New Decade’s Resolutions 2020?

01 January 2020

Happy New Year!

The end of December and the start of January is often a time for people to reflect on the past year gone and the year ahead. With the new decade ahead of us, perhaps this year has extra poignancy as some will look further to the 10 years ahead. From a financial perspective, you might want to consider the following as examples to prepare for 'the twenties':

  • When did you last check that the State Pension you may be entitled to is up to date? The State Pension had some significant changes made to it in 2016 and you might want to check again and top up if available / prudent.
  • When was your Will last reviewed and do the people that featured in it when it was drawn up now reflect your circumstances? Do you still want the executors to be the same? Has the arrival of grandchildren, or the loss of a loved one changed the plan you want to follow?
  • If you are retired and using the more flexible income drawdown facility, will the capital you have last as long as you do? Actuarially speaking, average life expectancy in the south-east for a man is 87 and for a woman age 90 (current average ages at death).
  • Is establishing a Power of Attorney arrangement now relevant because of your age, circumstances or wealth?
  • Some people reach 'life junctions' such as retirement or receipt of an inheritance that may mean that they can make gifts to younger generations to help their lives forward. Is now the time to look at this opportunity again?
  • Has your wealth and debt grown to a level that any life protection you established in the past is no longer reflective of your current financial position in protecting the family, or effective for inheritance tax purposes?
  • As younger family members mature, is it time for them to engage fully in their own financial planning?

However, you plan your next decade, and of course this will be personal to you, make the time count, both for you and the family.

If you would like to consider these opportunities, or ones more personal to your own circumstances a stage further, then please contact the team at Chapters Financial in Guildford. No individual advice is provided during the course of this blog.

Have a great start to 2020!

Keith Churchouse FPFS

Director

CFP Chartered FCSI

Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899