Now is the time to make sure you know how much you need to save
As you enter your 50s, retirement looms larger on the horizon, making it crucial to ensure your finances are optimally positioned. This stage of life demands a coordinated and joined-up approach to financial planning to enjoy retirement on your terms. An essential step is to clarify your retirement goals.
Pensions can be confusing, but there is an alternative way to help keep on top of them
In today’s fast-paced world, many individuals have multiple pension plans collected over their working life. Whether through changes in employment or setting up personal pensions as a self-employed professional or contractor, managing these pensions can become challenging. Not only does this involve significant administrative effort, but the financial implications of juggling numerous plans are also considerable. Some pension schemes may suffer from uncompetitive pricing and underperforming investments, eroding retirement savings.
The power of reinvesting dividends for long-term growth
Dividends represent the portion of a company’s profits distributed to its shareholders. When you own shares in a company that declares a dividend, you receive a share of those profits. Dividends are pivotal in enhancing long-term stock market returns, offering a reliable income stream that can help mitigate short-term stock price volatility.
Identifying any potential financial gaps and bridging these gaps before it’s too late
Retirement is a milestone we all look forward to—a time of relaxation, free from the daily grind of work and financial stress. Achieving a comfortable retirement requires thoughtful planning and foresight. While life may present unforeseen challenges, particularly concerning health, you can take proactive steps to bolster your financial resilience and manage the unexpected.
Exploring strategies to secure your family’s financial future
The amount of Inheritance Tax (IHT) paid by families has dramatically increased over the past decade, increasing from £3.1 billion in the 2012/13 tax year[1] to £7.5 billion in the 2023/24 tax year[2]. This rise is attributed to growing asset values and stagnant IHT thresholds, coupled with many families delaying their planning. An additional IHT allowance was introduced in 2017, allowing some families to pass on more assets without incurring IHT, yet the criteria for qualification can be complex.
Many people do not engage in crucial conversations regarding the lifestyle they envision
As we approach one of life’s most significant transitions—retirement—many people do not engage in crucial conversations about the lifestyle they envision or assess whether they’re on track to achieve it. Recent research highlights that half of those aged 55 and over have not discussed their desired retirement lifestyle with a partner or loved one[1].
