An annuity is a financial product which offers a guaranteed income over an individual’s retirement. In 2023, annuities have become more popular due to higher incomes offered by new products. Is now the time to buy one? In this article, our Burnley financial planners explain how annuities work…
On 22 June 2023, the Bank of England (BoE) raised their interest rate (the base rate) again – this time, by 0.5% to now stand at 5%. Given that this is the thirteenth rise since December 2021, many people are asking how much higher the base rate could go. The base rate has a big impact on the cost of borrowing…
In June 2020, at the height of the COVID-19 pandemic, Ipsos Mori published a report into the state of financial wellbeing in the UK. Its findings were significant. It found that “financial wellbeing” – a deep sense of personal financial security and freedom of choice – is essential to mental health and success…
There is no shirking the matter. Since the UK’s cost of living crisis escalated in 2022, families have found it harder to put money aside. Investment levels were at a 3-year low in July 2022, and in May 2023 savers took out a record £4.6bn from savings as consumers struggled to meet their monthly bills…
Interest rates on cash savings can feel more attractive when they are going up. Yet, in the background, your money may not be growing in real terms. In fact, it could be losing value. This is because of inflation – i.e. the rising cost of goods and services in an economy over time. Below, our Burnley financial planners…
Being a UK business owner can bring lots of opportunities including more control over your working hours and the potential to grow wealth as your business expands. However, it also brings greater complexities – particularly when it comes to tax planning. Many owners and directors acknowledge…
Do you dream of retiring abroad – e.g. in Spain, Canada or even further afield? Or, you know someone who does? This guide could be for you. It is estimated that 247,000 Britons aged over 65 are living in EU countries (not Ireland or the UK). Tens of thousands more reside in other states such as Australia, India and Thailand.
How many people do you know who lived to be 100 years old? According to the Office for National Statistics (ONS), there were 15,120 centenarians in 2020 – 18% more than the previous year. Is it just luck of the draw, or do you have a say over whether you live to 100? The science suggests that we have…
Have you checked your National Insurance (NI) record lately? This summer, a key “window” will be closing for a little-known rule about State Pensions. After 31 July the chance will be gone to fill more “gaps” in certain individuals’ NI records. Missing the opportunity may lead some people to lose out on hundreds…
Few people like to see their savings eroded by inflation, fees or taxes. A cash ISA can help you protect your money from the third by allowing you to earn tax-free interest. In principle, this may sound attractive. Yet cash ISAs may not be as useful as they appear. In this article, our Burnley financial planners explore the state of cash ISAs in 2023 and how they might fit…
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