With the summer fast-approaching, it can be easy to get caught up in life and let money matters take a backseat. But spending a little time now could help you feel organised and in control throughout the rest of the year.
Here are ten financial tasks to complete as soon as you can.
Give Your Investments A Quick Review
Markets have been unpredictable this year. Rather than fixating on the last few months, take a step back and ask if your investments are still in line with your long-term goals. Have any changes in your life shifted what you need from them? A short review now could save bigger headaches later.
Double-Check Your Pension Details
While you’re reviewing finances, take a moment to look over your pensions. Check your retirement age settings, investment choices, and personal information. If you pay higher or additional-rate tax, make sure you’re not missing out on extra pension tax relief.
Check Your Savings Interest Rate
Savings accounts are finally offering better returns, but not all are keeping pace. If you haven’t checked what your savings are earning lately, now’s the time. Locking money away often brings higher rates, so balance the better return against when you’ll need the cash.
Complete Your Pension Expression Of Wish
Your pension won’t necessarily follow your will. You’ll need an expression of wish form to tell providers who should get your pension if you die. You should fill one out for each pension you hold, though it’s quick to do and crucial.
Name A Lasting Power Of Attorney
If something left you unable to make decisions, who would step in? Setting up a Lasting Power of Attorney gives someone you trust the legal power to act on your behalf. It’s a step too many put off, but it matters for everyone, not just older people.
Update Your Will
Has anything changed in your life recently? New grandchildren, a bigger house, or simply a change of heart can all mean it’s time to update your Will. If you don’t have one, making one should be high on your list. Without it, the law decides who gets what.
Track Down Any Lost Pensions
It’s easier than you think to lose track of a pension, especially when there have been house moves or a change of job. Use the government’s pension tracing service if you spot any gaps. Even small pots can make a real difference later.
Review Your Financial Protection
Do you still have the right level of cover for your life now? As mortgages grow, families expand, or work shifts, your protection needs change. A quick review could make sure you’re properly covered when you need it.
Use Your Gifting Allowances
Make use of your annual gifting allowances to reduce the size of your estate for Inheritance Tax purposes. You can give away up to £3,000 tax-free each year, plus smaller gifts of £250 to different people.
Plan A Full Financial Review
Don’t let it slide. Book your next financial review before the summer gets into full swing. It’s one of the easiest ways to keep your financial plans sharp and focused as life moves on.
If you want to learn more about getting your finances organised, get in touch with Integritas Financial Planners today.
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