When people retire, they typically live off their savings and investment (e.g. in pensions) over many years. It requires a lot of preparation. Costly mistakes can – and do – happen, often due to failure to understand how pensions work. In this guide, our team at Elmfield Financial Planning in Padiham, Burnley…
Managing money is often a challenge for young people at university. Before age 18, a child’s financial needs are typically more limited due to living at home. Once they reach their halls of residence or student house, however, they suddenly need to contend with bills, cooking and budgeting for social spending…
The UK’s inflation surge in 2022 is persisting, despite efforts by the Bank of England (BoE) to bring it down to more “normal” levels (closer to 2%). Presently, inflation stands at 9.4% and could reach 10% or more by the end of the year. This is bad news for households, since the higher inflation goes, the less “buying power”…
Do you – or someone you know – work for the NHS? When you start working for the NHS, you should be automatically enrolled onto the NHS Pension Scheme. Yet what is it, exactly, and how does it work? Does it offer good value for retirement planning and are there better alternatives…
A property can be a valuable asset. Yet, just like other investments, tax always lurks nearby. How can you minimise needless tax on a property and improve your “real” (after tax) returns? Below, our team at Elmfield Financial Planning in Padiham, Burnley, Lancashire shows how taxes work regarding UK property…
The rising cost of living is giving many households much pause for thought in 2022. More than 50% of UK homes have reduced their gas and electricity consumption as energy costs spiral, and 1.66m video streaming subscriptions have been cancelled (mostly by young people) in the second quarter…
Deciding how to manage wealth as a couple can be challenging. Perhaps you both have different ideas about what money is for, how much you should spend and how everything should be organised. Yet finding ways to work together on a financial plan can bring extra success, contentment and peace of mind…
Have you been offered shares in your employer’s business? Employee share schemes can be attractive to prospective staff. After all, they are presented as an opportunity to share in the company’s profits. Yet how do these schemes work, exactly? Are they always a good idea to sign up to?…
What would happen if you could no longer make decisions about your own finances? The case of Kate Garraway’s husband still hangs prominently in public consciousness. After he contracted COVID-19 in March 2020, Derek Draper became seriously ill and suffered severe internal organ damage…
Many people dream of retiring to Spain, France or further afield (such as southeast Asia). Yet the tax implications can be very complex, and it is wise to check the rules thoroughly – both in the UK and in your destination country – before taking the leap. It is also a good idea to check the wider implications…
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