10 October 2024
general
With Halloween just around the corner, you may be looking forward to watching some scary films with your family and friends to mark the occasion.
Whether you love a good scare or spend the whole time watching from behind the sofa, one thing’s for sure – the monster in the film is always scariest when you can’t see them.
Maybe they’re hiding in the shadows, disguising themselves as something else, or always sneaking up from behind. But as soon as the villain is unmasked and brought into the light, they’re suddenly far less frightening.
You could say the same thing about your financial fears. Planning for retirement and later-life care costs are just some of the worries that could keep you up at night.
It’s easy to want to bury your head in the sand and try to forget about these fears, but usually this only makes the “monsters” more frightening. Read on to learn more about why facing your financial fears this Halloween could help you to overcome them and how your adviser could help.
Financial worries can affect your mental wellbeing
According to research by the Money Advice Trust at the start of 2024, 24.9 million UK adults were worried about money, and 17.2 million expected their financial situation to worsen by the end of the year.
Some common financial worries you may have encountered yourself include:
Financial worries can affect you in myriad different ways, in part because money is an emotive subject. Mind shares that they can lead to feelings of:
By avoiding the problems and not creating a plan to resolve them, you could find that these feelings affect you more frequently and severely.
Your financial adviser can help you to put plans in place to resolve your financial worries
Fortunately, there are some simple steps you can take to slay your financial demons and put your mind at ease once and for all. It all starts by speaking to your financial adviser, who can offer guidance in preparing for the future and having a plan in place if anything were to happen to you.
Some of the tools they could use to help you are the following.
Financial protection
Financial protection could provide a regular income or a lump sum payout if you’re unable to work due to illness or injury so that you can continue to cover your daily expenses while you recover.
Some policies also provide access to resources that could help you return to work sooner, such as private GP appointments, physiotherapy, or counselling. This means that your financial wellbeing needn’t be affected if you’re unable to earn an income.
Cashflow planning
Cashflow planning is a tool your adviser can use to help you visualise how your income and expenses may change over the course of your life. It can show you if you might encounter a shortfall in income, so that you can create a plan to avoid this from happening.
Moreover, you can model how different scenarios might affect your finances, such as an earlier retirement date or the cost of later-life care.
A cashflow forecast can provide reassurance that you’re setting enough aside for your retirement and any other financial goals you may have. By regularly reviewing the cashflow forecast with your adviser, you can respond to changes in your circumstances that might affect your finances today or in the future, too.
Estate planning
An estate plan could help you to feel confident that your money will last as long as you need it to while also allowing you to leave a financial legacy for your loved ones after you’re gone.
With the help of your adviser, you can understand whether your estate may be liable for Inheritance Tax and how you could mitigate this bill so that your family can inherit more of your wealth.
Get in touch
Our team of financial advisers is here to ensure that managing your money becomes a dream rather than a nightmare. To find out more, email enquiries@jesellars.co.uk or call 01934 875 919.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate estate planning, cashflow planning or tax planning.
Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.
