For busy individuals, a new year can be a good time to elevate your personal finances to the top of the pile. It’s a chance to take stock of your current position, and ensure that not only are you prepared for the end of the tax year, but so you can also review whether you are on track to meet your longer-term objectives.
To help you plan ahead for 2023, here are our top recommended financial planning and investment questions you should ask, and areas you should focus on (click on the headings to find out more):
If you haven’t already created a financial plan, these steps can help you get started or refine the approach you may have. By simply registering with us you can also access our range of online tools for free to help you plan ahead effectively.
There are many factors to consider when calculating your retirement savings pot, some of which will be personal to you and the lifestyle you are aiming to achieve.
We have a specific Retirement Planner tool (again accessed for free when you register) for those who want to take a retirement health check. This can help you assess relevant queries, such as whether you can afford to retire, when can you retire and how much could you have to live off.
The proactive use of basic tax allowances can be powerful in helping to grow your wealth, but it’s best not to leave it until the last minute each year to get everything in order.
While we are currently experiencing higher inflation levels than usual, even low levels of inflation have a material impact on financial plans over the long term. You should therefore factor these effects in when evaluating how much you may have later in life – these online tools can help.
When it comes to investing, it is important to take steps to maximise your risk adjusted returns by paying close attention to the factors which can be controlled. These include time in the market, having an appropriately diversified portfolio, and minimising the fees you pay for managing your investments.
You can’t take anything for granted. Is your will and any expression of wishes up to date and have you a Lasting Power of Attorney in place?
While you should be prepared for unexpected events that could affect your ability to manage your personal affairs, you should also think about your wishes for the next generation and how to effectively pass on wealth to your family.
We have a number of powerful online tools to give you a clearer view of how your finances could unfold, allowing you to account for a range of permutations such as tax rates, your preferred risk level, inflation, and your contributions and withdrawals.
For extra reassurance
Make the most of your financial resolutions in 2023. Please get in touch today to arrange a complimentary, obligation-free financial health check at a time of your convenience.
Please note, the value of your investments can go down as well as up.
Netwealth offers advice restricted to our services and does not provide independent advice across the market. We do not offer advice in relation to tax compliance, personal recommendations with regards to insurance and protection, or advise upon the transfer of defined benefit pensions.