10 financial tasks to complete this year to head into 2025 feeling confident

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10 financial tasks to complete this year to head into 2025 feeling confident

by RMI Independent Financial Advice Category: News

The end of the year is fast approaching, and while your mind might be on celebrating the festive period, it’s the perfect opportunity to tick off some financial tasks you might be putting off.

Spending some time going through your finances and thinking about what you want to achieve next year could help you step into 2025 feeling confident about your future. So, here are 10 jobs you could complete before the end of the year.

1. Check the interest rate your savings are earning

You’ve no doubt heard a lot about interest rates rising over the last year. If you’ve got money in a savings account, it could mean your savings have a chance to work harder and deliver more interest.

After more than a decade of historically low interest rates, your savings could now earn more than 5% and even a small difference can add up over the long term. If you haven’t reviewed the interest rate your savings are earning now and the alternatives available, it could be a worthwhile task.

Usually, the highest interest rates are available if you lock your money away for a defined period. So, setting out what the money is for and when you might need to access it could help you find the right account for you.

2. Review your investments

Investment markets have experienced volatility in 2024 – how have your investments fared?

A quick review of your investments could help you see if you’re on track. Remember, don’t just focus on the performance over the last 12 months. Instead, look at your returns over a longer time frame and the overall trend.

As well as checking if you’re on track, you might also want to ensure your investments continue to align with your needs. If you’re financial circumstances or goals have changed, you may want to update your investments to reflect that.

3. Use your gifting allowance

If your estate could be liable for Inheritance Tax (IHT) when you pass away, gifting assets during your lifetime may be a useful way to reduce a potential bill.

However, not all gifts are considered immediately outside of your estate for IHT purposes. So, making use of those that are could be useful. One such option is known as the “annual exemption”, which allows you to gift up to £3,000 to an individual or split between several people each tax year – that could make a welcomed Christmas present for a loved one!

The small gift allowance also allows you to make as many gifts as you’d like up to £250 to each person each tax year, as long as you have not used another allowance on the same person.

4. Track down “lost” pensions

Do you know where all your retirement savings are? It could be easier than you think to “lose” a pension.

Indeed, according to a report in FT Adviser, 29% of Brits have no idea how many pensions they have. If you’ve moved home or switched jobs since you last reviewed your pension, a quick check could uncover some missing savings.

Start by going through your current pensions and employment history to identify gaps. If you discover a gap, you can use the government’s pension tracing service to find the contact details you need for the pension scheme.

5. Complete some pension admin

While you’re checking you’ve not lost touch with any retirement savings, a quick check-in on your current pensions could be useful too. You may want to review if your:

  • Personal details are correct
  • Target retirement date is right
  • Pension is invested in a way that suits your goals.

In addition, if you’re a higher- or additional-rate taxpayer, you may want to check if you could claim additional pension tax relief through a self-assessment tax return.

Getting your pensions in order could make it easier to understand if you’re on track for retirement and reduce the risk of losing them in the future.

6. Assess your financial protection

According to the Association of British Insurers, a record £7.34 billion was paid out through financial protection in 2023. While you hope you don’t need to make a financial protection claim, it could provide an invaluable safety net when you need it most.

Take some time to assess the protection you already have in place – does it still meet your needs? If your financial commitments have increased or your circumstances are different, you might find you want to increase the cover.

7. Name a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) gives someone you trust the power to make decisions on your behalf if you’re unable to. While it can be difficult to think about, an LPA could reduce stress and ensure your affairs are in order if you’re affected by an illness or accident.

If you already have an LPA in place, you might want to consider your wishes and if any changes could affect the decisions you’d like an attorney to make.

8. Inspect your will

Over time, your wishes and circumstances can change. So, reading your will now and again to ensure it’s still accurate is important. You might find that an update is necessary after you welcome a new grandchild or the value of your assets has grown.

According to Will Aid, more than half of UK adults don’t have a will in place. If you’re among them, you may want to make writing a will a priority. A will is one of the main ways to state how you’d like your assets to be distributed when you pass away. Without a will, your estate would be distributed according to intestacy rules, which could be very different from your wishes.

9. Fill in your pension expression of wish form

Usually, your pension isn’t covered by your will. Yet, it could be one of the largest assets you have, so it’s important to make sure you let your pension provider know who you’d like to receive it if you pass away.

You can do this by completing an expression of wish form, which you can typically do online. If you have more than one pension, you’ll need to fill in the form for each one.

10. Arrange your next financial review

If you don’t already know when your next financial review will be and want to speak to us, you can get in touch to arrange a meeting.

Next month, read our blog to discover some tips for reviewing your goals for the year ahead – they could help you get more out of 2025 and beyond.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate Lasting Powers of Attorney or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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