Should have, could have, would have.
Below is a quick list of some events that may alter the path of your ‘financial plan’.
When life changes, our plans should be adjusted accordingly.
There will be years where your plan needs no adjustment and years where adjustments should be made to optimise your retirement income, to protect your family or to save you money.
Working with an advisor has come a long way and email/phone interactions make the process less tedious -you don’t need to spend hours to stay on track.
‘life events’ that change your financial requirements:
Change in employment: There are a number of factors to consider, have your benefits changed? You might gain or lose pension & protection benefits. You may have a change in income, creating a need to reassess your pension contributions and family protection.
Change in health: Will you be able to continue working full time to retirement age? Will you need to retire early or take a reduced role in the future? Is there a change in the health of a family member that requires your time? Do you have any protection plans with living benefits you can avail of, second opinion medical advice, physiotherapy access, counseling services, or serious illness/income protection benefit?
Change in family size: Have you added to your family or perhaps your children have left the nest? Both have a substantial impact on your finances from disposable income to protection needs. A growing family required the most protection and often has the smallest budget. Conversely, a family with adult children will need less protection and an increased focus on the approach of retirement.
Change in goals: Do you have plans of retiring abroad or changing career? Do you wish to stay home caring for your children longer than planned?
Change in disposable income: Have you paid down debt? Or no longer have child care costs? You may want to begin saving for university costs, a holiday home or perhaps increase your pension contributions.
Nearing retirement: Are you within 10 years of retiring and not had a proper review of what your options are at maturity? Do you know when you can afford to retire and what your post retirement income is projected to be?
Queries or feedback? Contact me anytime.
Rachel O’Shea, QFA BSBA
Senior Consultant & Protection Manager