Many people like the idea of drawing from their pension from the age of 55 (or 57 from 2028, when the rules change). Perhaps you envisage continuing to work – albeit with fewer hours – whilst supplementing your income using funds from your pension pot. This can work for some people, yet drawing early…
The COVID-19 pandemic has been a stark reminder of our own vulnerability. Here in the UK, after so many years of peace and a rising standard of living for many people, it has been easy for lots of us to forget that life can be frail. How can you prepare your household finances to weather the worst, even as you plan…
It is common for people to assume that they can only access cash from their property if they sell it or downsize. There is, however, another option – equity release, which allows homeowners to access a lump sum from your property’s value whilst continuing to live in it. This can sound ideal and certainly is a…
From a young age we are taught that “debt is bad”. As such, we should seek to stay away from it as much as possible – or clear it quickly. Although this is a good principle for personal loans and credit card debts, it often becomes confusing when people look to get onto the property ladder. For most people, this will involve…
At the time of writing, the 5th April deadline marking the end of the 2020-21 financial year has now passed. Hopefully, you made the most of your allowances, since doing so can save you £100s (maybe £1,000s) in unnecessary taxes – thus putting money back into your pocket. If you did not, however, then all is not lost…
As a person approaches retirement it is common for them to have a wide range of investments, pensions and savings. These might include capital in ISAs (individual savings accounts), SIPPs (self-invested personal pensions), regular savings, various defined contribution pension pots and maybe even a…
COVID-19 has hugely damaged the UK economy, adding over £400bn in public debt over a 12 month period. For some time now, many commentators have anticipated the announcement of tax rises to help address this. One of the big surprises of March 2021, therefore, was that these failed to materialise…
Intuitively, most of us know that it is best to have a Will in place for an estate plan. Yet what are the concrete benefits of doing so? How, exactly, is it better than doing nothing? Below, our team at Elmfield Financial Planning in Padiham, Burnley, Lancashire answer by specifying how the UK’s rules work. We hope you…
The long-awaited March 2021 Budget has now been revealed, with its details still being pored over by media pundits. As financial planners here in Padiham, Burnley, Lancashire, our team at Elmfield are keen to communicate how the new budget may affect your wealth and finances in the coming months and years…
A “sell-off” is easy to see when it happens. A high number of securities (e.g. stocks and bonds) are sold in rapid succession – perhaps hours, days or weeks. The spiral downwards often goes faster as investors feel pressure to sell due to everyone else doing so. The overall psychology of the marketplace turns…
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