Understanding Pensions: Why You Should Start Now
However, starting a pension in your 20s or early 30s can make a significant difference to your future financial security. Here’s why you should start planning for retirement sooner rather than later. 1. Compound Growth One of the most compelling reasons to start a pension early is the power of compound growth. When you invest […]
Struggling with Pension Contributions Amid Rising Mortgage Costs
Question: What happens if I cannot afford to pay into my pension scheme but I am worried about retirement? Answer: The past few years have been challenging for many households, with rising costs putting a strain on finances and leading to difficult decisions. A slight increase in the number of people opting out of workplace […]
Potential Changes Following Rachel Reeves’ Recent Announcement: A Financial Overview
Rachel Reeves, the newly appointed Chancellor of the Exchequer, has recently made a series of announcements that could significantly impact various aspects of the UK’s finances. These potential changes could affect taxation, pensions, Capital Gains Tax (CGT), Inheritance Tax (IHT), and mortgages. This article will explore these potential changes and their implications for individuals and […]
The Journey to Retirement: Securing Your Financial Future
The dream of retirement extends beyond the idyllic vision of leisurely beach days—it’s fundamentally about achieving the financial stability that enables such luxuries. Luckily, the path to this financial independence is well within reach, provided you’re willing to invest the effort now for the lifestyle you envision later. Begin with a Personal Pension Plan Setting […]
Is your pension underpaying you
The state pension is an essential source of income for many retirees in the UK, providing financial stability and security in retirement. Unfortunately, recent reports suggest that the state pension system is underpaying thousands of individuals, resulting in financial difficulties and reduced quality of life. This article will explore the issue of underpayments in the […]
The pros and cons of 40-year mortgages
The UK mortgage market has a wide selection of both variable-rate and fixed-rate mortgages. It also has other niche mortgage products such as offset mortgages. One of the more recent entrants to the market is the 40-year mortgage on a fixed rate. In principle, this offers long-term certainty. In practice, it has significant, potential drawbacks […]
Spring statement – Investors
Like its predecessor, the spring budget, the spring statement heralds the beginning of the end of the financial year. It also sets out what investors can expect from the year ahead. Here are its key points. The UK is expected to avoid a recession The Office for Budget Responsibility now predicts the UK will avoid […]
Are Voluntary National Insurance Contributions Worth The Money?
In the UK, every new year, financial writers remind their readers to organise their finances before the end of the financial year. For some people, this may include deciding whether or not to pay voluntary National Insurance contributions. If you are one of these people, here is a quick guide to what you need to […]
Are You (Financially) Ready For Retirement?
If you’re at the younger end of the boomer generation, then retirement should be high on your list of priorities. In fact, even if you’re in Gen X, retirement should be one of your key considerations, especially if you’re at the older end of it. This means you should be assessing your financial provisions for […]
What Does Inflation Mean For Modern Retirees?
Retirees have traditionally hated inflation. It often has a brutal effect on fixed incomes such as the State Pension and annuities. Pension freedom may have helped to take the edge of this somewhat. Even so, inflation is likely to have to remain a concern for retirees for many years to come. Here are some of […]
