A momentous event that can change every aspect of your financial stability. The coronavirus (COVID-19) pandemic has had a shattering effect on the country. Future-proofing your finances can help you feel more secure about what lies ahead – whether that’s preparing for big life milestones, such as starting a family, or navigating difficult periods, such as unemployment or poor health. One of the areas that tends to cause some anxiety is managing household finances with the additional cost of each

Helping you achieve your financial goals. The key steps toward financial security are to translate them into your own terms. What, exactly, are your personal financial goals? If you have trouble sorting them out, try classifying them as either wants or needs. Go a step further and add short-term, medium-term and long-term to the descriptions. Now you have some useful labels you can apply to your priorities. If you’re not sure where to start or what your goals should be,

Women see incomes fall by 33% following divorce, compared to just 18% for men. Divorce is an emotionally charged event – and can be an expensive one. The financial impact of divorce can also last for decades and carry on into older age. Women are also often impacted harder financially by divorce, new research highlights. Many women are likely to see their household incomes fall by a third (33%) in the year following their divorce, almost twice as much as

3 million people in the UK aged over 50 considering relocating. The coronavirus (COVID-19) pandemic has lead to a reappraisal of urban living, with increasing numbers fleeing city confines in search of green space. 3 million people aged over 50 (12%) now plan to relocate in retirement, as a direct result of the pandemic. A year of lockdowns has led these over 50s to want to move closer to family and friends, pursue a better quality of life or even

The potential impact to your expected retirement income over time. When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings, and your potential later life expenses. One more factor not to overlook is how much of your retirement income could you lose in taxes. The amount you pay to HM Revenue & Customs (HMRC)

Are you claiming all of the generous tax relief you’re entitled to? The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to receive. Making the most of pension saving involves maximising tax relief and allowances which could substantially boost your retirement savings.

Start planning your legacy to mitigate or reduce Inheritance Tax. If you’ve worked hard throughout your lifetime to grow your wealth, and hope it will help to safeguard the financial security of your loved ones after you’ve gone. But without careful planning in your lifetime, you could leave them with less than expected after the Inheritance Tax bill is paid. Proper planning can help you pass on as much as possible to the people you choose by avoiding additional unnecessary

What you need to consider at every life stage. When you’re starting out working in your 20s, you may not be thinking about retirement in 40 years. The same goes for your 30s, 40s and even 50s. There is always something on the horizon you could be saving for besides your retirement. No matter how old you are, it’s always a good time to review your pension savings and update your retirement plan. Understanding your retirement goals during each decade

How much pension income will you need for a comfortable retirement? The purpose of a pension is to provide an income for you to live the life you want once you have retired. But, due to longer life expectancies, less generous schemes and lack of understanding around saving, a common problem is that some people don’t retire with enough to last them. The current life expectancy in the United Kingdom[1] in 2017 to 2019 was 79.4 years for males and

Grow, protect and transfer your wealth. Financial planning is a step-by-step approach to ensure you meet your life goals. Your financial plan should act as a guide as you move through life’s journey. Essentially, it should help you remain in control of your income, expenses and investments so you can manage your money and achieve your goals. Life rarely stands still. Priorities shift, circumstances change, opportunities come and go and plans need to adapt. But regular discussion and reviews are

Age change to when people can start taking pension savings. The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 commencing 6 April 2028. The Treasury is consulting on how best to apply its decision to increase the age when people can start taking their private pension savings. The Normal Minimum Pension Age (NMPA) will increase

Plan for a better tomorrow, today. Responsible investment is a catch-all term to broadly describe funds that invest to make a positive change, either to the environment or for society. Within this umbrella term there are four broad investment approaches: ethical exclusion; responsible practice; sustainable solutions; and impact funds. Increasingly more pension savers are asking where their funds are invested. Many are no longer just concerned about getting the best returns – they also want their money to be used in