Preserving your wealth and transferring it effectively
Estate planning is an important part of wealth management, no matter how much wealth you have built up. It’s the process of making a plan for how your assets will be distributed upon your death or incapacitation.
The pension freedoms, introduced on 6 April 2015, have given retirees a whole host of new options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings.
An Individual Savings Account (ISA) enables you to save in a simple, tax-efficient way, while generally giving you instant access to your money. This gives you short, medium and long-term saving options, and with the end of the current tax year not too far away, it’s important to make the most of your annual tax-free ISA allowance.
We know that age is just a number, and for different people it means different things. It’s also a phrase used by some people who oppose age restrictions. In the UK, 65 years of age has traditionally been taken as the marker for the start of older age, most likely because it was the official retirement age for men and the age at which they could draw their State Pension.
You work hard to enjoy your current lifestyle, but are you doing enough to ensure that you will continue to enjoy it in retirement? Many of us live for today, but saving into a private pension plan can help you retire sooner rather than later.
Are you on track to enjoy the retirement you want?
If you’re among the many older UK workers who will say farewell to full-time work in the next five years, now’s a good time to make sure you’re truly prepared. Whether you’re viewing the next phase of life as retirement, semi-retirement or an unknown adventure, it’s essential that you obtain professional financial advice. From age 55, you have the flexibility to choose how you take some or all of your money from your pension.
Quantifying the value of financial advice has always been a challenge because people who receive financial advice have different characteristics to those who do not. But what if it was now possible to quantify the value of financial advice and isolate a pure ‘advice effect’? This is exactly what the researchers at the International Longevity Centre – UK (ILC) have been able to calculate.
Early retirement is no longer defined as the moment when you stop working forever. For many people, it’s simply the moment when you no longer have to work for money. But this also means being in a financial position to choose to keep working if you enjoy what you’re doing.
Self-employed business owners face unique challenges
Saving for retirement can be more challenging when you are self-employed, as there is no one to organise a pension for you and no employer making contributions on your behalf. On top of that, self-employed workers often don’t have a regular income, so many will focus on setting aside money as a safety net if they cannot work.
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Inheritance Tax Planning, Tax planning, Estate planning, Wills and Trusts are not regulated by the Financial Conduct Authority.
Hills - Howson Financial Services is a trading style of John Howson who is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited who are authorised and regulated by the Financial Conduct Authority.
Will writing is not part of the Quilter Financial Planning offering and is offered in our own right.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.