Organising your finances and future after a separation

When you’re going through a relationship break-up, you experience conflicting emotions and a long list of tasks to work through. But while finances may not be a priority, it’s an area that needs to be organised as you plan for your future. In some cases, money isn’t something that’s focussed on during a separation. It’s understandable; it’s a time upheaval in your life and other areas, such as family and children, take priority. However, the financial aspect of a relationship breakdown is important. It can help you feel more in ...

Should you consider a SIPP when saving for retirement?

When it comes to saving for retirement, it can seem like there are endless options to choose between. One you may not have considered is a Self-invested Personal Pension (SIPP). While you typically sign up to a pension through your employer, a SIPP allows you to take more control over your savings as you plan for retirement. It’s essentially a pension wrapper that holds your investments until you’re ready to start withdrawing a retirement income. While a Workplace Pension is also usually invested, where the money is placed will be ...

The foreign retirement hotspots for Brits

Dreaming of spending your retirement somewhere other than the UK? It’s a dream thousands of Brits turn into a reality every year. From the sunny beaches of Spain to cities in the USA, retirees are choosing to spend their years after work in very different locations to where they grew up, with Australia coming out top. Research looking at the top places to head to in retirement analysed where most expats were claiming their State Pension. It discovered more retirees were choosing to head down under, knocking ...

Five things to do before the end of the tax year

The end of one tax year and the start of another is often a time to review your finances and make sure you’ve taken advantage of all the tax-efficient allowances you can. With Friday 5th April 2019 now looming, it’s the perfect time to review your financial performance over the last 12 months, plan for the year ahead and see where gains can still be made in 2018/19. Get ready for the new tax year by considering these five financial tasks: 1. Use your ISA Allowance Your annual ISA (Individual Savings Account) ...

Seven signs an investment is too good to be true

When you invest, you naturally want it to grow as much as possible. However, the latest figures from the Financial Conduct Authority (FCA) show people are being sucked into scams in the hopes of achieving exceptional returns. In 2018 alone, investment scams cost victims £197 million in reported losses. The FCA noted fraudsters were increasingly using sophisticated tactics to encourage victims to invest and taking advantage of digital technology. While cold calling has been a traditional way for criminals to establish contact with potential victims, their focus ...

One in five baby boomers is a millionaire: Why it’s important to keep track of your wealth

Since the financial crisis, wealth among the baby boomer generation has almost doubled, according to research. With more baby boomers than ever now considered millionaires, it’s crucial they keep track of their wealth and reflect the returns in their plans. Benefitting from rising house prices, stock market gains and Final Salary pensions, the research indicates that one in five people over 65 are now millionaires when all assets are considered. Prior to the financial crisis, the same could be said for just 7% of those over 65. ...

The challenges of receiving an inheritance

Receiving an inheritance can be a challenging time, it's often a life event that's associated with conflicting emotions. While the financial gift that your loved one has left you could be life-changing and improve your financial security, you're still dealing with loss. As a result, you may find an inheritance difficult to deal with, especially when you're expected to make significant decisions. If you’re in a position where you’ve received an inheritance and are feeling overwhelmed, it may be down to these five challenges: 1. Understanding the inheritance process Firstly, the inheritance ...

How should you react to uncertainty in investment markets

When you invest, there’s always an element of risk. The value of your investments can fall and it’s a process that’s influenced by many factors out of your control. In fact, trying to time the markets is next to impossible. So, if the value of your investments drops, what should you do? The market has experienced volatility recently. If you have an investment portfolio, it’s likely that over the last few months you’ve seen its value fluctuate. It may have been affected by economic and political factors, from Brexit negotiations ...

How to take control of your finances and boost wellbeing in retirement

Keeping on top of your finances and feeling in control can be challenging. As you enter retirement, you may have income coming from multiple sources, a portion of your pension still invested, or calculations on how long your money will last for. But it is an important step to take; a lack of financial control can harm your mental wellbeing. Research from Age UK demonstrates the importance of retirees monitoring their money and understanding how secure their income is. A third of those aged over 65 say ...

Why your grandchildren might opt-out of auto-enrolment, but shouldn’t

Thousands more workers are now saving into a Workplace Pension thanks to auto-enrolment. It’s an initiative that hopes to improve the financial security of future generations in retirement. However, research indicates that as minimum contributions levels rise, more employees will choose to opt out. While saving into a pension may not be something that affects you, it probably affects your children or grandchildren. If they’re thinking of stopping their auto-enrolment contributions, it could cause financial pressure years down the line. What is auto-enrolment? Auto-enrolment is an initiative that automatically signs eligible employees ...
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