Reacting to big changes in your personal circumstances is a key part of planning your financial future.

Here are six of the most common impactful events, and why getting advice from an experienced planner can help you make the right decisions to secure your financial future.

1. Getting married or entering a civil partnership

One of the first big landmarks you are likely to come to in your adult life is getting married or entering into a civil partnership.
 
Once the formalities are complete it will be time to start thinking about planning your financial future as a couple.

An expert financial planner can help you maximise the various pension and savings tax allowances available to individuals. They will also assist you with some basic estate planning measures such as making wills.
 
2. Becoming a parent

The arrival of a new child is likely to be one of the happiest events in your life. But raising a child can be expensive, with LV= estimating the cost to be well over £200,000. [1] 

That’s a substantial financial commitment, but specialist advice can help you assess how to manage your finances to deal with the monetary challenges you will face. Advice could also help you create a nest egg for your child’s future.

3. Moving from one country to another

The opportunity to work abroad and start a new life in a different country is an exciting one.

Specialist advice can help you make the most of opportunities arising from your new venture abroad, as well as subsequently repatriating your assets to the UK, and tackling issues around your residency status.
 
4. Going through a divorce

According to The Divorce Magazine the average divorcing ages are 47 for a man and 45 for a woman. These ages evidence a rising trend – for both, the average has increased by three years in the past decade. [2]
 
This will mean that, if you do get divorced, you are likely to have more assets and have set down deeper financial roots than you may have previously.

A financial planner can give you invaluable advice, and when the separation has been finalised they can help you to secure your long-term financial future.

5. Making the decision to retire

Transitioning from work to retirement is clearly one of the biggest changes in your life, as you manage the process of no longer having a regular salary each month, and start to live on your accrued assets. 

Because of this, it’s something you should plan for, rather than simply leaving everything to chance.

Expert advice on a range of issues, including how much income you will need and how to manage your investment strategy, can help keep you on track and secure you the retirement you’ve worked hard for.
 
6. Receiving an inheritance

Being fortunate enough to receive a substantial inheritance can change your entire financial outlook and necessitate potentially major changes to your plans. 

Working with a financial planner can help ensure that you use this effectively to secure your future and that of your loved ones.
 
It will also be a good time to review your own legacy arrangements and take steps to mitigate the tax implications for your beneficiaries. 

Get in touch
If you would like to discuss how key life events are affecting your financial planning, please get in touch. 

Email info.wp@titanwh.com or call 0800 048 0150.

Please note  
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.

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