Plan for Tomorrow, Live for Today With the summer holidays coming to a close, it’s hard not to think of the future. Where to go next year, for a start. But why should you limit your leisure time to the all too short summer holiday season? With some careful planning it is possible to enjoy more than one break a year and if you don’t have kids you have even more options. Of course, it’s also important to plan for

Lifetime transfers Potential implications of such gifts with regard to Inheritance Tax Some people like to transfer some of their assets whilst they are alive – these are known as ‘lifetime transfers’. Whilst we are all free to do this whenever we want, it is important to be aware of the potential implications of such gifts with regard to Inheritance Tax. The two main types are potentially exempt transfers (PETs) and chargeable lifetime transfers (CLTs). PETs are lifetime gifts made

Protecting you and your family’s finances Top reasons people gave for not taking out protection The State of the Protection Nation report[1] reveals that the top reason people gave for not taking out protection was that they think premiums are too expensive (69%). They also believe they won’t get ill and they don’t need insurance. Despite this, many people want to protect their lifestyle and loved ones from the financial impact of dying or becoming seriously ill. Nearly half of the people surveyed

Countdown has commenced Are you on track to a financially secure retirement future? When you are at the point of retiring, the new pension freedoms have opened up all sorts of alternative strategies to taking your pension benefits. The very concept of retirement is changing. ‘Phased retirement’ is becoming more common. The way we access our pension is now a lot more flexible, and it’s no secret that in the UK we’re living longer than ever before. A longer retirement

Averting a later-life financial crisis More retirees drawing pensions without LPAs People are generally living longer these days. Increasingly, more people are living well into their 80s and 90s – and some even longer. This may mean you have a long time to budget for. That’s why it is very important to consider all of your options carefully and think about what will matter to you in retirement. You can now access your pension in more ways than ever before,

When I’m gone How a simple list can help your loved ones after your death Although it may not feel like it, your family finances are probably more precarious than you think. It’s all well and good when the breadwinners are healthy and working, but if something unfortunate were to happen, the outlook for those around you could change instantly. Research from Macmillan[1] highlights the worrying fact that two in three people living in Britain don’t have a Will –

Driving towards the next phase of your life Getting the date right can help you reach your destination sooner 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? The move to retirement is one of the most important decisions you’ll make, so it’s not surprising that determining the date is harder than you may ever expect. However, most over-45s are

Pensioner debt Worrying increase on last year’s figure The over-65s in the UK are expected to owe around £86 billion by the end of 2018, according to latest figures from the Centre for Economics and Business Research (CEBR) and More 2 Life. Total debt had increased on last year’s figure of £78 billion, as borrowing grew £35 billion in just three years. The research forecast that all types of secured and unsecured debt to retirees would exceed £142 billion by

Understanding investment risk Making informed decisions to improve your chances of achieving your financial goals Your investment time frame will determine your risk profile to some extent, as this has a direct bearing on your capacity to take risk. Risk capacity is also influenced by factors such as your age, wealth, and the goals you are saving and investing for. Your capacity for risk is likely to change over the course of your life as your personal circumstances change. If

Transferring ISAs Time to bring your investments together? 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 your existing ISAs from one provider to another. Transferring your ISA doesn’t affect its tax-efficient status, but you should make sure that you don’t have to pay penalties or give up valuable benefits. If you

Congratulations to our new Pension Transfer Specialists Two more members of the Investing For Tomorrow Team are now qualified Pension Transfer Specialists We’d like to congratulate Toby Turner and Gary Hanley who have recently passed their AF7 exams to become qualified Pension Transfer specialists. This is part of Investing For Tomorrow’s ongoing commitment to our clients, to stay as up to date as possible in a constantly changing financial landscape. Completion of these exams requires extensive study and practical application which alongside

Easing into retirement Older workers are increasingly valuable members of the gig workforce We tend to associate young people with the gig economy, but new research shows that older, more skilled workers are increasingly making the move. The gig economy has been enthusiastically embraced by millennials who favour the flexibility it offers, although it appears that it is older workers who might be benefiting the most. However, over a third (36%) of gig workers aged 55 and over take on