Drawing up a financial roadmap detailing where you are now and where you want to get to in the future, with a variety of milestones along the way, is a fundamental part of ensuring you achieve your long-term goals and, importantly, your financial independence. Bear in mind that the starting point of a financial plan is not just about money but also about what you want out of life and how you set about achieving what you want. Now is a good time to consider your financial goals and specifically your priorities for 2021 and beyond.

Financial Goals

There are three main benefits to putting a good Financial Plan in place –

• Firstly, it will analyse and organise your finances, so you know exactly where you stand right now.
• Secondly, it will allow you to think very carefully about what you actually want to achieve and to prioritise your goals to this end.
• Thirdly, it will then set realistic solutions to get you as close to your financial goals as possible.

Working the Plan

A focused plan will work to help you achieve what is important to you as well as making sure all your day to day items are taken care of. The big-ticket items in this are –

• Paying your mortgage
• Planning for Retirement
• Paying for education
• Maximising income and availing of job opportunities
• Managing investments
• Health Care
• Family Protection focusing on untimely death, serious illness and loss of income through ill-health or injury.
• Succession Planning and making a Will
• Financing home moves and improvements

Who needs help?

It is definitely possible to draw up a Financial Plan yourself, however, the services of a Financial Broker such as ourselves can prove invaluable in the process. We will have the experience and expertise to steer you through various stages of the process and work with you to provide you with the peace of mind that a good realistic plan has to offer.

Once you have a plan and a to-do list in place, it should then be updated at least once a year. Lots of things can change in a year – changing priorities, your circumstances, taxes, and economic conditions to name but a few. This year, of course, we have the fall out from Covid-19 to factor in also.

 

It is a pretty stark message and on the face of it a very selfish approach to how you deal with your family circumstances in the event your death. Very often leaving dependents to cope not only with the loss of a loved one but also a new financial circumstance can be devastating.

Of course, none of us wish to see –

• Our family struggling
• Our family staying in debt
• Our family left with a hefty tax bill to pay
• Our spouse being required to seek work in order to make ends meet
• You being remembered for leaving your family in such a precarious situation

It is Avoidable

All of this is quite easily avoidable if we have relevant Life Assurance Protection in place to cater for the financial needs that arise in the event of death. And yet, it is a fact, despite all the alerts and encouragements, that way too many families have either none, way too little or inappropriate Life Assurance Protection in place.

What About Cost?

“This is way too costly” is a refrain we here from many and of course cost is a key factor for many, particularly in a year where earnings may have been badly effected by the current Covid-19 crisis. Cost may not, though, be as high as you might expect. Consider this:

Amount of Life Assurance Cover:             €250,000

Age of Applicant:                                             44

Duration of Cover:                                          20 years

Monthly Cost:                                                   37.86

This quote is for a male, non-smoker, life. Assuming the policy is accepted at normal rates

Consider Your Options

So, based on the above example, for less than €9 per week you have the comfort of knowing that your family, in the event of your death, will financially benefit from a pay-out of €250,000. We would be very happy to carry out an assessment of your needs in this area and to help you put a plan in place to cover any shortfalls.