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…
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…
Mothers Fall Behind
New figures from the Office for National Statistics (ONS) make stark reading for families planning for their long-term finances. On average, five years after having a first child, a mothers’ monthly earnings are 42% lower than the year before the birth — a reduction of about £1,051 per month. This represents a cumulative earnings shortfall of around £65,618 over that five-year period. The ONS also estimates that the arrival…
What is a Junior ISA?
A Junior ISA is a long-term, tax-free savings or investment account for a child under 18, that is opened by a parent or guardian on the child’s behalf. Each year, a maximum of £9,000 can be contributed to it. Any increase in its value is tax free as it is within an ISA wrapper, so at no point would tax need to be paid. If family members were to set…
Do you have a Will?
A Will is more than just a legal document. It is a way of ensuring that your wishes are respected after death. Without one, your estate will be distributed according to the strict rules of intestacy, which may not reflect your intentions. This could mean partners not legally recognised, or stepchildren or causes close to your heart receiving nothing. It can also lead to disputes between family members, adding…
