The Pensions and Lifetime Savings Association (PLSA) has warned that the cost of retirement has risen substantially – seeing an increase in the cost of 4.9% since 2019. The latest PLSA report predicts an extra £40,000 is needed to fund a comfortable 20-year retirement. They break down their calculations into three tiers – minimum, moderate,
Workers nowadays have, on average, 11 jobs during their working lives. So, it is not uncommon to have built up numerous pensions, which are easy to lose track of overtime. Some might be “Defined Benefit”, also known as Final Salary schemes, which promise a certain level of pension from retirement age, while others – increasingly
The Spring Budget announced that the Pension Life Time Allowance (LTA) would be frozen until at least April 2026 at £1,073,100. Previously, the LTA increased at the target rate of 2.5% however last year due to the low inflationary environment, it only went up by 0.5%. A prolonged period with no inflationary increases will mean
Retirement might mean stopping the 9-to-5, but it does not have to mean giving up on work these days. With many people gaining the taste for flexible working during the pandemic, the freedom to work how and when you like suits those who may have caring responsibilities or even health issues, whilst giving those considering
By the time you reach your 60s, you should already have covered the basics of financial planning: ISAs, Pensions, Wills and even Trust planning. So, what are the next steps as you move towards the end of your working life and into retirement? For many people, actioning their financial plan can be a mentally difficult
Lasting Powers of Attorney (LPAs) allow you to appoint an individual to act as your legal representative in the event of declining mental health or injury. Whilst LPAs are vitally important documents and critical to your financial planning, it is estimated that less than 1% of the British public have one. In contrast, 40% of
“Asset rich, but cash poor” – it is a problem that many face in retirement. But exactly what does it mean? Assets are wealth that you own, whereas cash is money that can be spent without selling anything first. The last part of that definition is crucial and the reason why many people suffer a decrease in their standard of living when moving
For a number of years, all financial advisers have had to disclose whether they are independent or not, but what exactly does this mean? Whether your adviser offers independent or restricted advice can have a big impact on the type and range of advice they can offer. Independent advice is based on whole of
On average, in retirement, most households spend around £2,110 per month. Many people overestimate how much they will need in retirement by assuming they will spend the same as they currently earn. This is because they fail to appreciate the reduction in expenses that comes as you get older. The mortgage is often nearly paid,
We are very proud to announce that Ben Dyson, one of our Wealth Strategists, has become the Personal Finance Society’s youngest fellowship graduate in 2020. The Personal Finance Society is part of the Chartered Insurance Institute, the most prestigious recognised body for financial services professionals and Ben’s achievements place him right at the top of
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