We all put off making decisions for a variety of reasons, sometimes we need more information, more often it is a decision we don’t want to make because we fear the possible consequences. Sometimes people devalue money and other property for example, in a recent study people considered receiving £100 in three months’ time the same as receiving £87 now. If you run the numbers waiting three months provides a much better return than banking £87 now! 

There are two things in action here, one is to make the decision to delay (i.e. not procrastination), the other is deliberately waiting for the decision coming to fruition which differs from delaying your decision. Sometimes the best outcome is to do nothing, but this should be a conscious decision. On several occasions I have advised clients to draw down benefits from a taxable fund (typically a pension) over more than one tax year rather than drawing a significant lump sum on which a heavy tax burden can be applied – just because they want to ‘get their hands on their money’.

 Taking advice can save making a mistake that cannot be reversed.

People tend to procrastinate longer when the task is considered hard, involved or time consuming. One way to reduce time and effort is to get someone else to do it (obvious but true). Often, I find people know they should be using more tax efficient savings or investments, or that they should be planning for retirement, or planning how their estate might be distributed – but the task is not something they are sufficiently motivated to sort out on their own – this is where an independent Financial Adviser can be of help.

 A long journey starts with the first step, this might be a free initial consultation to establish your requirements.