New Year – Time to be resolute about your money

New Year resolutions often involve plans to go to the gym more or take up a new hobby. However, being resolute about managing your money better in 2017 could have a lasting effect on your financial future.

Is it time to write your Will or revisit an existing one?

If you haven’t written a Will, then your money might not go to your loved ones on your death. It’s a sobering thought, and many people are unaware that if they died without a Will, the laws of intestacy might mean that relatives they hardly knew could benefit from their estate, whilst those closest to them might not.

If you made your Will a while ago and your family circumstances have changed, then why not review it to be sure everyone you want to benefit is included?

Is your pension set to provide enough for your retirement?

It makes sense to review your pension arrangements regularly so that you know that you are on course for a reasonable pension. Recent changes to the State Pension and the rules governing defined contribution pension schemes mean that this could be a good time to consider topping up your pension contributions, especially if you intend to retire in your fifties.

Do your protection plans need an overhaul?

Over time, your life insurance needs can change; you may have a growing family and want to ensure they’d be adequately provided for if the worst were to happen. If you’ve taken on a bigger mortgage, you might need more cover. When you’re approaching retirement, life policies still have an important part to play, perhaps in providing funds to supplement a widow’s or widower’s pension.

A review of your policies should also include checking out that you’ve got the right amount of building and contents cover too, and that your policies still represent good value for money.

Is your portfolio up to scratch?

If you’ve held a portfolio of investments for a while, it might be time to review its performance. Your adviser will be able to assess the stocks and shares you hold, and ensure the balance of your portfolio remains in line with your risk profile and asset allocation strategy. A review gives you the opportunity to consider moves like selling investments that are underperforming or taking a profit from a holding that has appreciated considerably in value over the years.

If you’re making plans for your retirement and would like some professional advice, then please get in touch.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

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