What you need to know when purchasing an Annuity

An Annuity can be an important product to fund your retirement. But fewer people are choosing to purchase an Annuity following the introduction of Pension Freedoms. An Annuity is a product you purchase to provide a retirement income, typically using your pension savings. It offers a guaranteed income for either a defined period of time or, more commonly, for the rest of your life. Annuities can provide certainty when you plan your retirement finances. Following the introduction of Pension Freedoms in 2015, sales of Annuities dipped. It’s a trend that reflects ...

Should you invest your children’s savings?

When we’re saving for our children, it’s natural to be cautious. You probably have plans for how the money will support them in the future, whether it’s purchasing their first car or helping them through university. But could a risk-averse approach mean that your children are missing out on valuable investment gains? Figures compiled by Money Mail suggest this is the case. Investing money could mean that over a 13-year period your child ends up with significantly more. The research found: If someone put £1,000 into a typical ...

Eight steps to take if money worries are affecting your mental health

The saying goes, ‘money can’t make you happy’ but it can certainly affect your mental health. Financial challenges can cause a huge amount of stress and worry when you’re experiencing them. Financial concerns are something most of us have experienced at some point. However, it’s still difficult to deal with. With so many of life’s essentials depending on money, not to mention those things that bring satisfaction and fulfilment, it can seem impossible to overcome financial challenges. Research from SilverCloud Health looked at how debt impacts the mental ...

Autumn Budget 2018: Were you a winner or a loser?

Will you be better or worse off because of today’s Budget? In a relatively quiet Budget our summary answers that question, please read on to find out. Winners Earners The Chancellor brought forward an election pledge to increase both the Personal Allowance and Higher Rate tax band, affecting 32 million people. From April 2019, the Personal Allowance will increase to £12,500, while the higher rate tax threshold will be £50,000, rising from £11,850 and £46,351 respectively. The National Living Wage will also increase to £8.21 from April 2019 from the current £7.83, ...

Autumn Budget 2018: Everything you need to know

Just after 3.30 pm today the Chancellor, Philip Hammond, stood up to deliver the first Budget on a Monday since 1962 and the last before Brexit. He started by saying this would be a Budget for "hard-working families … who live their lives far from this place ... and care little for the twists and turns of Westminster politics". Nevertheless, he soon turned to Brexit although, as usual, he started with a review of the state of the UK economy. The economy and public finances The Chancellor said growth would be “resilient” and improve ...

Tips if you’re thinking about opening the Bank of Mum and Dad

As younger generations struggle to get on the property ladder, more parents and grandparents are thinking about lending them much-needed cash. But it’s a decision that can be fraught with confusion and doubt. It’s common for you to want to help your child or grandchild financially but for worries to creep in. You may be concerned about how it will affect your financial security in the long term. Or how the money will be used. You’re not alone. Almost a quarter (24%) of parents aged 55 and over are concerned they ...

Four signs you could benefit from a financial adviser

A third of adults could have benefitted from financial advice in the last year but didn’t access it, according to the Financial Conduct Authority (FCA). Accessing regulated financial advice can help you make the most of your savings, pension, investments and more. The FCA report found: Only 9% of UK adults received regulated financial advice in the last 12 months Of those not taking advice, two-fifths had £10,000 or more in savings and investments 37% feel they are better able to decide what to do with their ...

What is equity release, and could it be used to fund your retirement?

More homeowners are choosing to unlock the wealth tied up in property with equity release, figures show. But what is it and why are more retirees choosing to support retirement income with this option? What is equity release? Equity release refers to a range of products that allow you to receive money based on the value of your home. Usually, equity release products can only be used if you’re over the age of 55. You can choose to take a lump sum as equity release or receive several, smaller amounts. When you ...

Pension education needed as millennials struggle to balance priorities

The millennial generation is increasingly engaged with pensions. But a lack of financial knowledge means that they’re often struggling to juggle multiple priorities. As a result, almost a quarter aren’t saving into a pension, according to Prudential. Whether you’re a millennial struggling to balance short and long-term money goals or a parent or grandparent to a young worker and want to provide some support, there are steps that can be taken. If you’re finding talk of pensions confusing, it’s important to realise you’re not alone. Millennials want more ...

The six things you should know about your pension

Brits check their reward card points and lottery numbers more frequently than their pension. With a pension providing you with financial security throughout your retirement years, it’s crucial to stay in the loop. Despite how important a pension is to your life plans, many aren’t as engaged as they should be. Analysis from NOW: Pensions found: 25% of pension holders check their pension balance at least monthly; 19% have never checked it 45% check their reward card points at least once a month 39% make sure they ...
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