:
Wealth management
Investment advice
Pension advice – alternatively secured pension or annuity purchase
Estate/IHT planning
Planning for long term care
It is not too late to begin financial planning. However, anyone can benefit greatly from consulting an independent financial adviser.
It is important to seek out the best advice when seeking financial advice. How can you do that? First, find an independent financial planner (IFA), and preferably one who is highly qualified. Certified Financial Planners, Chartered Financial Planners, and Certified Financial Planners are two of the best financial advisers in Britain. They have achieved the highest level of their profession. They have not only demonstrated the highest level technical knowledge but have also shown exceptional dedication to their clients, sacrificing their time to earn the highest quality Ed Rempel Review advice. Only 6% are qualified at this level.