The importance of a regular financial review

The importance of a regular financial review

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During our lifetime we will go through a number of life events which should mean that we should have a review of our finances to ensure everything is still on track. Now some of those events are planned for such as moving house, getting married, or retirement. However, sometimes life can hit us with unexpected challenges including the death of the main income earner, divorce, and a global pandemic that none of us could have seen coming.

Different life events and circumstances

Our clients will all be at different stages within their lives, for example, some will have just bought their first home and may want to look at putting some financial protection in place to protect themselves and their families against the financial impact of serious illness or death.

Saving for children’s education

Others will be potentially looking to save money for the future towards a particular goal such as sending their children to further education. One of the ways you can look to do that is through a Junior Individual Savings Account (JISA) where you would be able to save up to £9,000 per year as per the tax year 2021/2022. Any returns are free from Income Tax and Capital Gains Tax with funds not be accessible by the child until they reach 18.

Planning for retirement

You may, however, be at the stage where you are looking to save for your retirement or take your benefits and want reassurance that you are going to have enough income to live off once you stop working. Most people will have had a few jobs during their career and as a result, will have built up various pensions during that time. One of the things you can look to do is to consolidate those pensions into one pot however, sometimes that is not always right for everyone.

Retirement benefits

For those looking to take their retirement benefits typically you will have one of two pensions or a combination of both. A Defined Contribution Pension is where an individual will build up a pot of money based on their own contributions and also their employer’s if they contribute. The value of the pot will increase and decrease over time depending on fund performance. Upon reaching age 55 you will then be eligible to take those benefits if appropriate.

A Defined Benefit Pension also known as Final Salary Schemes are slightly different whereby, the benefits offered to the individual are dependent on their length of service within a company and their salary. Upon, retirement you will be offered a guaranteed income every year during retirement that often rises with inflation and you can usually take a tax-free lump sum too.

Get in touch

No matter what stage of life you are at, our financial advisers are here to help guide you through these major life events and be with you every step of the way. Get in touch with us at or phone us on 07375036990 and book a free no-obligation appointment with us today.

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The value of an investment will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.


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