Children Growing Up
As the children grow up and move out of the home and the mortgage has been paid the need for mortgage cover and family protection cover will reduce.
Insurance and Protection
As the children grow up, the emphasis shifts to making sure that your income is still protected, that you are covered for critical illness cover and that a surviving spouse would be left with sufficient capital to surive. You may have to care for your parents and this may have a financial burden on you, we can advice on how early planning to mitigate the financial cost of such an event.
Savings and Investments
It will be important to review your investments to ensure that they are performing as expected and to ensure that you diversify your risk. One type of investment may not be suitable and you may wish to spread your risk through varied investments as overlaps in portfolios may expose you to more risk than you are prepared to take.
You may wish to start withdrawing your investments in the right way, it is essential to receive advice and to have a strategy on how to do this so it can be done tax efficiently.
As your income grows you may want to increase the amount that you put into a pension to ensure that you have sufficient income into retirement. This can be done through increasing your premiums or through adding lump sums.
Depending on what tax bracket you are in will alter the pension strategy and advice. As the pension pot grows there are more options available to you and how you can use the accumulated wealth to your benefits. We will be able to guide you and create a strategy to ensure that you use your pension pot to its full capabilities.