Making new year’s tax saving resolutions
At this time of year, we think about new year’s resolutions, and it’s also a good time to start planning our tax affairs before the end of the tax year on 5 April. As you think about 2019 and your goals for the new year, we can help to start you off on the right financial footing. It’s well worth spending some time in January to think about your money so you can achieve your goals as quickly as possible.
Move to equalise male and female pension ages
Women will now start to qualify for the State Pension at the same age as men, currently set at 65. The move to equalise male and female pension ages began 25 years ago and has been gradually phased in. Your State Pension age is the earliest age you can start receiving your State Pension. It may be different to the age you can get a workplace or personal pension.
Build a portfolio that meets your needs
The earlier you commit to an investment strategy, the longer your money can work in the market. However, the world is an uncertain place at the moment. The deadline for the United Kingdom’s withdrawal from the EU is edging closer, and there is also the ongoing threat of an all-out trade war breaking out.
Taking responsibility for funding our own retirement
Although each generation will likely face different challenges and opportunities, achieving retirement readiness will require actions common to us all.
Building wealth for a solid financial future
As a parent, guardian or grandparent, you’ll want to provide the best future for your children or grandchildren that you can. Christmas is an excellent time to encourage children to start thinking about the value of money. Many children have hundreds of pounds spent on them at Christmas. But could that money be put to better use? Rather than buying yet more toys for your children or grandchildren, why not consider setting up a tax-efficient Junior ISA for them?
Common ways fraudsters can steal your personal information
Identity theft is frighteningly widespread. No one can prevent all identity theft, and cybercriminals are getting more sophisticated in their attempts to steal your identity. Identity theft occurs when someone steals your personal information and uses it to commit fraud or other crimes in your name.
Financially squeezed between elderly parents and children
Faced with the task of caring for elderly parents alongside your children, being in the Sandwich Generation can be a testing time. Finding yourself squeezed between – and often by – these two generations can be very stressful.
Why sorting out your pension may not be the biggest priority
What is likely to be a divorcing couple’s most valuable asset? The family home will spring to most people’s minds first. But the value of a pension could well be the biggest single asset in the relationship.
Passing your wealth on to the next generation
You have worked hard to build your wealth. Passing it on to the next generation fairly, safely, effectively and efficiently takes skill and careful preparation. But some people find the idea of discussing inheritance uncomfortable and subsequently put off estate planning until, in some instances, it may be too late to make a difference.
The greatest strains on physical and mental health
There is an increasing trend of people working for longer and delaying their retirement, with some staying in work out of financial necessity.