Pensions have long been a highly tax-efficient way to save for retirement. If applicable to your particular situation, here are two opportunities you may wish to consider before the rules change next April.
Topic: Financial News
A Eureka moment!
Whatever your financial goals might be, the ultimate aim is to grow your wealth so that you can enjoy it and pass it on. As your life changes over time, it’s important to ensure that your financial objectives continue to meet your requirements.
There are many different tax-efficient ways to grow your wealth. We can help you understand the choices and make the investment decisions that are right for you. This will depend on your life priorities, your goals and your attitude to risk.
Improve your chances of Achieving the retirement you want
We can make sure that your plan is on track for meeting your retirement goals
Understanding how much you need to contribute towards a pension in order to produce the income you need or desire in retirement should be a key part of your financial plan. To arrive at this figure, the calculation needs to take into account any other assets you have earmarked for the long term, inflation, potential future fund growth and any state pension you are entitled to.
Controlling investment risk over time
Achieving some peace of mind through market highs and lows
In the light of recent market volatility, it’s perhaps natural to be looking for ways to smooth out your portfolio’s returns going forward. In a fluctuating market, investing regularly – a strategy known as ‘pound-cost averaging’ – can help smooth out the effect of market changes on the value of your investment and is one way to achieve some peace of mind.
Maximising your retirement income
What you need to consider with less than five years to retirement
The closer you get to taking your pension, the greater the need to preserve your savings and ensure they will last all through your retirement. In addition, you’ll need to consider whether you need to make changes to your investments as you approach retirement.
The changing face of retirement
A chance to explore new opportunities or carry on working on your terms
A generation ago, retirement meant stopping work completely and winding down. By contrast, the present generation – the baby-boomers – are much more likely to see it as a fresh start with a chance to explore new opportunities or carry on working on their terms.
Glossary
A guide to the jargon of protection
Assured
A person or persons who are insured under the terms of a protection policy.
Business protection
Don’t overlook your most important assets, the people who drive your business
Every business has key people who are driving it forward. Many businesses recognise the need to insure their company property, equipment and fixed assets. However, they continually overlook their most important assets, the people who drive the business – a key employee, director or shareholder.
Wealth protection
Without proper tax planning, could you end up leaving a huge tax liability?
In order to protect family and loved ones, it is essential to have provisions in place after you’re gone. The easiest way to prevent unnecessary tax payments such as Inheritance Tax (IHT) is to organise your tax affairs by obtaining professional advice and having a valid will in place to ensure that your legacy does not involve just leaving a large IHT bill for your loved ones.
Making a will
Providing peace of mind that your loved ones can cope financially without you
A will is an essential part of your financial planning. Not only does it set out your wishes, but, die without a will, and your estate will generally be divided according to the rules of intestacy, which may not reflect your wishes.