Category

Pensions

Can I rely on the state pension for retirement?

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It is estimated that as many as 15m people (i.e. 1 in every 3 retirees) in the UK have no pension savings at all. Those over the age of 50 are especially at risk of pension poverty, since there is less time to build up a viable strong retirement fund (although it is certainly not too late). Many people seem to believe that the government will look after them when they stop working, much like the National Health Service…

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How to get your head around pension allowances

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The UK pension system can easily leave people confused. Not only does it deal with finances which seem to be in the far future, but the tax regime and “compounding dynamic” which take place on pension investments can also be quite complicated. There are also a range of pension allowances available which are intended to incentivise people to save towards their…

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Divorce in later life – how to protect your retirement

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Divorce is not unheard of in later life and, in fact, the figures suggest that it is growing more common. According to the Office for National Statistics (ONS), 7,468 marriages comprising over-65s ended in 2004, with the figure rising to 10,937 in 2014. Whilst money can sometimes be far from people’s minds during the divorce process, it’s crucial to not neglect your financial interests – especially with regards to your pension.

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Pension tips for people in their 40s

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This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. Turning 40 can be a time of great change for many people. The kids are older and perhaps you have been in a…

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Paying into your child’s pension: a short guide

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This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. Is it worth committing capital towards a pension for a child and, if so, which type of pension should you choose and how…

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Inheritance, lump sums & pensions

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Many young people in the UK are facing significant financial pressures as house prices have risen over recent decades, far outpacing wage growth. As such, it is understandable that many hope that a future inheritance lump sum will help them gather the necessary funds for a house deposit. Yet research shows that, in 2020, those most likely to receive an inheritance are aged 55-64 with the median sum…

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Should I opt out of my pension or increase my contributions?

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This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. In May 2020, many people are concerned about what to do with their pensions. Here at Elmfield in Lancashire, our financial advisers have…

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Pension Planning: Should I Buy an Annuity?

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Generating an income during retirement will be crucial to sustaining your desired lifestyle. Yet how exactly should you attain the funds you need? Here at Elmfield Financial Planning, we help people in Burnley and across Lancashire to answer this important question. There are many ways to generate a retirement income, and each option might be more or less suitable depending on your unique financial goals…

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