After a year with COVID-19 and an uncertain future ahead, your finances might not be in the best place at the start of the year. Here are three key things you can focus on to reset your financial focus in 2021.
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
1. Get protected
The coronavirus outbreak showed us all just how important wealth protection policies are for dental and medical key workers. All three tenets of protection — Income Protection, Critical Illness, and Life Cover — all include the virus and insurers are still accepting applications for new policies (with minor addendums to include COVID related questions).
Nobody wants to be thinking about the bills and the mortgage while they’re trying to recover from an illness or injury. And certainly no one wants to leave their family behind without any financial support. Pick your desired policy mix and get covered.
2. Firm up your investments
Now’s the perfect time to review and possibly refocus your investment portfolio. Check in with yourself to see if you’re still comfortable with the level of risk in your investments.
If you decide that you want to shake things up a bit, talk about your options with a professional to ensure your portfolio stays diversified but attuned to your attitude toward risk.
3. Get your taxes in order
The end of the tax year is swiftly approaching and the window to ensure you’ve used all your tax allowances and receiving maximum tax relief is shrinking fast.
Many allowances cannot be carried over to the next year, so make sure you’ve done all you can. Contribute the maximum amount to all ISA allowance accounts and don’t forget about capital gains tax inheritance tax if they apply to your situation.
You’re incredibly busy, so to make life simpler, once this tax year is over, set your sights on 2021/22 to ensure you’re keeping tax in mind the whole year round – and there’s no panic at the end of the year.
Let’s reset your financial focus for 2021
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.