Review your financial plan

When should you review your financial plan?

How regularly do you review your financial plan? As your circumstances change, so will your priorities and it is important to ensure your financial plan remains suitable for you.


Financial planning should be a life-long commitment because a well-implemented, adaptable financial plan will help you prepare for each life stage and provide the opportunity to achieve your financial objectives and enhance your life.

Whilst a financial plan is important, simply having one in place will not be enough. Inevitably your circumstances and priorities will change during your lifetime, so your plan must be reviewed regularly. Your financial requirements and lifestyle are unique to you and your plan needs to reflect this.

But what life events might trigger a need to review your financial plan? Here are some of the common ones:

    • Career progression or transition;
    • Marriage;
    • Starting a family;
    • Caring for your family; and
    • Retirement and later life.

    Career progression and transition 

    It is no secret that your salary level will have a direct impact on your lifestyle, aspirations and financial objectives and this must be considered.

    Naturally, whilst progressing in your career it can be tempting to increase spending as your salary grows and your lifestyle aspirations change. Initially, this can be seen as rational behaviour, but it is important to think about the longer-term ramifications. Whilst enjoying your wealth should be encouraged, you must contemplate your financial plan – saving some of this newly found disposable income will be beneficial later in life.

    You may also need to factor in the cost of potential gaps in your career. How long would you be able to cope financially if you were out of work? Will your financial reserves be enough? Forward-thinking planning will put you in a good position, should an extended period of transition occur.


    If you are married, you and your spouse should consider how your financial arrangements need to adapt to reflect your joint financial objectives. Do you need to alter the way you invest? Will your savings need topping up to reflect your new circumstances?

    You should also think about reviewing how your assets and investments are allocated, as you will now have access to additional tax reliefs and allowances that would not have been available previously.

    Starting a family

    Many people rightly consider raising a family within their financial plan and it is important to factor in the financial impact of each child, not just in the short-term but the long-term as well.

    As rent and the cost of purchasing a home both become increasingly expensive, it is no longer uncommon for children to live with their parents into their 30s – or they require financial support to start out on their own.

    If you are saving already, then you are in a good position for the future. But, have you considered the cost of education, learning to drive or helping with house deposits? If not, then perhaps it is time to review your financial plan and make provision.

    Caring for your family


    You should think about the financial consequences that may arise if you are unable to work for a while, more permanently, or if you should die prematurely.

    Do you have the appropriate resources and insurance to assist you if you are unable to work? Would your financial circumstances limit your family’s ability to cope should you pass away?

    There are several personal insurance protection policies available.

      • Life assurance
      • Income protection
      • Critical illness cover
      • Private medical insurance


      Your financial plan should include provision for the protection of your income and assets.

      Parents and older relatives

      As later life care continues to be a financial issue for many, it is worth considering the financial impact of caring for a parent in the future, whether this is assisting with the cost of professional care, providing accommodation in later life, or simply the cost of travelling to visit. If this is a real possibility for the future, then you should evaluate how it might impact your circumstances and your ability to follow your financial plan.

      Retirement and later life

      Retiring is a milestone for most, as it signifies the end of your working life and the extension of free time in which you can enjoy however you wish.

      Have you allocated your resources in a manner that will support your desired lifestyle in retirement? Will your pensions be accessible when required? These are the type of questions you need to ask yourself – if not, you must make suitable adjustments in your financial plan.

      Likewise, now is probably a good time to adjudge whether you have made appropriate provisions for later life. This could include any potential care you may require in the future, or funeral arrangements.

      You will also need to consider how you want your assets to be distributed when you die. If you have beneficiaries in mind, then you should write a will – otherwise your estate will be distributed based on the rules of intestacy. You may also wish to review whether you want to re-distribute your assets to mitigate any potential inheritance tax liabilities.

      Additional information

      For more information on developing a suitable financial plan, please read our previous article on 5 considerations when developing your financial plan.

      Important information

      This is solely for informational purposes and nothing in it is intended to constitute advice or a recommendation. You should not make any investment decisions based on this content.

      The way in which tax charges (or tax relief, as appropriate) are applied depends on individual circumstances and may be subject to future change.

      Pensions eligibility depends on individual circumstances. The value of pensions can fall as well as rise and you may not get back the amount you originally invested.

      While considerable care has been taken to ensure this information is accurate and up-to-date, no warranty is given as to its accuracy. This article constitutes a financial promotion.

      How can we help you?

      Whether you are new to financial planning or looking for a change in financial planner, we can help. Our team take the time to understand your circumstances, objectives, and aspirations before making suitable recommendations.

      If you would like to discuss your financial planning requirements, or if you wish to arrange an initial no cost, no obligation, consultation, then please fill out the contact form below. Alternatively, you can call 01603 706 820 or email

      Important information

      This article is solely for informational purposes and nothing in it is intended to constitute advice or a recommendation. 

      The impact of taxation (and any tax relief) depends on individual circumstances. This has been prepared based on our current understanding of UK Law, Taxation and HMRC practice, all of which could be subject to change in future. The value of investments can fall as well as rise and it may not always be possible to receive back the sum initially invested. Past performance is not necessarily a guide to future investment returns.

      The personal insurance protection products discussed in this article (with the exception of some Whole of Life policies) are not savings or investment products and have no cash value unless a valid claim is made. The tax treatment of any policy may depend on your individual circumstances and may be subject to future change. 

      While considerable care has been taken to ensure this information is accurate and up-to-date, no warranty is given as to its accuracy. This article constitutes a financial promotion.

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