SJP Why do you need a financial plan
The best thing about having a personal financial plan is that it helps you feel more in control. You know what you need to do, when. And you’ll be giving yourself the best chance of achieving your goals.
You look at the big picture, from investing and saving to protecting your loved ones. A plan helps you get the most out of your money. It’s about setting yourself up for the life you want to live – now and in the future.
3 elements of a financial plan
A good financial plan nudges you to think in detail about your priorities and ambitions, and how you’re going to achieve them.
Maybe you’d like to save for school fees or the holiday of a lifetime. Or you’re looking forward to a great retirement. A financial plan is how you make your future happen.
Get clear on your financial situation
Write down all your outgoings and financial responsibilities, and how much you have left at the end of each month to save for the future.
Bring your goals into focus
It's much easier to stick to your goals when you're clear on why you've chosen them. Ask yourself what your future might look like and define the milestones you want to hit between now and then.
Ask for help
Two heads are always better than one. A financial adviser will help you put steps 1 and 2 together to create a plan of action. They'll keep you on track and meet with you at least once a year to adjust your plan as life changes.
Achieving your ambitions throughout your life
What you want from your money varies at different ages and life stages. It’s getting advice and a plan in place that matters.
If you work with a St. James’s Place adviser, they’ll take your circumstances, needs and goals into account from the start and review these each time you meet.
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20 - 29 years
Start a conversation today
Just putting a small amount of money into a savings or investment account in your 20s can have a big impact. You’ll benefit from compounding – that’s growth on top of growth on top of growth – in the years to come. You could even put some of your bonus or pay rise aside to add a little bit more to your savings pot. An adviser can help you find a balance between paying off student loans and pursuing other financial goals.
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30 - 39 years
Start a conversation today
Some of us are settling down and starting families in our 30s – and this is the time to start talking to your financial adviser about pensions. If either of you take extended time off for childcare or work fewer days, this can have a knock-on effect on your retirement planning. A lot of our clients like to have conversations with us about planning for school fees and even university.
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40 - 49 years
Start a conversation today
Your 40s are a great time to take stock of all your existing savings and pensions – especially if you have more than one. You also need to make sure you’re up to date with National Insurance payments – they qualify you for the State Pension and it’s important to protect that.
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50 - 59 years
Start a conversation today
Don’t panic if you haven’t started saving yet, or think you’ll never be able to afford to retire. A St. James’s Place financial adviser takes all your assets and savings into account – cash in savings accounts, property, any ISAs or pensions you have, however small, even Premium Bonds. In your 50s, making these work harder for you is the main goal. Let’s put that money to work – after all, you worked hard enough to get it!
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60 - 69 years
Start a conversation today
If you’re in good health, you may well be working through this decade. This is the time to make sure your assets will pay for the retirement you imagine. It’s well worth taking advice about investing your pension fund so you can withdraw an income at a sustainable rate when the time comes, and maybe even using the amount you can take tax-free for something on your bucket list.
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70+ years
Start a conversation today
We’re all living longer – your retirement could last 25 years or more – and you may need to pay for long term care or additional medical treatments. If you have children or grandchildren, you might also be thinking about passing wealth on to the next generation and planning for inheritance tax.
St. James’s Place advisers are specialists in providing advice on options and possibilities for this time of your life.
Just putting a small amount of money into a savings or investment account in your 20s can have a big impact. You’ll benefit from compounding – that’s growth on top of growth on top of growth – in the years to come. You could even put some of your bonus or pay rise aside to add a little bit more to your savings pot. An adviser can help you find a balance between paying off student loans and pursuing other financial goals.
Some of us are settling down and starting families in our 30s – and this is the time to start talking to your financial adviser about pensions. If either of you take extended time off for childcare or work fewer days, this can have a knock-on effect on your retirement planning. A lot of our clients like to have conversations with us about planning for school fees and even university.
Your 40s are a great time to take stock of all your existing savings and pensions – especially if you have more than one. You also need to make sure you’re up to date with National Insurance payments – they qualify you for the State Pension and it’s important to protect that.
Don’t panic if you haven’t started saving yet, or think you’ll never be able to afford to retire. A St. James’s Place financial adviser takes all your assets and savings into account – cash in savings accounts, property, any ISAs or pensions you have, however small, even Premium Bonds. In your 50s, making these work harder for you is the main goal. Let’s put that money to work – after all, you worked hard enough to get it!
If you’re in good health, you may well be working through this decade. This is the time to make sure your assets will pay for the retirement you imagine. It’s well worth taking advice about investing your pension fund so you can withdraw an income at a sustainable rate when the time comes, and maybe even using the amount you can take tax-free for something on your bucket list.
We’re all living longer – your retirement could last 25 years or more – and you may need to pay for long term care or additional medical treatments. If you have children or grandchildren, you might also be thinking about passing wealth on to the next generation and planning for inheritance tax.
St. James’s Place advisers are specialists in providing advice on options and possibilities for this time of your life.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
There’s no age limit to taking financial advice and the right time to start is today. Getting financial advice now brings you one step closer to achieving your personal life goals.
You may have big decisions to make or feel you don’t know enough about money matters. No need to worry. Our advisers are here to help. They won’t use jargon and are transparent about every recommendation they make.
