The future does not take care of itself

1. The future does not
take care of itself

2. As we leave the UK recession behind us, a valuable lesson has been
learnt. More of us now accept that the future is not financially going to take
care of itself.
It never was going to before, but when the economy is booming, there is
always misguided belief that both money and work will always be readily
available.
There are also notable changes which affect our finances today which were
not of concern ten years ago. For instance, university education is no
longer free for our children and fees alone can cost in the region of £30k.
The age at which to claim a state pension has been increased. Access to
benefits in the case of sickness, unemployment or disability is less
straightforward. The cost of our food basket demands a higher percentage
of our take home pay than it did before. In essence, we have come to
realise that our pay cheques won’t go as far and the demands on our
money are now greater than before.

3. For many of us, these are not financial concerns to cause sleepless nights,
but if we want to ensure our offspring are educated, we live in our own
homes and can retire with a reasonable amount of income, then we have to
make what we earn today stretch to also provide for tomorrow. Those who
earn sizeable incomes cannot reach these life financial goals without
addressing these issues early on, and it should be a priority for everyone.
Every pound makes a difference when it is taken care of, whether we are
being cautious when we spend it or considered when we save or invest it.
What we do know at Sanlam is that single pounds which are regularly
invested often turn into hundreds and thousands over a period of time. A
‘little and often’ approach can go a long way.

4. Financial planning is something we should all do from the day we start
working and earning.
The challenge for many people can be knowing how or where to start. This
is where Sanlam can help.
1. If you have a family, then you should consider your options to protect
your income in the event of your ill health and provide a form of income
for your family in the event of your death.
2. If you want to retire comfortably, then review your current pension plans
and check you are investing enough. There are alternative ways to
invest for retirement and a Wealth Planner can advise you about your
options.

5. If you want to help your children financially when they go to university or to
pay for a private education, then establish a time frame, a desired
accumulated sum and speak to an adviser about how to save tax efficiently
or invest to reach your goal.
If you have money which is scattered in a variety of savings or investment
accounts, speak to a Wealth Planner about how you can regain control,
increasing the potential for your money to provide returns whilst managing
your exposure to any investment risk.
If you have wealth to pass on when you die, find out more about inheritance
tax planning. This can ensure that more of your estate is given to your
beneficiaries without them paying more tax than they need to.

6. This article is for information purposes and should
not be treated as advice. Individual circumstances
should always be considered prior to purchasing
any financial products. For further information
please contact your Wealth Planner.
Sanlam is a trading name of Sanlam Wealth
Planning UK Ltd (Reg. in England 3879955) and
English Mutual Ltd (Reg. in England 6685913).
English Mutual Ltd is an appointed representative of
Sanlam Wealth Planning UK Ltd which is authorised
and regulated by the Financial Conduct Authority.
At Sanlam we believe that careful
wealth management provides lifelong
financial security. Our Wealth Planners
help our clients to map out their future
and to ensure that every pound which is
invested is done so with purpose and
care.
To find out more about investing for the
future, and to speak to a Sanlam Wealth
Planner, email letstalk@sanlam.co.uk