In our latest blog PM+M partner, James McIntyre, describes his moment of reflection on holiday in North Devon, highlighting the importance of financial planning, should the worst happen…
You may have already enjoyed your summer holiday, or be getting ready to brave the airport queues, in anticipation for a week in the sun. I have been able to enjoy a week with my wife and little ones, in my favourite place on the planet – North Devon. It’s a time for fresh air, family, food/drink and for many; a time for reflection.
Holidays are essential and I am a great believer in making the most of your life now. However, I also believe that it is essential to plan for the future and consider the ‘what ifs.’
FAMILY TIME
On holiday, my two favourite pastimes are: being buried in the sand by my two children and building a channel down to the sea, only to see my sandcastle get washed away minutes later! I will genuinely treasure these moments for the rest of my life. This moment got me thinking – my family are ‘my everything’ and therefore I honestly believe that it’s important to make sure that they are adequately cared for should something go wrong.
That’s why I have ensured I have the following in place, should the worst happen.
PM+M have ensured that my income is protected should I be unable to work due to an accident or sickness. You could take out one of these plans personally, or as an employer, you could set up a group income protection scheme.
My mortgage will be repaid in the event that I was to die or become seriously unwell. Debt is the last thing that I want to leave to my family, should disaster strike.
As the main breadwinner in our family, I have also ensured that there would be a capital lump sum should I die or become seriously unwell. I have made the decision that I am not prepared to compromise my family, should anything go wrong. I wouldn’t want my little girl and boy to be without a Daddy and I certainly wouldn’t want them to be without a Daddy and leave my wife in a challenging financial situation – fortunately the latter is something that I can control.
I have also ensured that I have a will in place and that my pension death nomination forms are up to date.
BUILDING SANDCASTLES
Back to the beach! I love to build sandcastles – I must admit that on a number of occasions, when the little ones have become bored, I am likely to be seen continuing to build the sandcastle on my own; a big kid at heart. There is a knack to sandcastle building: you need sturdy foundations, the right tools and the right sand/water blend. How does this link to financial planning, you ask?!
Building wealth to enjoy holidays and help sustain lifestyle during later life is equally as important as living life now. I urge you to consider starting to build your sandcastle (your retirement fund) as soon as possible.
You will need:
- Sturdy foundations – it’s important to start planning as soon as possible. We consider the foundations of financial planning to be your personalised cashflow forecast to determine how much you need to save now, to meet your objectives in the future
- The right tools – we would ensure that you choose the right vehicle, be that a Pension, ISA or something else. We will also ensure that your contributions are managed in a tax efficient way to create the best efficiencies possible
- The right blend – at PM+M, we can manage your portfolio on a proactive basis. This means that we can make changes to your underlying investment funds and your asset allocation (the blend of different types of investment) whenever it is deemed appropriate by our experienced team.
Once you reach retirement, we can also help you manage your fund in a sustainable way whilst allowing you to enjoy your extra time. Unlike a sandcastle, we don’t want your retirement fund to be washed away!
ENJOYING THE SURF
North Devon is notorious for great waves and therefore when the tide is right, the sea is packed with surfers who put my paddle boarding to shame. I’m probably much safer on a boat trip to visit the seals and dolphins.
Cashflow planning is rather like exploring the ocean. The captain needs to know where they are going, they need to navigate rough seas and hopefully enjoy calmer waters at the destination.
Once we know where you want to go, we can determine what you need to do to reach your goal, that could be helping you understand how much:
- you need to save now to be able to retire at a specific age
- you can afford to gift without compromising your own sustainability
- you need to sell your business for to retire when you desire
- your family will need in the event of death or illness.
As part of our ongoing service, we will be there for you throughout the journey – helping you reach calmer waters.
GET IN TOUCH
I hope that you enjoy the rest of your summer. If you would like to consider any of the financial planning needs discussed, it would be great to talk. Get in touch by using the button below.
A comment that the possible changes may not arise and that any current information included in the article represents your understanding of law and HM Revenue & Customs practice as at 06/07/2022
A comment to note that the article does not constitute personalised advice and that advice should be sought before taking any action.
