CAREER PURSUIT 2021

5 EXPERT ADVICE - EMPLOYMENT Forces Family Finance is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority. Number 460421. Maybe you are only at the beginning of your journey, or perhaps you are ready to start looking towards your golden years. Regardless, if you are interested in exploring this concept, Forces Family Finance offers a free downloadable workbook available at www.forcesfamilyfinance.co.uk, along with a range of other blogs, downloads, and information. If you prefer one-to-one advice, you are welcome to give us a call on 0330 332 2614 . Of course, financial resilience is not just about insurance or a pension pot (although it helps!). There are so many other ways you can ensure that you can bounce back fromwhat life throws at you. And the more diverse your plan, the greater the likelihood of success. If you are leaving the Armed Forces, consider: • Your current benefits package and how you can/will replace this. It is rare to get an employer with such a generous pension scheme, death benefits, sick pay, and welfare package. • Don’t forget that you will need to make or potentially update a private will. If you are in the process of securing new employment: • Ensure you ask about the details of the benefits package you will receive. • Obtain a copy of your employment contract early on. More essentially, read it and understand it. • Consider how much you would receive if you could not work due to sickness or disability and for how long. • Would your family receive any benefits if you were to die? If you are currently a homemaker or housewife/ househusband: • Do not undervalue your worth and contribution to the household. The impact of you being unable to fulfil these duties can still be quantified, for example, the cost of a cook, cleaner, childcare, etc. In all cases: • Enlist the expertise of a ‘whole of market’ financial adviser who can discuss your current situation and aspirations, assess your needs and any gaps in your planning, and provide tailored solutions. If you are in the process of becoming self- employed or setting up a business: • Do your research on what you would be entitled to for various circumstances. • Add creating your own benefits package to your list of things to action. Just because you are not an employee does not mean that you cannot insure yourself. “This is why sound financial planning is key, starting as early as possible in your military career and re-revaluating regularly, particularly if you are expecting any change in circumstances.”