You have landed your first ‘serious’ job
This is often the first time that people will look at pensions and start building up savings. Key goals at this stage tend to be:
- Saving to purchase a property
- Paying off debt, such as student loans
- Beginning retirement planning
You get married
In amongst the whirlwind of wedding planning, there are also important financial goals to consider, such as:
- Wills need to be set up
- Trust planning should be considered
- Joint investments and retirement planning need to be set out
You are planning to have children
Having children often requires a review of household budgets, which can have an impact on savings, investments, and retirement planning. Goals around planning for children typically involve:
- Providing funds for education
- Updating family insurance policies
- Updating wills, assigning guardians, and setting up trusts
You are approaching retirement
As people approach retirement it is vital that they review their financial planning, as this is often the last chance to make significant changes that will affect financial security in old age. It can be important to:
- Start de-risking your pension in order to preserve its value
- Safeguard against potential market volatility
- Plan how to take income from your pensions, savings, and investments
During retirement/later years
For many people at this stage, thoughts begin to turn to leaving assets for family in the most efficient manner. This typically involves:
- Updating wills and trust planning
- Mitigating the impact of Inheritance Tax
- Managing pension income
At each stage, I collaborate with my clients to accurately define their goals and help build a financial strategy. This ‘goal-based’ approach is a critical part of how I work.
If you think you may benefit from a review of your financial plans, whatever stage of life you are at, please get in touch. Your first meeting with us is held at our expense, with no obligation.
About Ben Mulroney
Based in Wilmslow, Cheshire I am an award-winning Financial Adviser working with a wide range of clients in the local area. Using a goals-based approach to planning, I use my skills and knowledge to collaborate with my clients and truly change people’s lives for the better.
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