It’s important that you’re setting financial goals and we look at how you can create financial goals that you can actually achieve. Taking control of our financial life requires planning, and that starts with setting financial goals. Setting short-term, mid-term and long-term financial goals is an important step towards becoming financially secure and independent. We…
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Calculating the value of financial advice has always been a challenge, but what if it was now possible to quantify the value of financial advice and isolate a pure ‘advice effect’ This is exactly what the researchers at the International Longevity Centre – UK (ILC) have been able to calculate. What it’s worth The new…
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When it comes to retiring abroad, prior preparation is key for a smooth transition into your new life. It’s a dream for many that after years of hard work, it’s finally time to travel to far-off lands and enjoy your retirement without worrying about finances. With some planning beforehand, the dream of retiring abroad can…
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The pension freedoms, introduced on 6 April 2015, have given retirees a whole host of options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings. There is…
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Estate protection is an important part of wealth management, no matter how much wealth you have built up. It’s the process of making a plan for how your assets will be distributed upon your death or incapacitation. As a nation, we are reluctant to talk about inheritance. Through estate planning, however, you can ensure your…
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In this article we look at tax-efficient investing and some of the legitimate ways for higher earners to reduce a tax bill. Without a carefully developed tax planning strategy, higher-rate taxpayers run the risk of missing out on key tax benefits and paying more in taxes than necessary. A higher tax liability can diminish the…
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Life is full of uncertainties and if the worst were to happen, would your bills still get paid? Everyone should consider protection, even those who don’t have a family or a mortgage! Unless they have substantial savings or inherited wealth, most people rely on their salary to pay for everything. Over the years, you may…
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We take a look at the ISA returns of the year and ask if it’s time for you to explore your ISA options? An Individual Savings Account (ISA) enables you to save in a simple tax-efficient way, while generally giving you instant access to your money. This gives you short, medium and long term saving…
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A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting personal pension could be a good way of saving for retirement. Your pension provider will claim tax relief at the basic rate and add…
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The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge. The lifetime allowance for most people is £1,055,000 in the tax year 2019/20. It applies to the total of all the…
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You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum, then convert the rest into a taxable income for life called an ‘annuity’. There are different lifetime annuity options and features to choose from that affect how much income you would get. You can also choose to…
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Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can turn pensions into money you can use; you can take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a large Income Tax bill…
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