Using your home to fund retirement

Posted by siteadmin on Monday 13th of May 2019

When planning for retirement, it often means bringing together different income streams to suit you; rarely is your retirement income just from your pension. You might also be considering how to use your savings and investments, for example. One way to boost income in retirement that’s growing in popularity is through using property.

It’s easy to see why; property prices have increased significantly over the last few decades. For many retirees, their home will be one of the largest assets they own. Combine this with a retirement that is bec...

The challenges of balancing different goal timeframes

Posted by siteadmin on Monday 13th of May 2019

When you think about financial and lifestyle goals, there are probably several, each with a different timeframe. Juggling them and weighing up your priorities can be challenging. Should you focus on paying off your mortgage quickly now, or saving into a pension for retirement that’s still many years away?

With conflicting goals, it can be difficult to have confidence in your finances and long-term financial stability. When you start thinking about goals, it's likely there's several with different time scales, and it can be tempting to focus...

Inheritance Tax is on the rise: Seven ways to mitigate the bill

Posted by siteadmin on Monday 13th of May 2019

When estate planning, Inheritance Tax (IHT) can be a concern. Naturally, you want to leave as much as possible to your loved ones and ensure they’re not stressed about paying a bill at what is already a difficult time. Luckily, there are usually many ways you can reduce the IHT your estate will be liable for.

Despite this, IHT receipts are rising. For the tax year 2018/19, HM Revenue and Customs (HMRC) collected an additional £160 million in IHT when compared to the previous year. It means more than £5.4 billion was paid from the estates of...

Why it’s important to revisit your financial plan

Posted by siteadmin on Monday 13th of May 2019

Once you’ve set out a financial plan, you might think all the hard work has been done. But keeping on top of the progress you’re making and ensuring it’s still suitable is essential for getting the most out of your assets.

When was the last time you revisited your financial plan? It’s a task that you might be tempted to put off or believe there’s no need to complete. Perhaps you have reviewed your finances, but how in-depth did you go? It should be considered just as important and worthwhile as the initial work you did when setting out a fi...

Longer lives and retirement plans

Posted by siteadmin on Monday 13th of May 2019

Retirement is a huge milestone and one that’s lasting longer for many people. You now have more choice around when you want to retire, how to take an income, and what you want to do after you’ve given up work. Whilst more flexibility has certainly been welcomed, it can present you with some challenging decisions too.

Retirement used to be associated with kicking back and taking it easy. That might still be an important part of what you’re looking forward to. But, today, retirement is just as likely to be associated with new experiences. It’...

With pensions available to access and spend from the age of 55, you may decide you want to make one or more withdrawals before you give up work completely. However, there are a number of things to consider before proceeding, including the Money Purchase Annual Allowance (MPAA).

First, it’s important to understand how accessing your pension early will affect your long-term financial security before you even begin to consider making a withdrawal. Your pension is designed to support you throughout retirement, and there can be a real risk of ru...

The challenges of getting on the property ladder today

Posted by siteadmin on Thursday 7th of February 2019

It’s near impossible to escape news of the property market and the struggle aspiring homeowners face. With multiple challenges to taking the first step on the property ladder, the number of young homeowners is declining.

According to the annual English Housing Survey, 64% of the population owned their own home in 2017/18. While a slight increase on the previous year, it’s still below the 2003 peak of 71%.

When you look at younger generations it’s clear that the obstacles of purchasing a home are having an impact. Today, less than four in t...

How long could you survive without your income?

Posted by siteadmin on Thursday 7th of February 2019

If your income were to suddenly stop, how long would you be able to continue your current lifestyle for? If you made cutbacks, how long would your savings last for?

It’s not something anyone wants to think about, but the truth is, people lose their income every day. Understanding how you’ll get by should something happen can put you in a better position financially and reduce the stress experienced if you’re affected. There is a range of unexpected reasons why your regular income may stop, either in the short or long term, from being involv...

Seven steps to take when you’re passing on wealth to loved ones

Posted by siteadmin on Thursday 7th of February 2019

If you’re in a position to support loved ones financially, it can be difficult to know what to do. How should you go about passing on your wealth, helping to improve their financial security? There is more than one option for you to consider, as well as the impact it could have on your own financial situation.

With younger generations often struggling to secure their financial future, a gift can help them find their feet. However, you need to balance the good it can do for your loved ones with the impact on you and the most efficient way of...

Why regular financial reviews are critical for achieving aspirations

Posted by siteadmin on Thursday 7th of February 2019

You’ve set out a financial plan and followed the course of action you were advised on. Now, you can simply kick back and forget about it, right? Wrong. Effective financial planning is about much more than simply coming up with an initial strategy. Regularly going back to your plan and checking in with your financial adviser or planner is crucial for ensuring it remains suited to your needs and aspirations. It should be, at least, on an annual basis.

As with all of life’s plans, things go awry, opportunities can present themselves or you may...