The snow-laden first quarter of 2018 may seem a distant memory following the heatwave we have just been basking in. However, it was enough to slow economic activity and divert the Bank of England’s Monetary Policy Committee (MPC) from raising interest rates in May. A robust second quarter of growth statistics has now emboldened the MPC to go ahead.
Hello and welcome to our latest issue.
The summer edition brings you an array of insightful articles covering everything you need to help plan your finances, both before, during and after retirement.
Have you ever thought about writing a letter to yourself to describe your ideal future life, long-term life goals and the process of how to plan for them? On page 06, we look at how imagining what you want your life to be like in the long term when you retire can help you think much further ahead than you might ever have done before.
If you have accumulated a number of Individual Savings Accounts (ISAs) over the years, keeping them all in one place could give you better control and help you save money. There’s a common misconception that you can’t move existing ISAs from one provider to another. Turn to page 05 to find out more.
At some point, you’ll say ‘goodbye’ to your co-workers, get into your car and drive towards the next phase of your life – retirement. But when will that be? On page 08, we consider your move to retirement – it’s one of the most important decisions you’ll ever make, so it’s not surprising that determining the date is harder than you may expect.
We hope you enjoy reading this edition, and if you would like to discuss or review any areas of your financial plans, please contact us. We very much look forward to hearing from you.
Welcome to our latest edition.
We want you to create the life you want and believe anything is possible when we manage our finances in the right way.
Inside this issue, we look at why it’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us, and a raft of new changes have come into force.
The good news is that the overall tax burden is little changed for basic-rate taxpayers, but there are number of areas that have changed that should be taken note of. On page 10, we look at what you need to know about the 2018/19 tax year changes and new initiatives.
By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement. Turn to page 12 to read the full article.
If you struggle to navigate the UK’s Inheritance Tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. On page 06, we look at how getting your planning wrong could also mean your family is faced with an unexpectedly high Inheritance Tax bill.
Forget the Lamborghini – 2.4 million UK grandparents have either raided their pension to support their grandchildren, or plan to in the future. On page 13, we look at research that shows a quarter of generous grandparents have already given away money to their grandchildren and have taken the funds from their pension.
If you would like to discuss or review any area of your financial plans whether or not we’ve featured the topic, please contact us – we look forward to hearing from you.
Welcome to our latest edition.
Whether you are looking to create, protect or preserve your wealth for future generations, inside this issue we look at areas you may wish to discuss with us.
Trying to second-guess the impact of events such as Brexit or the recent stock market correction – or even attempting to make a bet on them – rarely pays off. Instead, investors who focus on long-term horizons – at least five to ten years – have historically fared much better. It’s important not to let current global uncertainties affect your financial planning for the years ahead. On page 12, we look at why investors need to stick to their strategies and keep moving ahead consistently by spreading risk and growing their wealth for the long-term.
Without professional advice and careful financial planning, HM Revenue & Customs can become the single largest beneficiary of your estate following your death. On page 06, we consider the findings of a recent survey about Inheritance Tax that shows many wealthy Britons over the age of 45 are either ignoring estate planning solutions or they have forgotten about the benefits these can provide.
How prepared are you for any financial shocks? Over three million working couples are classed as ‘double income, no option’ (DINOs), which means they are potentially financially vulnerable if one of the two loses their earnings. On page 26, we consider the scenario many couples could face without adequate savings or protection insurance if one of the main earners was unable to work for a period of time.
On page 05, as we near the 2017/18 tax end on 5 April, if appropriate to your particular situation, we’ve provided some tax planning tips to help you maximise the use of your various tax allowances and minimise the tax you pay. The full list of the articles featured in this issue appears opposite.
We hope you enjoy reading this edition and invite you to contact us if you would like to discuss or review any area of your financial plans. Seize the day. Your wealth is your life’s work; helping you create, protect and preserve it is ours.
Welcome to our first edition of 2018.
The New Year is the perfect time to overhaul your life for the better, and one excellent place to start is by making solid financial resolutions that can help get you closer to your money goals, whether it’s increasing your retirement provision, looking to mitigate a potential Inheritance Tax bill or reviewing your level of protection in the event of an unexpected event.
We’ve now entered a new age of retirement planning with the introduction of pension freedoms. Thinking about pensions sooner rather than later can mean the difference between a comfortable retirement and struggling to make ends meet. On page 06, we provide seven pension tips for nurturing your nest egg in 2018.
A new tax year is nearly upon us – and that means, for all diligent savers and investors, it’s important to make sure that you take full advantage of your current Individual Savings Account (ISA) tax-efficient allowance. And the good news is you don’t even have to declare any investments held in ISAs on your tax return. This may not seem like much, but if you have to file an annual tax return, you’ll know that any way of simplifying your financial administration can be very helpful. Read the full article on page 10.
Regardless of the life stage you have arrived at, it is important to receive expert and professional advice on your pension plans and requirements. However, the UK’s middle-aged workers could be sleepwalking into retirement poverty. Four in ten people aged between 40 and 65 cannot accurately estimate their total pension savings for retirement. On page 08, we look at the reasons why.
Writing a Will may seem daunting – and with everything else we should be thinking about, it becomes just another chore on the New Year to-do list. But writing a Will is fundamental to the financial planning process. It answers one of our most basic desires – to make financial provision for all those that we hold dear. Turn to page 07.
To discuss any of the articles featured, please contact us.