What is the difference between an ISA and a Pension?
There are a number of crucial differences between pensions and ISAs, which are important to be aware of as you’re building a financial plan. Firstly, you can only get tax relief on pensions. But you can’t access your pension savings until you’re aged 55, whereas with a cash or stocks and shares ISA, you can access the funds any time you like. Let’s look at what this means when…
Set specific financial targets to achieve lifestyle goals
If you’re creating a financial plan, with a view to achieving certain ambitions in life, you need to make sure that it is clear and detailed. For instance, if you want to travel more in later life, you can’t simply say you will put money aside for holidays. Or if you want to retire early, simply putting money into a pension isn’t enough. In the first example, you need…
Get control of your old pensions
Very few of us have a job for life these days, with many of us moving through numerous roles and businesses as our careers progress. That means you’ll probably have several workplace pensions throughout your working life, and as time passes, it can be easy to lose track of them. You might have moved house since leaving a previous job, and your pension provider doesn’t have your new address.…
How planning for retirement can boost your health and wellbeing
Retirement is one of those major life events that can throw up all sorts of emotions, from excitement to blind panic. But your reaction to this looming milestone can depend largely on how you deal with it in advance. If you’re prepared for retirement and have taken the right advice, you can look forward to your post-working life with confidence rather than anxiety, which benefits both your physical and…
Could your property help you with retirement planning?
Do you know how much your home has gone up in value since you bought it? If you purchased your house more than 20 years ago, chances are it’s worth a great deal more than it was originally. According to Aviva, the average value of a property owned by 65 to 74-year-olds is now £287,000. To put this into perspective, the average house price in the UK 20 years…
Inheritance Tax payments have doubled in the last decade
In the past, Inheritance Tax would have been regarded by many only as something for the super-wealthy to have to think about. But the amount the government has collected in Inheritance Tax has doubled in the last decade, as more and more people are becoming liable to pay the charge. According to Treasury documents seen by the Mail on Sunday, total receipts from Inheritance Tax now stand at £5.4…
Are you leaving your Retirement Planning too late?
For many of us, old age and retirement can feel a long way off, and with the world seemingly lurching from crisis to crisis, many of us are focused on simply getting through the next few days and weeks, rather than looking too far ahead. However, that approach could simply store up problems for the future, which is why we’d urge anyone to start planning for their retirement as…
Financial Advice can make you more confident managing your money
Navigating the complex world of personal finance can be daunting and overwhelming. So it’s no wonder that many people don’t feel confident managing their money, and often don’t end up making the best financial decisions. That’s why it’s so surprising that so many of us aren’t getting professional and regulated financial advice. According to figures from the Financial Conduct Authority (FCA), just eight per cent of the UK population…
Many over-50s haven’t sought Financial Advice on their Pension
For many over-50s, the prospect of enjoying a long and fulfilling retirement doesn’t seem that far away. So now is the time for them to make sure they have their finances in order, so they can be sure of a steady income in retirement that lets them have the lifestyle that they want. However, a new study by the Social Market Foundation (SMF) has found that many aren’t doing…
Financial Planning has never been more important
The first week of February 2022 was not a good one for our personal finances. As everyone reading this will be aware, the energy price cap was raised, and headlines warned that British households face a record £693 price hike. This came on top of the confirmation from the Chancellor that April’s planned increase in national insurance – for both employers and employees – will go ahead. Andrew Bailey,…
