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Autumn Statement 2013

Posted Friday, 06 December 2013, 8.58pm

As financial planners we have to make assumptions all the time. They have to be based on current evidence and not plucked from thin air, but what this year's Autumn Statement makes clear is they have to be reviewed regularly. Case in point; state pension age and eligibility. My current financial plan assumed a state pension age of 65...not any more! If I leave my financial plan without reviewing the assumptions in it, not just about sthe state pension but all the other possible variables, then how will I ever be able to make sure I can achieve my financial goals? Think about all the things that can change in a year, never mind a lifetime: inflation, growth rates within different asset classes, interest rates, tax allowances, tax rates and that's before I even think about my own personal circumstances. Perhaps a couple of year's worth of state pension won't blow my financial ship completely off course but a combination of factors could. Which is why it is so important to have regular reviews.

If you want to read about the how the assumptions have changed in the Chancellor's Autumn Statement, click here!

If you want to know how they will affect you, the first step is to put a financial plan in place...

 

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