Preparing for Retirement
Retirement planning is the cornerstone of financial security in your later years. It’s a process that requires careful thought, consistent effort and adjustments over time to ensure your savings can support the lifestyle you envision. In the UK, the Pensions and Lifetime Savings Association (PLSA) estimates that a “moderate” retirement lifestyle requires approximately £31,700 per year. This figure provides a useful benchmark for planning, helping you calculate how much you need…
Organising your Finances for 2026 – Part 3 – Outgoings
As well as understanding your personal income and outgoings, and setting up pots for your financial security and future plans, you should also look to reduce your bills where possible. This could mean your monthly essential outgoings reduce, allowing you to have extra money each month which you could add to your savings, or use as discretionary spending. Firstly, check through your bank statement to see if there are…
Organising your Finances for 2026 – Part 2 – Savings
Having savings gives you financial security, acting as safety net for unexpected emergencies. Whether these crop up in the form of a broken boiler, a mechanical issue with your car, or emergency new trainers for your child that lost theirs, having a pot of money you have saved up to meet these costs means you can breathe more easily. Alternatively, savings can be used to achieve long-term goals such…
Organising your Finances for 2026 – Part 1 – Budgeting
The start of a new year is a great time to take a look at your finances and create a plan for you to have a strong financial year. We recommend starting this process by setting yourself a budget. Then you can truly see where your money goes and what changes you could make that will put yourself in the best position. The first step to doing this is…
Christmas Gifting
Christmas is the season of giving and for many people also a moment to think about financial generosity. There are clear rules around inheritance tax (IHT) and gifting that shape how much you can give away during your lifetime without creating an unexpected tax bill for the beneficiaries of your estate. Understanding these rules can help ensure that festive financial generosity is a joy not a burden. You can make certain gifts…
The 4 Biggest Retirement Regrets
Nearly a third of retirees in a recent Which? survey said they aren’t entirely happy with the way they approached their retirement. Here, we reveal the four most common regrets – and how to avoid them if you’re yet to retire. Not saving enough Among the retirees we surveyed, the biggest regret, by some margin, is that they didn’t set aside more money while they were working. Almost…
Main Points from the Autumn Budget
Yesterday, Rachel Reeves announced some new changes to the UK’s fiscal landscape. We will go through the headline changes below: Mansion Tax Any home above the value of £2 million will have an additional council tax (dubbed a ‘mansion tax’) of at least £2,500 a year. If the value of the home is above £5 million then the yearly charge will be upwards of £7,500. It will hit approximately…
Tips for Financial Wellbeing
Tip 1: Understand your current situation This might sound obvious, but it isn’t obvious to everyone. Some people love maintaining a spreadsheet of their expenses, others are horrified at the very idea. So here’s what you need to know to understand your current financial situation: what your income is what your expenses are your net worth Understanding where you are today means you can measure your progress. You can…
Is it time to End the Triple Lock?
Whether the triple lock is a “good thing” is debated, as it benefits pensioners by increasing their State Pension to keep up with inflation and earnings, but it creates significant uncertainty for government finances and can increase inequality with working-age people. Pensioners benefit from higher payments, but critics argue the rising cost to taxpayers is not sustainable and that it may widen the gap between pensioners and the working-age population.…
Is the State Pension Taxable?
Retirees receiving the full new state pension from April 2026 are on course for an increase of 4.8%, according to figures released by the Office for National Statistics (ONS). The boost was confirmed thanks to September inflation coming in below average wages. Under the ‘triple lock’ mechanism, the state pension rises each April by the highest of average earnings growth, Consumer Prices Index (CPI) inflation or 2.5%. With average earnings up by 4.8%…
