Two in five over-55s plan to gradually phase out working life before State Pension age. Semi-retirement is an option to consider for individuals who may not be ready to fully retire, but still wish to reduce their work hours and gradually phase out working life. By choosing to semi-retire, you can maintain a good work-life balance while still earning an income. Many people choose to semi-retire as it allows them to enjoy their hobbies, travel and spend more time with

Does the early bird get the ISA worm? If you’re an investor looking to maximise your Individual Savings Accounts (ISA) returns, it’s worth considering investing your ISA allowance as soon as possible each year, as soon as it becomes available on 6 April. Not only will this help ensure that your money is protected from taxes right off the bat, but it also means that your investment has more time to grow in the market. This can result in a

How much has the 2023/24 State Pension increased by? If you are a UK resident planning for your retirement, it’s important to be aware of the State Pension changes that have taken effect in the new tax year. From April, the amount you can now receive as part of the UK State Pension has risen, which will be welcome news to those who have retired or are nearing retirement age. Knowing what to expect from your future State Pension, and

Knowing how much you’ll receive is vital for planning your future finances. The State Pension age is set to rise to 67 by 2028, followed by a subsequent rise to 68 between 2044 and 2046. However, there is currently a review being conducted to determine the appropriateness of the existing timetable. This review will help to determine whether further adjustments to the State Pension age will be required in the future. As a result, it is likely that individuals’ retirement

What will your legacy look like? April brought a host of changes to the UK’s tax regime, with some thresholds for taxes such as additional rate Income Tax being lowered while others, such as Corporation Tax, are increased. However, the Inheritance Tax (IHT) nil-rate band has remained stagnant at £325,000 since 2009, despite the meteoric rise in property prices over the same period. This has resulted in an all-time high of £6.1bn being collected in Inheritance Tax in 2021/22. Freezing

Welcome but unexpected changes to pension tax. Chancellor Jeremy Hunt’s first proper Budget 2023, on Wednesday 15 March, brought some welcome but unexpected changes to pension tax. The changes are designed to alleviate the impact of strict pension rules, which are believed by Mr Hunt to have had a negative impact on the country’s labour market. Britons can now expect significant changes that will affect their retirement savings. But to fully understand how these changes could impact on your pension

Rising prices add almost 20% to ‘minimum’ cost of retirement. Despite the slow economic recovery, many retirees trying to maintain a basic standard of living have seen the cost of their lifestyle increase by nearly 20% over the past year, according to a new report[1]. The findings were based on research which outlined three different levels of expenditure needed for retirement: Minimum, Modest and Comfortable lifestyles. For those on a Minimum level, the increases in food and energy costs have

Planning your finances to be sustainable for the long term is key. There are signs and targets that can signal that you are prepared to retire, but it can be difficult to figure out when you are truly ready to retire. We may think of retirement as being centred around a particular age or monetary amount. When we get to ‘X’ years old or have ‘Y’ amount of money, we can move on to our ‘golden years’.  The turbulent times

Britons not researching their investments because it’s ‘time consuming’ and ‘complicated’. A new survey conducted by the Financial Services Compensation Scheme (FSCS) and the Financial Conduct Authority (FCA) reveals that 44% of UK adults who hold investments of between £100 and £50,000 wish they had spent more time researching their investment before making a decision[1]. However, this task is commonly neglected due to its perceived complexity – it ranked much lower than other tasks like choosing a holiday, buying a

Making the right preparation for future generations. Financial planning can be a daunting and uncomfortable conversation for many, but thankfully attitudes towards talking about money are changing. Wealth succession should be an integral part of your financial plan as early as possible – because the right preparation now can have positive long-term impacts on future generations. Despite the uncertain economic climate, families are doing their utmost to ensure they can leave behind a secure financial future for their children and

Over a third of OVER-55s think they will work beyond their state pension age. We are witnessing a surge in the number of people giving retirement a second thought due to inflation rates and the cost of living crisis. Not only are more individuals looking to work beyond their State Pension age, but some are returning to employment after retiring due to increasing financial pressures. Over 2.5 million people aged 55 and over will be impacted by the long-term effects

How to protect your pension income against inflationary pressures. For anyone feeling the effects of rising inflation rates, it’s important to ensure that your retirement fund isn’t significantly impacted. While this can be challenging in such an uncertain economic climate, there are measures you can take to ensure that your savings don’t suffer. Here are some tips to help you protect your pension income for the future. Postponing retirement Retiring later can have multiple advantages. It can be a financially