Life Changing Events
What is a life changing event?
Life changing events are not just the big three that always feature as the most stressful; divorce, bereavement and moving to a new house. They are any event that triggers either a significant change to your circumstances or has a ripple effect that touches several aspects of your life.
It’s vital to know what life changing events you need to plan for and what unexpected events you should be considering.
The list below is not exhaustive, but they are the most common;
Starting or adding to your family
Change of job/career
Caring for elderly parents
Moving; Upsizing, downsizing or buying your first home
When you are going through a life changing event, often the last thing on your mind is to speak to a financial planner. This is because you are emotionally involved, or you might not realise that there is any financial planning necessary.
The reality with all of these situations above is there is always a financial implication.
Let’s consider some;
The euphoria of finding that special someone you love, or your Son or Daughter have found and the excitement of planning the big day can sometimes cloud the really important financial aspects that come with marriage and starting a new adventure together.
We are not suggesting for one moment that you allow the practical aspects of finances prevent you from experiencing this life changing event in the way you dreamt it. However, there are certain considerations that may make that transition more comfortable and financially predictable.
When you find yourself in this situation, you often feel challenged, stressed, vulnerable and not in control. In most cases you will contact a solicitor to find out your rights and entitlements, but there are many financial implications that are not always considered.
The Office for National Statistics (ONS) estimated in 2012 that 42% of marriages in England and Wales would end in divorce. This can happen at any life stage and actually more people are divorcing in later life than ever before.
If this happens to you, you need to be clear on all the options available to you so you can take back control of your life. The last thing you want to be worrying about is your financial stability when you have other things to consider i.e. children and living situation.
Having a clear financial plan will help you make the important decisions and choices you will be faced with. More importantly it gives you clarity for the future.
Elderly Parents Needing Care
The ‘sandwich generation’ is a term often used these days, but it is very real. Many people find themselves in a position where are still providing financial and/or practical help to their children (who are often into their early thirties) whilst at the same time needing to assist their elderly parents in the same way.
Caring for your elderly parents can be very emotionally challenging both for the whole family.
The reality is that there is very little Government support when it comes to social care. The cost of care whether provided in their own home or a residential home often comes as shock to all concerned.
Financial planning for later life is vital whatever your financial circumstances and is something that is preferably done with the whole family involved.
Take control of your future, talk to us and get the clarity you need. We understand that life is busy with many demands on your time as well as money, but not addressing this now could be hugely detrimental to you in the future.
What our clients say about us
Having never used a financial adviser previously I was a little nervous about the whole process but I had no need to worry as Claire made everything really easy from start to finish. The whole team at Claass financial Planning have been an absolute pleasure to deal with from start to finish and I look forward to working with Claire and the team for many years to come.