The tax advantages of holding a commercial property in a SIPP

Investing in commercial property might not be the first thing that springs to mind when you think about your pension. However, with a Self-Invested Personal Pension, or SIPP, you can do just that. Furthermore, investing in commercial property through a SIPP can allow you to benefit from a range of advantages. What is a SIPP? A SIPP is a type of pension which is available to anyone. They are popular among business owners and the self-employed, as they offer a range of advantages and allow the investor to control how the money ...

Could looking after the grandkids be the key to a boost in retirement income?

One in 10 grandparents is responsible for caring for grandchildren on a daily basis, according to research from Halifax. While you might feel that taking care of your grandchildren isn’t hard work, or is a natural part of life, it could also be the key to a higher retirement income. A recent report has shown that approximately 100,000 grandparents could be eligible to claim Childcare National Insurance Credits which will boost the amount of State Pension they receive when they reach State Pension Age. (Source: Department for Work & ...

Moving forward together: The importance of retirement planning as a couple

Talking about the future is natural in the early stages of a relationship. You have probably been involved in a conversation along the lines of: “Where is this going?” “When will we get married?” “Do we want to have children?” Hopefully, you made it through those discussions and are now looking forward to leaving work and enjoying your retirement together. Unfortunately, it seems that the older we get, the less we talk about how we envision the rest of our lives. Especially when it comes to retirement planning. According to research from Prudential, ...

Financial education at a young age pays off

Research has shown that teaching children about money when they are young, is likely to lead to a better understanding of savings and the ability to delay gratification in order to meet a long-term savings goal (Source: MyBnk). How does early learning help children to manage money? According to the research, seven-to-11-year olds who have received lessons in saving money and working toward long-term goals, are better able to understand financial decisions and the consequences they will have. Furthermore, many children displayed increased ability to: Delay gratification (68%) ...

First-time buyer doubts dampening spirits as two-fifths believe they won’t achieve their homeowning dreams

Almost half (48%) of people aged between 25 and 34 today who aren’t on the property ladder say they want to own their own home within the next 10 years. However, 41% think that achieving this dream is impossible. What are 25-34-year old’s expectations? Research from the Building Societies Association(BSA) shows that the number of people aged 25-34 who own their own home has dropped from 40% to 33% over the past 10 years. Looking forward, the research shows that 62% would like to own a home within the next ...

The struggle of finding the perfect home as a last-time buyer

Last-time buyers are those people looking for the home they will settle in during their retirement, and which they will potentially live out the rest of their lives in. They account for 30% of homeowners aged 65 and over. Unfortunately, research from Key Retirement has shown that many last-time buyers are struggling to find a home which matches their needs and is located in their preferred area. Why do older people want to downsize? There are several factors which may lead retirees to look for a smaller, or more ...

Is a lack of knowledge losing you money?

Many savers are unaware of the different products available to them, and that could be causing them to lose money unnecessarily (Source: Oaksmore ISA). If you are one of them, it is time to look at the options to improve your financial outlook. The current situation According to the research: 16% of savers are not aware of any type of ISA (Individual Saving Account) 75% are aware of traditional Cash ISAs, but not any other type of investment products 40% are aware of Stocks & Shares ISAs 31% are ...

Mental health issues and bad borrowing decisions: a vicious circle?

One in six of us will experience common mental health issues, like anxiety or depression. Unfortunately, as many as half of the people who have symptoms of these illnesses will go untreated (Source: Mental Health Foundation). Indeed, it is highly likely that you know people who are facing mental health problems, even if you do not have them yourself. How are you affected? You might be wondering what that has to do with your money and personal finance. According to Money and Mental Health, people ...

How do financial secrets affect your relationship?

How much does your partner know about your finances? For many people, the answer seems to be ‘not much’. Research from Prudential has shown that 31% of people have savings that their other half is unaware of. More than that, 7% have over £50,000 stashed away. Why is that a problem? We’ve previously discussed how one in five people could be in a financially incompatible relationship, so it is hardly surprising that so many people have private saving accounts or hoards of cash which their partner does ...

Helping younger generations plan for retirement on a zero-hour contract

The Office for National Statistics reported in April that the number of people employed with no set guaranteed working hours had risen by 100,000 to 1.8 million, over 12 months. This is worrying, as the number of zero-hour contracted employees had previously been in decline since 2015. Unfortunately, with no guaranteed hours, these employees may be put in an unstable financial position. Whilst the impact of such an arrangement will not be felt immediately, there may be repercussions affecting later life as well. It is likely that you ...
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