Top tips for managing your money

Meet Neli Hogan (DipPFS)

Neli is an independent financial adviser (IFA) with extensive expertise in pensions, investments, financial protection, mortgages and inheritance tax planning matters.

She works closely with our corporate and private clients, particularly legal and medical professionals, supporting them to build and implement their long-term strategic financial plans and grow and protect their wealth. 

Neli’s particular passion is for pensions, and she loves to help her clients plan for a secure retirement, and watch their wealth grow.

She understands that, for many people, the financial world seems like a bewildering labyrinth, and enjoys guiding her clients through it. 

As Neli says, “Everyone’s retirement journey is unique, but some general rules apply to every successful client’s journey.”

This month, she shares with us some of her top tips for talking control and managing your money – making it work for you rather than the other way round!

Start saving early: One of the most important tips for building a substantial pension is to start saving as early as possible. The earlier you begin contributing to a pension scheme, the more time your money has to grow through investment returns. Even small regular contributions can make a significant difference over time.

Take advantage of workplace pensions: Many employers in the UK offer workplace pension schemes thanks to the government’s automatic enrolment program. Employer contributions significantly boost your pension savings. Ensure you understand the details of your workplace pension and consider maximising your contributions to take full advantage of employer-matching contributions.

Regularly review and monitor your pension: It’s crucial to review and monitor your pension regularly to ensure it remains on track to meet your retirement goals. Keep track of your pension statements, monitor the performance of your investments, and review your contribution levels periodically. Consider seeking advice from a qualified financial adviser who can help you optimise your pension strategy based on your individual circumstances.

Understand pension tax benefits: Familiarise yourself with the various tax benefits associated with pensions in the UK. For instance, contributions to a pension scheme usually qualify for tax relief at your marginal rate.  Additionally, certain tax allowances apply to pension contributions and withdrawals, so understanding these rules can help you make informed decisions.

Diversify your investments: When it comes to pension investments, diversification is key. Spread your investments across different asset classes, such as stocks, bonds, and property, to reduce risk and potentially increase returns. Consider seeking professional advice or utilising a diversified fund to ensure your investments align with your risk tolerance and retirement objectives.

Remember, pensions are a long-term commitment, and individual circumstances may vary. It’s important to seek personalised financial advice to tailor your pension strategy to your specific needs and goals.

To talk to Neli about pension planning, or to contact another Talis IFA, please get in touch.

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