The fantastic benefits of basing your financial plan on happiness
When you think about what you want the future to look like, it’s probably not the value of your assets that comes to mind first. Instead, you might think about the experiences you want or the wellbeing of your loved ones Yet, to build the life you want, money is usually an important factor. While…
Why the “4% rule” could put your retirement finances at risk
When you’re accessing your pension, it’s important to consider the sustainability of your withdrawals. You might have heard of the “4% rule”, which provides a seemingly simple way to calculate how much you can access each year. However, for modern retirees, applying this rule to your pension could be risky. The 4% rule was first…
78% of retirees could be missing out on investment returns by accessing their pension early
According to research from Scottish Widows, more than three-quarters of retirees could be missing out on potential investment returns by accessing their pension before their retirement date. Understanding the implications of withdrawing money from your pension could help you to make a decision that’s right for you. Read on to find out some of the…
Higher-rate taxpayers: Beware of the 60% tax trap
The tapering of the Personal Allowance means some higher-rate taxpayers effectively pay an Income Tax rate of 60%, sometimes without realising. Fortunately, if you’re affected, there could be ways to reduce your tax bill. A report in the Telegraph suggests 1.35 million workers were affected by the 60% tax trap in 2023/24. Collectively, they paid…
Investment market update: June 2024
2024 is a historic election year – elections will take place in 50 countries. More than 2 billion voters will head to the polls in countries including the UK, US, France, and South Africa throughout the year. Political uncertainty can affect investment markets and there was evidence of this in June. During market volatility, remember…
The value of financial planning: How it could help you achieve your aspirations
Often one of the biggest benefits of a bespoke financial plan is that it allows you to devise a blueprint to follow, with your goals placed at the centre. It’s a strategy that could help you focus on what you want to achieve in life and make working with a professional even more valuable to…
What the 2024 general election could mean for your finances
2024 has been called “the year of elections” with an estimated 2 billion people around the world heading to the polls. Voters in the UK will have their say on 4 July. Now that each of the main parties has published their manifestos, here’s what the 2024 general election could mean for your finances. Conservatives…
Guide: How to find purpose and get the most out of your retirement
Retirement might be a chapter of your life you’ve been looking forward to for years. Perhaps you’ve been daydreaming about how you’ll make use of the extra time, or you’ve already planned an adventure to kickstart your life after work. Yet, for many people, retirement can be a difficult adjustment. While work often means less…
Uncertainty drives record numbers to take out income protection. Here’s what you need to know
Figures from the Association of British Insurers (ABI) suggest a record number of families are taking out income protection to create a safety net. Read on to find out how income protection works and whether it could be valuable for you. Income protection would pay out a regular income if you were unable to work…
3 practical ways you could reduce your tax bill in retirement
The number of retirees who could face an Income Tax bill is expected to rise. If your total income could exceed tax thresholds, there might be some steps you can take to reduce your tax bill. The Personal Allowance is the amount of income you can receive before you usually need to pay Income Tax…
Making your present part of your financial plan could enhance your life
As financial planners, we often talk about the importance of working towards long-term goals and security. As part of your financial plan, you might be putting money into a pension for retirement or building an emergency fund to safeguard your finances if you experience a shock. Considering your long-term ambitions is often important for turning…
The value of financial planning: The intangible benefits that could boost your wellbeing
Consider the benefits of financial planning. If the first advantage that comes to mind is the opportunity to grow your wealth, you might be overlooking some of the intangible benefits that could improve your wellbeing. Last month, you read about the potential financial benefits of working with a financial planner and how it could help…