Your financial future post children
This is your time – so what financial adjustments do you need to make?
So the kids have left home and although you still help out financially, the focus now is very much on you.
You have the rest of your life ahead of you, so what financial planning areas do you need to consider.
Family Protection
You may well have affected insurance to protect your dependents so you need to review these. You will still need some cover depending on your circumstances but this may well need reviewing.
In addition there may be areas that you had previously overlooked such as private medical insurance that are now worth considering.
Retirement
You may now be thinking of when you might retire and reviewing your pensions (state, private and employer) is now a key consideration. A good starting point is to obtain an indication of what you are likely to receive from the State by using this State Pension forecast.
Inheritance Tax
Despite the kids being financially dependent now, it may be that in time all your money is theirs if you have assets to leave them.
Unfortunately there is the matter of inheritance tax to consider as you may be liable if your assets are over a certain threshold. There are ways to reduce this and this may be something that you need to consider as well.
Grandchildren
Hard as it may be to envisage your kids as parents, grandchildren may be upon you or on their way.
As a proud grandparent providing your grandchildren with a lump sum at say eighteen is a gift for their future.
There are many options available to you depending on the amount of the gift, whether it is a one-off or regular payment, together with the element of control you want to have on it.
If you need assistance in this area, please contact us to establish how we can help.
Contact Us
Telephone: 0800 043 5440
Email: info@parentguidetomoney.co.uk
