The professional life of a medic can be hectic and demanding. And in the midst of a global pandemic, unpredictable. Besides prioritising your work, you have to balance monetary demands. We’re here to help you strike the right balance and achieve peace of mind.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
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.
Every medical professional has to balance expenses such as bills and living costs, with short term lifestyle goals, such as holidays, and long term goals like property ownership or retirement planning.
Here are five of my financial musts for medical professionals to help with planning this year:
1. Wealth Protection
In the event that you can no longer work due to illness or injury, it’s essential you have something in place to not only protect not only yourself, but your business as well.
As is the case for many doctors, those who are self-employed or small business owners, you are your business. If your loved ones depend on your income to cover the mortgage, bills, or any other living expenses, protecting your income is a must.
There is a variety of options to choose from and coverage can be customised to fit your needs and financial limitations, so there is no excuse to remain unprotected.
2. Mortgage Review
Take time to review the mortgages on all your properties – personal and buy-to-let – to ensure you minimise expenditure.
A mortgage is usually your biggest monthly expense so anything you can do to save money will go a long way. While rates are low and government incentives are encouraging buying, take advantage of this opportunity to remortgage and save!
Don’t forget to try our mortgage finder tool.
3. Pension and Retirement Planning
With the numerous changes to pension planning over the years that could adversely affect your NHS pension, your private pensions and your tax arrangements, you should keep on top of your plan. This could also impact your retirement plans, so it is crucial you have fully considered your pension and retirement.
4. Tax Planning
The end of the tax year is less than three months away, so now is the perfect time to evaluate your tax strategies for the 2020/21 tax year to reduce your tax liability and maximise savings.
There are a few key areas to review when tax planning, so be sure to check you’re taking advantage of all the opportunities you have available before 5 April.
5. Estate Planning
Estate planning is a must. It’s an unfortunate reality, and even more so right now. It’s more important than ever to make sure you have your affairs in order in case of your untimely death.
Creating a will should be at the top of your list and don’t forget to assign power of attorney and select executors and trustees during the process.
It’s time to update your financial plans
The benefits of having a long-standing relationship with a financial adviser are plentiful. Regular contact with an adviser helps provide peace of mind that your finances are taken care of. You’ll be prepared no matter what comes your way and can rest easy knowing your financial future is in good hands.
If you’re in the medical field, working with a professional to help craft and implement a financial plan for your life is a must. Whether your practice has picked up or slowed down, you’ll need to focus your energy on your business, so opt to join forces with an independent financial adviser to take care of your finances. Get in touch with us today to get started.
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