Budgeting
Times have been unusually tough for a lot of people in recent years. Even those with a decent income have been squeezed by inflation. For them, the process of budgeting extends beyond mere expense tracking. It’s about strategically managing resources to sustain and grow wealth, aligning spending with values, and preparing for future financial goals. Here’s a guide to help you navigate the essentials of budgeting effectively. What are…
What is a Safe Withdrawal Rate from your Pension?
The concept of a safe withdrawal rate is a common ‘rule of thumb’ in retirement planning, used to determine how much you can withdraw from your retirement savings each year without running out of money. The safe withdrawal rate helps retirees manage the risk of outliving their assets, balancing the need for current income against the preservation of capital over the long term. Here’s a breakdown of the concept…
Number of Inheritance Disputes Doubled in the last Decade
More and more people are finding themselves in legal disputes with loved ones over inheritances, new figures have revealed. According to the Ministry of Justice, 80 inheritance disputes went in front of judges in 2012. However, this figure had risen to 145 by 2017, and in 2021/22, it stood at 195 – more than double the number recorded a decade earlier. And that’s before you take into account the…
How an IFA can help you
Trying to understand every aspect of your finances can be daunting, overwhelming and sometimes just plain baffling. When you want to get to grips with the finer points of everything from ISAs and mortgages to pensions and investments, where do you start? And how can you make informed decisions when navigating the financial world is so complex, and any information you do find is either meaningless marketing speak or industry jargon? Well,…
Financial Freedom is a Journey
What does financial freedom look like for you? For most, it means having enough income, savings or investments to live life on their own terms, without having to worry about the consequences. But financial freedom isn’t something that can be achieved overnight. It is a target that you need to work towards over many years, with strategic and careful planning. Set clear goals The first step to achieving financial…
Do you need Life Insurance?
When a person is putting together a financial plan, life insurance can often be overlooked. Yet, this financial product can provide invaluable support to your loved ones in the event of your death, and act as a crucial safety net for those you care about most. So why should you consider getting life insurance sooner rather than later? 1. Protect your dependents If you have dependents, such as a…
What is the Future of the State Pension?
Currently, the age at which you are entitled to claim the State Pension is 66. This is expected to rise to age 67 in 2036, and then to 68 in 2046. A think-tank has recently floated the idea that, in order to make the State Pension sustainable, pensionable age needs to be increased to 71 by 2050. A falling birth rate, combined with an increase in life expectancy means…
How Much Will You Need In Retirement?
We all want to look forward to a happy and fulfilling retirement, but that doesn’t happen by itself. It is the result of careful planning and making the right decisions throughout your working life, so you can have the financial means to enjoy the lifestyle you want and deserve. But shifting economic sands and events entirely beyond your control means your retirement plans can’t be set in stone. For…
Mid 30s is the Perfect Pension Planning Time
Adjusting to adulthood can be a difficult stage of life, as you strike out on your own for the first time and adapt to huge changes at home and at work. It is therefore understandable that getting to grips with your finances can get pushed down your list of priorities, in particular, saving for your pension. Of course, auto-enrolment has helped many young adults get started with planning for…
How Can I Improve My Credit Score?
Having a good credit score can make a big difference to your life, such as helping you qualify for a credit card or being approved for a loan or mortgage. Your credit score can be the key that unlocks countless opportunities, so what do you need to do to make sure yours is as good as it can possibly be? Be punctual with your repayments It’s vital that you meet…
