Identifying multiple risk profiles for multiple goals.
Throughout our lives, we will have many different lifestyle and financial goals that we would like to achieve. Although we all have different goals, there are some key goals that we’ll have in common, especially when it comes to retirement.
Building wealth for a solid financial future.
As a parent, guardian or grandparent, you’ll want to provide the best future for your children or grandchildren that you can. Christmas is an excellent time to encourage children to start thinking about the value of money. Many children have hundreds of pounds spent on them at Christmas. But could that money be put to better use? Rather than buying yet more toys for your children or grandchildren, why not consider setting up a tax-efficient Junior ISA for them?
Get a head start on your tax planning resolutions.
Although the current tax year does not end until 5 April 2019, tax planning shouldn’t be a mad.
Numbers nearly double in the last two decades.
With so much choice on offer, and with frequent rule changes and distinct tax benefits to consider, finding the right vehicle for your retirement planning is essential.
Without planning ahead, the cost can be a huge money sink.
While many parents value the standard of education offered by independent schools or universities, the costs can be daunting. However, with careful planning, it may be possible to avoid a huge outstanding student loan or tax burden.
Valuable employer contributions encourage people to stay.
More people in the UK are saving towards retirement than ever before, according to data from the Office for National Statistics (ONS), with numbers boosted thanks to the Government’s auto-enrolment scheme. Under auto-enrolment, employees are automatically signed up to a workplace pension into which both they and their employers must contribute. Workers can opt out of the scheme if they want to, but the hope is that valuable employer contributions will encourage people to stay. The scheme was introduced in October 2012 to boost the numbers of people planning for retirement and began with the largest employers first, followed by medium-sized, then small employers.
Extra flexibility over your pension savings in retirement.
It’s never too early – or too late – to start saving for your future. With retirement planning, it is important to take into account the fact we’re all living longer. Couple that with the fact that the cost of living continues to rise, and the value of the State Pension continues to dwindle – this provides a very strong case for starting to save early for your future.
Study exposes a whole host of financial secrets.
It’s bad news for romantics, according to the latest annual research into the retirement aspirations and financial planning of UK couples aged 40 and over. This identifies that nearly one in three couples (31%) have secret savings or investments that they have deliberately started without telling their partner or spouse. And it’s not just a few pounds, as 7% admit to hiding savings of over £50,000
Retirement need not be an all-or-nothing decision.
The onwards march of ‘pretirement’ – where people scale back on work or slow their retirement plans down rather than giving up entirely – is continuing, with half (50%) of those retiring this year considering working past State Pension age.