You and Your Family
When things change in your family circumstances it is a good point to also review your finances to see if they fit well with your new circumstances. Pensions are no exception to this rule, so it’s also worth checking you are on track with your retirement plans and understanding what any changes mean for you and your savings.
Your Family Key Points
Getting married or entering into a civil partnership can dramatically change the amount of income coming into your household and the way the income is spent. It may be possible that your spouse/civil partner is employed while you are self-employed for instance, which could provide opportunities for you to make savings as a couple (see next page).
Having children will also change your household expenditure and it may affect your household income if you or a partner or both reduce hours to take on child caring responsibilities. Your financial goals are also likely to change as you think to the future for your family.
Relationships can also change. People can separate or get a divorce/dissolution. Lots of people are unaware that their pension arrangements will be included in any divorce financial settlement and that depending on the option they choose to split their assets, there could be implications should they get re-married in the future.
Where to go next
The Money Advice Service have a useful page introducing the different types of State Benefit
There are a number of government approved benefit calculators that can work out what you should be entitled to based on your circumstances.
There are many ways to contact us
Either press our Webchat button: 9am - 6.20pm, Monday to Friday
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