Since 6 April 2015, the “Pension Freedoms” have allowed UK taxpayers to withdraw up to 25% of the value of their pension pot(s), tax-free, from the age of 55. Yet is it a good idea to take this amount out of your pension? There are pros and cons to weigh up, and it often helps to get help from a financial planner…
Even the best-laid plans can flounder upon unforeseen events. Having a backup financial plan – or a financial “Plan B” – can help provide a crucial safety net if the future does not transpire as we hope. This has become even more apparent since 2020 when COVID-19, the cost of living crisis and other economic challenges…
According to one study, around two-thirds of UK parents have helped their children with a mortgage deposit, averaging at £32,440. Nearly a quarter say that, without their financial help, their children would never have made it onto the housing ladder. A third of parents also provide ongoing support with rent…
A financial plan is not just useful to households, but also for businesses (of all sizes). 2023 may be a challenging year for some business owners, especially with inflation now running at 11.1% and with warnings of a recession. Below, our Burnley financial planners offer five ideas to help business owners…
It might feel strange to talk about giving during a cost of living crisis in 2023. After all, wouldn’t your money be best spent on keeping your household afloat? Yet giving has many benefits. Not only is it a moral act in itself, but it forms part of our human nature and gives a sense of purpose and belonging…
What would happen to you (and your wealth) if you could no longer make independent choices? Power of attorney is designed to account for this scenario. As a legal document, it stipulates the conditions under which a trusted person acts on your behalf if, for instance, you lose “mental capacity”…
Most of us recognise “traditional” taxes such as income tax or National Insurance (NI). What is less obvious, however, is how wealth (and monthly finances) can be eroded by “stealth taxes” operating in the background, often unnoticed. Below, our Padiham-based financial planners at Elmfield Financial Planning explain…
The rising cost of living (inflation) is having a big impact on household incomes in 2022. This includes pensioners, whose income might not currently stretch as far as it did last year when the UK’s inflation rate stood closer to the Bank of England’s target (2%). Yet how, exactly, is inflation affecting pensions…
Bonds are a unique asset class, offering investors returns at a lower risk level compared to stocks and shares. Yet they can be mysterious – particularly for new investors. In this guide, our Padiham financial planners explain how bonds work, their distinct features as well as their pros and cons…
With 93% of adults in Great Britain reporting a rise in their living costs in 2022, it is a good time to explore ideas to boost your finances. Is it possible, for instance, that you are one of the 22m people with “unclaimed money” sitting in dormant accounts or “lost” pensions? In this article, our Burnley financial planners…
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