Your 2022 financial plan – 3 times to call on the experts

January is a time when many people start making plans for the coming year. But when it comes to your finances, just focusing on what you want to achieve in 2022 might not be enough.

Rather than just focusing on your next big financial goal, you should think about other milestones that could come years, or even decades, away.

This article and guide will help you learn more about financial planning and where advice might fit. But the information and advice given here is not personal advice. If you are unsure whether a course of action is right for you, you should seek advice. Remember that all investments can go down or up, so you might get back less than what you invested.

Start planning for your financial future now

Half of those polled said they had no idea what their financial situation would be in 10 years *. And a fifth of us know where we want to be, but not how to get there.

You may never have thought about where you want to be financially in the next 10 years, or you prefer to focus on one financial goal at a time. But it is only by knowing roughly our long-term goals that we can be sure that we are taking the right steps to achieve them.

Our 5 to Thrive is a good place to start because it defines 5 building blocks of financial resilience. You’ll get advice on things like controlling your debt, saving money for emergencies, and starting to invest.

But sometimes it is worth bringing in the experts. In addition to saving you time and effort, receiving financial advice means you can rest assured that you have a plan in place that is right for you and your goals.

Here are three times when you should really consider getting advice to help you with your financial planning.

  1. When it’s for something really important

    It’s not the worst thing in the world if you don’t have as much money set aside for a vacation as you would like. It’s a different story if you come to retire and don’t have the money you need.

    Some things are too important not to consider seeking advice. Your retirement is a great example of that, because it’s something you’ve worked for your whole life. This is something that you will usually only do once.

    What you do with your pension after retirement is an important decision that could affect the amount of money you have to live on. You need to make sure you understand your retirement options and take advice when in doubt.

    You should also get advice from Pension Wise, available from the age of 50. It is the free and impartial government service to help you understand your options.

    Taking care of your loved ones should the worst happen is extremely important. A financial advisor can help you put in place insurance or protection policies that could provide you and your family with vital income if you are unable to work. They can also help you organize your estate and work with will drafters to make sure your wishes are granted upon your death.

  2. When your situation is more complicated

    When it comes to things like financial protection, long-term care, or inheritance tax planning, you need to be aware of the different products available and the rules around them. It is at this point that you should think about enlisting a financial advisor to help you.


    Or maybe you have many different goals to assess. For example, you might want to help your kids move up the ownership ladder while saving for retirement. An advisor can use cash flow modeling to determine how much you can afford to give, taking into account the impact this will have on your lifestyle and estate obligations.

    It can show you how much money you might have in the future and whether you are on track to achieving your goals, helping you answer questions such as “Do I have enough money?” “.

    Financial acumen and common sense won’t get you far. When you’re dealing with complicated rules and products, or have a lot of different goals to weigh, it’s time to think about tips.


  3. When you don’t have the time, the will or the confidence to do things on your own

    It’s hard to translate what you expect from life into tangible financial goals, let alone a plan to get there.

    Saying that you want to save for retirement is not enough. You need to think about how much you will actually need to live on, and then make sure your pension is on track. You can do this yourself using our guide to how much will I need for retirement, but it does take a little time and effort.

    If you talk to a financial advisor, they’ll ask you the right questions to find out what you really want out of life and pinpoint your financial goals. By leaving the care to an expert, you focus only on what you want in your future. They will help you make it into a solid financial plan.

    Once you’ve figured out these things, an advisor can look at a wide variety of financial products and options to help you find something that’s right for you.

    Researching all of the different options yourself takes time and a bit of good financial sense. But an advisor has a wide range of knowledge and resources, and can give your finances the consideration they deserve.

Is it time to talk to an expert?

If you think you could benefit from advice, do not hesitate to have our helpdesk call you back to find out more.

They won’t provide advice on the call, but they can tell you how the advice works and the fees involved. This way you can get a better idea of ​​if it is right for you. If so, you will be put in touch with an advisor.

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* HL survey carried out by Opinium, 2,039 respondents in September 2021.