From graduation to retirement, your financial situation will continually evolve. Whether you’re focused on reducing debt, saving for a home, or maybe even building an investment portfolio, your priorities fresh out of university won’t be the same as when you’re an established professional with years of experience under your belt.
This does not constitute advice and advice should be sought in all instances before acting on it.
Post-graduation/Junior doctor
Reducing debt. Those not fortunate enough to graduate without debt will need to pay it down once you begin working. It’s important to develop and stick to a budget to make sure you stay on track to meet your financial goals and pay off debts.
Start saving. You’ll need to balance paying off loans with saving for the future, all the while trying to enjoy post-university life. So, even though planning for retirement might be the last thing on your mind just as you’re beginning your career, the earlier you begin saving, the better.
Seeking financial guidance to help you prioritise spending habits will save you time and money.
Established doctor
Pension and saving. If you’ve only been putting a small amount of your salary to your pension and savings, then now’s the time to increase your contributions.
Mortgages. Maybe you have enough savings for a house deposit and want to start climbing the property ladder. You’ll have to ensure your finances are in order to begin the mortgage application process, and find a mortgage broker to work with to ensure smooth sailing throughout the home buying journey.
Family finances. At this stage of your life, you might be thinking about starting a family. You will have to consider the extra costs and responsibilities associated with that — from infancy to adulthood and beyond. If you don’t already have any wealth protection policies, they’ll be crucial once your family starts expanding.
There are lots of options out there, but your financial adviser can help you find the right policies for you.
Heading towards retirement
Retirement. Retirement planning can be fun, but the right lifestyle will likely need funding. Speak to your adviser about your retirement plan to make sure your pension pot matches your expectations.
Protection cover. One thing to focus on as you head towards retirement is ensuring your loved ones will be provided for when you’re no longer around. If you don’t have a will, now is the time to draft one. Family situations are always changing, along with financial situations, so it’s best to revisit your will with major life events or anytime anything significant happens.
Estate planning. Perhaps you’re also considering trusts or need advice about IHT planning. A financial adviser will be able to help you develop a plan that ensures you pass down exactly what you want and to whom.
Plan for your future
The best advantage you can give yourself is to get expert financial advice from independent financial advisers that specialise in the medical industry. It’s their job to know the market and it could potentially impact you to help you save tax and money. Advisers can help you plan for and meet your financial goals throughout the years.
Too busy? Medical professionals have plenty of other things to worry about besides financial planning. But it’s important to take the time review your finances to make sure you’re still on track to meet your short and long-term goals.
You should be meeting with your adviser regularly throughout your life to touch base and change strategy if needed. Wherever you are in your career or personal life, arrange a call with us. We’re always happy to work around your busy schedule.
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.