Year: 2019

Mind the income gap

Significant gap between expectations and reality of what life in retirement will cost Generation Z When most people envision their retirement, positive images start forming. We may picture spending our days lounging on the beach, travelling, practising our favourite hobbies, or having free time to spend with friends and taking the grandchildren on countless adventures. But it’s becoming clear that because so many people associate only upbeat feelings with retirement, it might turn out to …

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‘Sandwich generation’ carers

Nearly half a million quit their careers in the last two years alone The decision to look after an elderly, ill or seriously disabled relative has been made by 2.6 million people according to new research by Carers UK[1]. The findings also reveal that nearly half a million (468,000) have quit their careers in the last two years alone – more than 600 people a day. This is a 12% increase since Carers UK and …

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Tax-wise

Make the most of your valuable allowances, reliefs and exemptions Once we enter January, the end of the 2019/20 tax year will be just over three months away on 5 April. As this date approaches, the window of opportunity reduces if you want to make the most of valuable allowances, reliefs and exemptions that could help reduce your tax bill and make sure your finances stay tax-efficient. Some of these allowances will be lost forever …

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Cultivate the art of patience

Creating and maintaining the right investment strategy plays a vital role in securing your financial future. But we live in the era of the 24-hour news cycle. Human tendency is to prioritise negative over positive news content, and no one is immune from bad news. So as an investor, when you do get it, how do you process the information, deal with it and move on unscathed? The goal of any investor should be to …

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For richer, for poorer

Pension and asset advice should be part of the divorce process Divorce – it’s one of the most difficult subjects to talk about. The emotional upheaval of divorce can be difficult to deal with, but so too can the financial implications. When relationships come to an end, there are so many things to consider. Children, home and support are naturally the first things you focus on. When you begin the process of separating a shared …

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Women’s State Pension age changes

Government’s bid to ensure ‘pension age equalisation’ On 3 October, campaigners lost a significant legal battle against the Government’s handling of the rise in women’s State Pension age. Up until 2010, women received their State Pensions at the age of 60, but that has been increasing since then. The retirement age for women has increased from 60 to 65, in line with men, and will go up to 66 by 2020, and to 67 by …

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Tax-efficient shelters

Use your ISA allowance or lose it forever Even though the Individual Savings Account (ISA) deadline may be a number of months away, and despite the tax year date remaining the same year in year out, somehow it always creeps up on us. A tax year runs from 6 April one year to 5 April the next. So rather than subjecting yourself to the mad rush of deciding how to fully utilise your 2019/20 ISA allowance, …

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‘Sleepwalking’ into retirement

How much will you need to save to afford a comfortable retirement? There is a widespread and common-sense-based perception, backed to some extent by evidence, that planning and preparing for later life is associated with increased well-being in older age. Despite this, it’s concerning that some people at mid-life have not thought much about their later life nor taken fundamental future-oriented actions, such as engaging in financial planning or writing a Will. New research[1] highlights …

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Time to update your planned retirement date?

Savers risk missing out on money from their final pension pot Millions of savers risk missing out on money from their final pension pot if their provider doesn’t have their correct planned retirement date. The analysis[1] revealed that workplace pension savers in the UK could miss out on thousands of pounds in retirement because they haven’t updated their planned retirement date. Recent changes to State Pension age, and the removal of the default retirement age, …

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Every journey starts with a destination

Looking at the bigger picture for your wealth and security Every plan starts with a goal, just like every journey starts with a destination. Planning your financial future is not only important for your security, but it also provides peace of mind. Financial planning should be viewed as a long-term approach to managing your finances. Creating your financial plan will help you see the bigger picture and set life goals, which are crucial for mapping …

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