Request a call back

Callback Form

For more information or advice, please fill in your details below and we will contact you shortly.

Sending
×

Journey to monetary autonomy

Optimising your finances and formulating an all-encompassing wealth plan for the future

Everyone is entitled to monetary autonomy, and maintaining financial wellness throughout life is more of a marathon than a sprint. One must deeply grasp one’s financial status to reach short-term and long-term objectives.

To optimise your finances and formulate an all-encompassing wealth plan for the future, we have created a guide that will enable you to understand your finances better and boost your financial fitness.

Understanding your financial status

The first step towards improving your financial fitness involves understanding your financial situation. Begin by documenting your income and expenditure or updating any existing records. Ask yourself if your income meets your expenses. Do you have surplus income that can be invested? Are there underutilised monthly subscriptions or memberships that could be cancelled to save money? Understanding your daily financial situation forms the basis of your journey towards financial stability.

Evaluating current investments

If you have already invested money, ensure you are fully aware of your investments. Where are they invested and what is their current value? Could you make your holdings more tax-efficient by maximising your annual investment allowance for your Individual Savings Account (ISA)? Understanding your investments can make them work better to your advantage.

Your lifestyle, life stage or risk tolerance may have changed since you first made your investments. Being aware of the level of risk you are comfortable taking when investing is crucial in determining if your investments are still suitable or need adjustments.

Pension simplification

Many people start contributing to a pension as soon as they begin working but often neglect it until they are nearing retirement. This neglect can lead to missed planning opportunities, since pensions can offer tax-efficient savings invested in various strategies. Start locating any old plans now, especially those left behind with previous employers. If they don’t provide good value or their features seem unnecessary, consider consolidating them for a lower-cost solution or consult us on how to use them tax-efficiently. Make sure your pension is working towards achieving your long-term financial goals.

Taking your family situation into account

Optimising income and capital is essential for everyone. For married couples or those in a registered civil partnership, transferring assets between partners could lead to significant tax planning and ISA allowance benefits. If there’s an age gap, ensure long-term financial stability for the younger partner. In case of separation, untangle your finances and understand your new financial situation. You should always obtain professional financial advice in this regard.

Property assessment

For homeowners, it’s essential to understand how your property fits into your financial situation. Do you own multiple properties? Do you have a mortgage? If so, are you aware of your current interest rate, mortgage term and when you’ll be in a position to pay off the mortgage? Could you rent out a property for additional income in the future? A long-term perspective on your property’s financial implications is crucial for maintaining financial health.

Your financial shield

The unpredictability of life is inevitable. Imagine being unable to work. Could you still provide for yourself and your loved ones? Could you afford a comfortable lifestyle? It’s crucial to revisit your protection policies, both personal and employer-provided. Are they current and valid? Is there a risk of being over-insured or under-insured? Maybe you’ve switched jobs and a previously available plan has ceased, requiring replacement. Having contingency plans is essential.

Planning for leisure years

Everyone aspires to a comfortable lifestyle post-retirement, but not all know what they can afford. A thorough assessment of your existing assets can help sketch a potential post-retirement income. If you’re still earning, save and invest a specific monthly amount towards your ideal retirement. If you are nearing retirement, try estimating the income from your pension, savings and investments post-retirement. This might help adjust your current expenditure and bring you closer to your desired retirement lifestyle. Collaborating with us and using a cash flow planning tool will help you understand your potential post-retirement income.

Leaving a legacy

With a secure financial plan catering to your future income and capital needs, you may find surplus funds you’d like distributed to loved ones and charities posthumously through your Will. Drafting or updating your Will isn’t a melancholic task. It’s a positive personal responsibility to comfort your loved ones post-departure, ensuring your estate is distributed as per your wishes. We strongly recommend seeking professional advice when drafting a Will to ensure it meets your needs.

Sharing your wealth by gifting

If your finances permit, consider gifting a portion of your wealth to family, friends or charities annually without incurring potential Inheritance Tax. If you’re contemplating gifting, consider the allowances available and how best to utilise them for the benefit of your loved ones. Thoughtful planning of your support now, in the future and as a legacy can make your giving more effective, potentially providing tax relief benefits for you and your estate.

Maintaining future financial fitness

As you focus on the future, you’ll always find room for financial improvement. Annual allowances often exist, making it beneficial to review your investments and finances yearly. Whether it’s streamlining your pension plans, ensuring tax-efficient savings or considering suitable new investments, obtaining professional financial advice is essential.

Will you maintain your financial health throughout your life?

Every individual is entitled to financial independence. Nevertheless, maintaining your financial health throughout your life is an ever-changing process. Achieving your short and long-term goals necessitates a deep understanding of your financial standing, enabling you to optimise your wealth and design an all-encompassing financial plan for the future. For further information, feel free to contact us. We’re here to guide you on your journey towards financial independence.

THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU INVESTED.

THE TAX TREATMENT IS DEPENDENT ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN FUTURE.

ESTATE PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND ON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

Read our reviews

Vouched For
×

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

Greg – East Sussex

Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex

Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

Richard - Kent

Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent
Read all our reviews here
×
Indices
Value Move   %     
FTSE 100
8,317.59-21.64 stock arrow-0.26 stock arrow
FTSE All Share
4,538.02-5.82 stock arrow-0.13 stock arrow
Currencies
Value Move   %     
Euro
1.170.00 stock arrow-0.11 stock arrow
United States Dollar
1.280.00 stock arrow0.06 stock arrow

Market Data

Data is compiled by Adviser Portals Ltd every 60 minutes. Information is not realtime. Last updated: 28/05/2024 at 06:00 AM
×