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Elmfield Admin

Diversification: a short guide to investing

By | Savings & Investments | No Comments

If you’re wondering how to start investing or develop your portfolio, then at some point you will hear about diversification. In simple terms, this refers to the practice of spreading out your investments across many different markets and asset types. Rather than putting all of your eggs in one basket (e.g. by investing all your capital in one stock), this approach helps you to mitigate unnecessary risks.

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Can I rely on the state pension for retirement?

By | Pensions | No Comments

It is estimated that as many as 15m people (i.e. 1 in every 3 retirees) in the UK have no pension savings at all. Those over the age of 50 are especially at risk of pension poverty, since there is less time to build up a viable strong retirement fund (although it is certainly not too late). Many people seem to believe that the government will look after them when they stop working, much like the National Health Service…

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How generosity can result in tax benefits

By | Tax Planning | No Comments

It’s easy to assume that financial planning is all about ourselves. Yet there is a place for giving and charity too. Moreover, engaging in generosity can also make sense from a tax perspective – both for the giver and also the recipient. In this short guide, our financial planning team here at Elmfield offer these thoughts on charitable financial planning and its tax benefits.

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How to get your head around pension allowances

By | Pensions | No Comments

The UK pension system can easily leave people confused. Not only does it deal with finances which seem to be in the far future, but the tax regime and “compounding dynamic” which take place on pension investments can also be quite complicated. There are also a range of pension allowances available which are intended to incentivise people to save towards their…

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5 core components to wealth preservation

By | Tax Planning | No Comments

Some people are fortunate enough to happen upon wealth. For many of us, however, they have carefully built up their savings, investments and assets over many years and want to make good decisions about how to look after them. Especially as you look ahead into retirement where they will play an important role in sustaining your lifestyle; and then even…

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Divorce in later life – how to protect your retirement

By | Pensions | No Comments

Divorce is not unheard of in later life and, in fact, the figures suggest that it is growing more common. According to the Office for National Statistics (ONS), 7,468 marriages comprising over-65s ended in 2004, with the figure rising to 10,937 in 2014. Whilst money can sometimes be far from people’s minds during the divorce process, it’s crucial to not neglect your financial interests – especially with regards to your pension.

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Pension tips for people in their 40s

By | Pensions | No Comments

This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. Turning 40 can be a time of great change for many people. The kids are older and perhaps you have been in a…

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Highlights from the July 2020 mini-budget

By | Financial Planning | No Comments

This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. Chancellor Rishi Sunak was scheduled to deliver a Summer Statement in July 2020, to provide an update on how the UK economy was…

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