What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. You’d get your family together and tell them what was going on. Before long, you’d start spending time in hospital for treatment. You may also need to take some time off.
Some couples may prefer to keep their finances separate, while others share everything. Whichever method you’ve chosen, when it comes to retirement saving, it’s worth planning together to ensure you’ve made the most of all the allowances and benefits offered to couples.
Long-term care covers everything from residential and nursing homes to home care. It is provided by a range of different organisations, including local authorities, the NHS and private and voluntary organisations. But choosing the right care setting for ourselves or a relative is not something which many of us have experience of.
One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your State Pension the next. Today you have new pension freedoms to decide when and how you retire.
With current interest rates on cash savings very low, it is difficult to achieve growth above the rate of inflation. And if the cost of living is rising faster than your savings are growing, you’re effectively losing money.
Managing your current and future finances successfully can be a minefield in today’s economic climate. The coronavirus (COVID-19) pandemic has derailed many a financial plan, ushering in job losses, decreased earnings and creating lifestyle changes that have the potential to send our spending into an unhealthy cycle.
While many people have some savings for retirement, most of us will also depend on the State Pension to help cover our living costs. The full new State Pension payment is currently £175.20 a week (2020/21 tax year), but not everyone will receive the full amount and the age at which you’ll receive it varies.
No one likes to pay tax on their hard-earned money. But due to the complexities of the tax system, without expert professional financial advice, some individuals could be paying more tax than necessary. Before the end of every tax year on 5 April, you have the opportunity to save money on taxes and plan for the year ahead.
The coronavirus (COVID-19) pandemic crisis could leave the next generation of retirees significantly poorer and sicker. 4.8 million people over 50 and in work fear losing their job because of the COVID-19 pandemic, according to new research that reveals fears of finding a new role[1].
If you hold a Cash Individual Savings Account (ISA) you may be dissatisfied with the low rates of interest you receive, which could make it difficult to grow your money even at a rate that keeps pace with inflation.
Young people have been one of the worst-affected groups from the coronavirus (COVID-19) pandemic, particularly in terms of the labour market and mental health outcomes. But it’s their parents and grandparents who are paying the price financially.
It is almost inevitable that taxes will have to rise to help meet the potential £391 billion bill the Government has racked up in supporting the British economy through the coronavirus (COVID-19) pandemic. The Office of Tax Simplification (OTS) published a report[1] in November 2020 outlining the policy design and principles underpinning Capital Gains Tax (CGT).
A lot has been made of the gender pay gap, but what’s not so well known is how this can affect women in retirement. Unsurprisingly, women don’t fare as well as men when it comes to the savings they’ve built up for a healthy and economically stable retirement.
The number of people in their 20s and early 30s choosing to invest in a Stocks & Shares Individual Savings Account (ISA) prior to the coronavirus pandemic outbreak increased according to the latest HM Revenue & Customs annual ISA data[1].
The New Year was a great time to make financial resolutions but, unfortunately, achieving financial goals isn’t quite that simple. Habits become ingrained and hard to overcome. For some of us, the resolutions we set, financial or otherwise, can quickly become overwhelming.
Have you decided what will happen to your property and belongings after your death? It is never too early to be thinking of making a Will and to ensure that your assets and estate go to the people you want them to. If you don’t, that may not happen.
While the Chancellor of the Exchequer, Rishi Sunak, is looking to reduce the tax gap, there are nonetheless still opportunities to review your financial arrangements for saving tax throughout the tax year. Taking action now will give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions before the end of the 2020/21 tax year on 5 April.
The UK has seen a rise in the number of people accessing their pension pots or enquiring about doing so. People accessing their pension as a flexible income has increased by 56%[1] according to research since the first lockdown last year. The increase is due to people withdrawing after holding off when stock markets were volatile.
Each tax year, we are given an annual Individual Savings Account (ISA) allowance. This can build up quickly, letting you accumulate a substantial tax-efficient gain in the long-term.
Do you feel like your financial life has been turned upside down during the coronavirus (COVID-19) pandemic? Or, has the start of the new year focused you on getting your finances in order to make more of your money? Whatever the answer is, it’s important to adopt healthy financial habits.
Please be aware these articles are for general information purposes only and correct at time of printing. We will
not accept responsibility for any errors made or actions taken by any readers that have acted on the information
contained. Answers given are for guidance only and specific advice should be taken before acting on any of the
suggestions made. All information is based on our understanding of current tax practices, which are subject to
change. Always remember when investing, past performance is not necessarily a guide to future performance and
the value of some investment units can fall as well as rise.
