If you think you’re too young for financial planning, or if you believe might left it too late, think again. No matter what stage you have reached in life, sound financial planning is very important. Financial preparing is all about lifestyle. It’s about safeguarding the lifestyle your currently enjoy, on your own and your loved ones; and it’s also about planning for the lifestyle you want to enjoy in the future. However , as you progress in life, your financial priorities changes as your circumstances change. Essential you need to review your financial plan frequently to ensure that it still suits your requirements.

Young, Free and Single

At this stage you are probably more interested in having fun and taking pleasure in life than you are in financial planning. I totally agree that it’s very important to enjoy life and have fun with your friends. However , small financial planning ways taken at this time will make a huge distinction to you in the future.

Key financial locations for you include:

Saving regularly
Beginning a pension
Insuring your income
Vital illness cover
Mortgage advice
Young Couple – No Children
In case you are living with someone and you haven’t however started a family, this is one of the more well-off stages in your life, when you have two incomes but only one home and no children! It’s important, while you are in this position, that you get started with your financial planning. Later on, if you decide to have children, there may not be much spare money left over regarding saving. All the key areas of financial planning which apply to the ‘Young, Free and Single’ also affect you!

Couple with Children

This is how you need to get really serious about your own financial planning. You have a responsibility to shield not only your own lifestyle but also those of your loved ones.

Key priorities include:

Life insurance coverage – vitally important!
Critical illness cover
Education fees planning
Income Security
Retirement planning
Empty Nesters
So your children have all grown up and fled the nest? Now is the time to really concentrate on your own financial planning – specifically on your retirement planning, making up any shortfalls in your pension provision. Life is not a rehearsal. It is important that you intend to be financially independent sooner rather than later so that you can choose to give up work and start carrying out all the things you want to do while you’re still young and fit enough to be able to enjoy them.

Key areas of concern consist of:

Retirement planning
Investment advice
Gift of money tax (IHT) planning
Paying off your own mortgage
Retirement
As you reach retirement you have some major decisions for making regarding your pension options and it is critically important that you seek independent financial suggestions, even if you have never consulted a financial mechanic before.

Key areas of financial planning include:

Pension income options
Expense advice
Wealth management
Estate/IHT preparing
Equity release
The Elderly
As you turn out to be older and more frail you may have for making plans on how to fund long term care should you need it.
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Not all financial advisers are qualified to give advice within this very specialised area.

Key parts of financial planning include:

Wealth administration
Investment advice
Pension advice : alternatively secured pension or annuity purchase
Estate/IHT planning
Long term care fees planning
So , you see, you happen to be never too young or too old to start financial planning and individuals of any age can benefit from consulting an expert independent financial advisor.

If you are seeking financial advice you will want the best advice possible but how do you find a top financial adviser? Firstly you must find an independent financial agent (IFA) – ideally one who is extremely qualified. Certified Financial Planners (CFPs) and Chartered Financial Planners would be the most highly qualified financial agents in the UK. They have reached the peak of their profession. They have not only tested the highest level of technical knowledge; they have got also demonstrated an exceptional commitment for their clients by devoting their time and money to achieving the highest qualifications in order to give the best possible financial advice. Just about 6% of financial advisers are usually qualified to this high level.