New year new me, why is now a good time to review your financial plan with Bright Ideas Financial Planning?

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December 15, 2022
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You have joined the gym, bought the 15-minute meals book booked those Spanish lessons you said you were going to do this year… good on you! There is another element we all know we should be looking at that us British are so good at ignoring, Our financial wellbeing!

As the cost-of-living crisis dominates the headlines, Inflation heads north to 11%, seemingly ever-increasing energy bills and interest rates move in a way we have not seen in 30 years.  Compounding of these different elements can greatly increase any uncertainty you may have over your future financial circumstances.

You may have saved, invested, and contributed to your pension, however like many of us, you may not have been as disciplined as you would have liked as living your life takes priority; raising a family, moving house and changing jobs mean that thinking about your pension pot(s) may not always be your top priority.

So, if you are approaching or just thinking about retirement, it can be overwhelming.  It’s the longest holiday of your life and that means no regular employment income.

Irrespective of what your income was, what you have is what you have. With our ‘friends’ at the news agencies reminding us of potential uncertainties in the market, desire to support children get on the housing market or cover university costs what is needed is reassurance, in other words a plan.

Ok, enough fear mongering, lets remind ourselves, it’s the longest holiday of your life! Life is for living and how you choose to live and spend it is up to you. There will always be uncertainty, it’s how these risks are managed that counts!

As an advice business, we start with your dreams and aspirations, then look at your income and expenditure to see how that cashflow model will look in retirement. This will give an understanding of the size of pot you require to maintain this through any concerns or market conditions that present themselves.

Other thoughts should be given to later life care, moneys left to children through inheritance and any protection needs addressed. There is no illusion that a degree of financial prudence is required in these times but getting advice and having a plan helps give you the confidence and reassurance that your aspirations are on track, and if there needs to be a change in trajectory, this is done and you continue to be agile even in these turbulent times.

There has never been a more important time to seek financial advice, and if you like drinking Martini’s (insert drink of choice) by the beach or simply relax into a less frenetic way of life the earlier you have your plan laid out, the higher the chance of getting there!

Book your appointment now simply click here:  Financial Planning Review and one of our financial planning team will be in touch

The value of investments can go down as well as up, and you may get back less than you originally invested.

Bright Ideas Financial Planning is a trading style of Cheetham Jackson Ltd which is authorised and regulated by the Financial Conduct Authority (FRN514951)

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