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Top tips to protect your family’s finances



Posted: August 24th, 2015

Your family are the most important thing in your life. So important, that you instinctively feel the need to protect them. You probably don’t even realise the steps you’re already taking to protect them because it is second nature to you. For example, holding your child’s hand to cross the road or applying sun cream on a nice day. You do what you need to do, when you need to, to help keep your family safe. The same principle should apply to your family’s future, finances and inheritance.

Here are some simple, yet important tips to ensure the protection of your family both now and in the future:

1 Retirement planning

You may have thought about when you would like to retire, you may even have thought about how much income you will need when retirement comes, even so it is essential that you have a clear retirement plan in place to make sure you will achieve your retirement goals. With state retirement ages rising, people living longer, the unpredictability of investment markets and the complexity of pensions in general, it is increasingly important to be prepared.

2 Mortgage assessment

We appreciate that the thought of moving your mortgage is often perceived as a big step and sometimes simply ‘not worth the hassle’. Mortgages can be transferred easily between providers and in some cases the transfer may cost you nothing meaning that savings can begin immediately – so you could have nothing to lose, but everything to gain!

3 Protection cover

Most of us have car and home insurance because it is widely accepted that we need it. So why do so many people not think about the protection of their family? Something tragic happening can shake not just your whole world but your family’s too and being able to claim back some form of your daily routine, be it as simple as the school run, can help your family stay strong and rebuild. The last thing any family should have to worry about is money. Family protection cover can reduce the negative financial impact of a loved one’s death, becoming critically ill, or being unable to work due to accident or illness.  Having suitable protection in place means that your finances will remain in control if the unexpected happens.

4 Savings and investments

Ask yourself – are you making the most of your money? It is important to treat your savings and investments with the attention they deserve. By doing this you can look to make your money work harder and also ensure your investments are structured to effectively manage any risk, reduce or defer taxes and provide access to your funds should you need it.

5 Wills

Death is probably not a subject you care to dwell on and for this reason alone, nearly two-thirds of us put off writing a Will. While the thought of your passing and the documenting of your wishes may be unpleasant, it can minimise upset and distress for your loved ones in the future. Sadness and grief are inevitable when someone dies, but leaving behind a trail of trauma and unforeseen expense can be avoided if you provide clear and specific instructions by writing a Will. If you care about what happens after you die, make a Will as without one the state directs who inherits so your loved ones may get nothing.

To ensure your family and finances are properly protected then take control of your financial future today and contact a member of our team on 01228 711881 or email info@davidallen-ifa.co.uk.

The Financial Conduct Authority does not regulate some products such as Will services.