Putting money to work earlier allows more time for savings to grow
Millennials are more bullish than any other generation about their retirement savings, a major new study has found[1]. But with time on their side, should they be doing more?
Self-employed business owners face unique challenges
Saving for retirement can be more challenging when you are self-employed, as there is no one to organise a pension for you and no employer making contributions on your behalf. On top of that, self-employed workers often don’t have a regular income, so many will focus on setting aside money as a safety net if they cannot work.
>Plan for the future you want
Early retirement is no longer defined as the moment when you stop working forever. For many people, it’s simply the moment when you no longer have to work for money. But this also means being in a financial position to choose to keep working if you enjoy what you’re doing.
Calculating the value of financial advice
Quantifying the value of financial advice has always been a challenge because people who receive financial advice have different characteristics to those who do not. But what if it was now possible to quantify the value of financial advice and isolate a pure ‘advice effect’? This is exactly what the researchers at the International Longevity Centre – UK (ILC) have been able to calculate.
Money Minder embraces world leading technology solutions in order to meet continued demand for our advice services and to help us to provide our clients with the exceptional customer service they have become used to.
What rising life expectancy could mean for you
We know that age is just a number, and for different people it means different things. It’s also a phrase used by some people who oppose age restrictions. In the UK, 65 years of age has traditionally been taken as the marker for the start of older age, most likely because it was the official retirement age for men and the age at which they could draw their State Pension.
Ray Black, Money Minder's MD and chairman of the in-house investment committee examines recent Coronavirus responses from Governments and central bankers around the world and why, and on what, investors may wish to consider stocking up on.
Retirees now have a whole host of new options
The pension freedoms, introduced on 6 April 2015, have given retirees a whole host of new options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings.
Preserving your wealth and transferring it effectively
Estate planning is an important part of wealth management, no matter how much wealth you have built up. It’s the process of making a plan for how your assets will be distributed upon your death or incapacitation.
Legitimate ways for higher earners to reduce a tax bill
Without a carefully developed tax planning strategy, higher-rate taxpayers run the risk of missing out on key tax benefits and paying more in taxes than necessary. A higher tax liability can diminish the value of your investment earnings over the long term.
In recent weeks, global stock markets have fallen and understandably, investors are concerned for their wealth. Money Minder's Ray Black provides comment on the background, the potential short term consequences and what investors should do next.
Simplifying and maximising retirement benefits
The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. As a result, many people have multiple pensions set up, as they have been automatically enrolled into a new pension scheme each time they have started a new job.
Time to explore your ISA options?
An Individual Savings Account (ISA) enables you to save in a simple, tax-efficient way, while generally giving you instant access to your money. This gives you short, medium and long-term saving options, and with the end of the current tax year not too far away, it’s important to make the most of your annual tax-free ISA allowance.
What does wealth look like to you?
Whether it’s stopping smoking, losing weight, eating more healthily or getting fitter, most of us have probably made at least one New Year’s resolution, but how many of us will actually go on to achieve it? We all have different financial goals and aspirations in life, yet these goals can often seem out of reach. In today’s complex financial environment, achieving your financial goals may not be that straightforward.
5 tips that add up to teaching your child about money matters.
Understanding how money works is an essential life skill. Unfortunately, for a lot of people, these lessons come later than they should, and often as the result of something going terribly wrong.
Nine out of ten employees continue to work even while being ill.
Feeling ill? Well, staying at home would seem to be the sensible course of action. However, for many, going to work while sick has become the norm. Employers are seeing more staff turning up to work while ill, according to a new survey[1].
Lending soars at Bank of Mum and Dad
The Bank of Mum and Dad has been branded as socially divisive and a symptom of Britain’s broken housing market as new figures reveal it is now one of the UK’s biggest mortgage lenders. Thousands of over-55s are generously gifting money as part of the Bank of Mum and Dad, using savings and even pensions to help their family onto the housing ladder, research has revealed[1].
Three quarters of UK employees say they won’t be able to retire by the age of 65.
Britain is growing old, and not just proverbially. As the population is set to increase, the proportion of the population aged 85 and over is projected to double over the next 25 years[1], and the number of those working for longer rises with it. Recent figures[2] reveal that nearly three quarters of UK employees say they won’t be able to retire by the age of 65.
