Pensions are highly effective for retirement planning. They can offer generous tax breaks (such as tax relief on contributions), significantly boosting a nest egg’s growth over time. However, pensions can also be confusing. Not only do different types of pensions exist, but the rules and processes can vary…
Being single – whether by choice or involuntarily – brings many unique opportunities and challenges for financial planning. Perhaps you imagine yourself living independently in retirement. Or, maybe you find yourself suddenly single due to divorce or bereavement. Regardless of the circumstances…
Many people dream of retiring early. The thought of enjoying more time for travel, family, and passion projects is certainly appealing. However, “early retirement” has undergone a significant generational change. In previous decades, men often retired earlier than women. There were “send off”…
In the 2023 Autumn Statement, Chancellor Hunt announced that the State Pension would receive an 8.5% increase in April 2024. By doing so, he confirmed the continuation of the “triple lock” system (which was suspended in the 2022-23 tax year), much to the relief of many pensioners. However, what will pensioners…
In 2023, there are an estimated 6,400 “gold-plated pensions” (final salary pension schemes) in the UK. Yet this figure pales in comparison to the number of schemes which are built upon pension “pots – also called defined contribution pensions. Indeed, 0nly 1,013 final salary schemes remain fully…
Retiring early is an ideal goal for many people – offering more opportunities to travel, volunteer or pursue other passions. Yet early retirement rarely just “happens”. Rather, it needs careful planning years in advance. In this guide, our Burnley financial planners explain some of the forms that early retirement…
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…
Did you know that there was a “cap” on how much value you could hold in the pension, tax-free, in 2022? This was called the Lifetime Allowance and, as of 6 April 2023, the charge has been abolished by the Chancellor. In the 2023-24 tax year, you can now take pension benefits in excess of…
Being self-employed can offer greater flexibility and earning potential for many people. Yet it also presents unique challenges. Irregular income can make budgeting and long-term financial planning difficult. Another potential issue has been highlighted by the Institute for Fiscal Studies (IFS), warning that…
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…
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