Major life events — marriage, a new baby, redundancy, divorce, bereavement, retirement — all create financial decisions that need to be made quickly, often while you are emotionally stretched. Acting in the wrong order, or missing a deadline, can cost thousands of pounds or cause lasting problems. This hub gives you structured financial checklists for every major UK life event, so you can tackle the most important actions first.
The universal life-event framework
Every major life event shares the same four-phase structure, even if the specific tasks differ:
| Phase | Focus | What to do |
|---|---|---|
| Phase 1 — Stabilise | Protect essentials | Keep rent/mortgage, utilities, and food payments going |
| Phase 2 — Validate | Understand your rights | Check what benefits, tax breaks, and legal protections apply |
| Phase 3 — Reorganise | Update your financial structure | Bank accounts, beneficiaries, insurance, wills |
| Phase 4 — Plan ahead | Set your new baseline | Budget, savings targets, pension contributions |
The first two weeks after any major life event are the highest-risk period — decisions made under stress and time pressure can shape your finances for years. Work through the phases deliberately rather than reactively.
First job — financial foundation checklist
| Task | Why it matters | When |
|---|---|---|
| Check your tax code | Wrong code means overpaying or underpaying tax | First payslip |
| Confirm pension enrolment | Auto-enrolment triggers at £10,000 earnings | Month 1 |
| Maximise employer pension match | Free money — missing this is a significant cost | Month 1 |
| Set up savings direct debit | Pay yourself first before spending | Payday setup |
| Open a Lifetime ISA (if under 40) | 25% government bonus on up to £4,000/year | Year 1 |
| Register for Student Loan repayment | HMRC handles deductions but check your plan type | As needed |
Key figure: The tax code 1257L for 2026/27 represents the £12,570 personal allowance. If your code shows a different number, contact HMRC.
Marriage — financial checklist
| Task | Why it matters |
|---|---|
| Update pension beneficiaries | Ensures pension pot passes to spouse, not estate |
| Update life insurance beneficiaries | Avoids probate delays on payout |
| Review whether to claim Marriage Allowance | Up to £252/year tax saving if one partner is a non-taxpayer |
| Update your will | Marriage revokes a previous will in England and Wales |
| Inform HMRC, employer, and bank of name change | Avoids admin problems and tax code issues |
| Review joint account needs | Decide on joint accounts vs separate budgeting |
| Review insurance policies | Many insurers require updating on marriage |
Marriage Allowance: If one partner earns below £12,570 and the other is a basic rate taxpayer, transferring £1,260 of allowance saves the higher earner up to £252/year. You can backdate claims by 4 years.
New baby — financial checklist
| Task | Deadline / timing |
|---|---|
| Claim Child Benefit (£26.05/week for first child) | As soon as possible — backdated max 3 months |
| Register for Tax-Free Childcare (if both parents work) | From 3 months |
| Check 15/30 hours free childcare entitlement | From child’s second birthday (30hrs from September after 3rd birthday) |
| Register for High Income Child Benefit Charge if either earns £60,000+ | Before first January after birth |
| Update your will to name guardians | Within the first year |
| Update life insurance | Increase cover if needed |
| Open a Junior ISA | Up to £9,000/year — starts compound growth early |
Redundancy — financial checklist
Week 1:
- Confirm your statutory redundancy pay entitlement (1 week’s pay per year of service, capped at £643/week for 2026/27)
- Note that the first £30,000 of redundancy pay is tax-free
- Contact your mortgage lender if you have a mortgage — discuss payment options before missing a payment
- Check eligibility for Universal Credit or New Style JSA
Month 1:
- Update your CV and register with HMRC for self-assessment if you go self-employed
- Claim any remaining holiday pay owed
- Check whether your employer-sponsored benefits (health insurance, car) end at notice period end
- Transfer old workplace pension to a personal pension or new employer when you start
Key tax point: Payments in lieu of notice (PILON) are taxable in full. Only genuine redundancy payments qualify for the £30,000 tax-free exemption.
Bereavement — financial checklist
| Priority | Task | Timing |
|---|---|---|
| Immediate | Register the death, get multiple death certificates | Within 5 days |
| Immediate | Notify bank of deceased — freeze joint accounts | Week 1 |
| Week 1 | Check for a will; contact solicitor if estate is complex | Week 1 |
| Week 2 | Claim Bereavement Support Payment (£3,500 lump sum + £350/month for 18 months) | Within 21 months of death |
| Month 1 | Contact DWP about State Pension of deceased | Month 1 |
| Month 1 | Contact HMRC — update tax position | Month 1 |
| Month 3 | Review your own will, insurance, and pension nominations | Month 3 |
Bereavement Support Payment is available to surviving spouses and civil partners whose partner paid National Insurance for at least 25 weeks. Higher rates apply if you have children.
Divorce — financial checklist
| Task | Priority |
|---|---|
| Open individual bank accounts | Immediate |
| Remove ex-spouse from joint credit | Immediate |
| Freeze joint accounts (by agreement) | Immediate |
| Get independent legal advice | Week 1 |
| List all assets including pensions | Month 1 |
| Update your will | Before Decree Absolute |
| Update pension and life insurance nominations | Before Decree Absolute |
Critical: Divorce does not automatically revoke a will in England and Wales — an ex-spouse may still inherit if you die without updating your will. Marriage does revoke a will.
Approaching retirement — five-year checklist
| Timeframe | Task |
|---|---|
| 5 years before | Get State Pension forecast; check for NI gaps |
| 5 years before | Review pension pot total against target income |
| 3 years before | Consider consolidating pension pots |
| 2 years before | Gradually shift investment allocation from growth to income |
| 1 year before | Decide on pension access strategy (drawdown vs annuity) |
| 1 year before | Check whether delaying State Pension increases it enough to be worthwhile |
| 6 months before | Contact pension providers to confirm access options |
| Retirement day | Don’t forget to claim your State Pension — it is not paid automatically |
Cluster articles in this section
- First Job Financial Checklist
- Buying First Home Financial Checklist
- Getting Married Financial Checklist
- Having a Baby Financial Checklist
- Divorce Financial Checklist
- Death of Partner Financial Checklist
- Approaching Retirement Financial Checklist
- Redundancy Financial Recovery Guide
- First Time Writing a Will UK
Related hubs
- Benefits Support Hub — Universal Credit, Child Benefit, PIP
- Pensions and Retirement Hub — State Pension, workplace pensions, drawdown
- Tax Hub — income tax, inheritance tax, self-assessment
- Money Budgeting Hub — budgeting through life changes