Take control and give your finances a LIFT

This post is over a year old. There may now be updates to the facts stated and the views of the author. Please read with this in mind or check for more recent articles in LIFT-Financial.

Financial wellbeing is about having security and control over your finances and having the knowledge and reassurance that you have enough money to meet your needs. After all, one of the leading causes of stress relates to money concerns and we all want to be in control of our finances. This means having enough money to not just get by but to enjoy life! 

Emergency Fund 

When setting out a financial plan, it is of vital importance to establish the right foundations. Everyone needs an emergency fund which can be accessed immediately if, for example, the boiler packs up tomorrow! This can provide peace of mind and we would typically suggest at least 3-6 months' expenditure is kept to one side. 

Financial Protection

Protecting your lifestyle is of fundamental importance and an often overlooked area of Financial Planning. Most of us have large debts, for example, your mortgage, and it is important to consider what would happen to your loved ones if you were to die or are unable to work. Putting protection arrangements can potentially clear these debts. Life cover will normally get more expensive as you get older, and taking out a policy whilst you are young can provide you and your loved ones with peace of mind and financial security should the worst happen. 

Retirement Planning

Once the above steps have been addressed, you can start looking to your retirement. Central to this is identifying how much you will need each year once retired. The full State Pension is less than £10,000pa per person currently, and for most people, this won’t be accessible until age 68. To top this up, pensions are a great way of saving for retirement and you benefit from tax relief on contributions. It is worth investigating what pensions you have, as you may have a number of these from previous employers which can be used to help fund your retirement. 

Savings and Investments

If you have surplus funds after making retirement provisions, you can look at other ways to save and invest. Making the most of tax-efficient vehicles, such as ISAs, which are a fantastic way of doing this. There is no minimum age to withdraw from an ISA and there are no tax penalties for doing so. ISAs can be held both in cash and invested in Stocks and Shares. 

If you have any financial planning concerns that you would like to discuss in more detail, please get in touch today.  
 

 

 

The value of investments may go down as well as up.

LIFT-Financial – Latest Blog Posts

Continue reading 'Take control and give your finances a LIFT'

Take control and give your finances a LIFT

Financial wellbeing is about having security and control over your finances and having the knowledge and reassurance that you have enough money to meet your needs. Take a read for some tips and guidance from Ed and James, our new Chartered Financial Planners. 

Continue reading 'Take control and give your finances a LIFT'
Continue reading 'Spring Statement Summary 2022'

Spring Statement Summary 2022

A public finance boost of £25-30bn gave the Chancellor some wriggle room when he presented his Spring Statement, but how did he use it? You can read some of the key highlights here and also download our Spring Statement Summary.

Continue reading 'Spring Statement Summary 2022'

Cookies help us provide our services. By using this website, you accept our privacy policy  |  Accept cookies