Did you know: that since 2015, ‘pensions freedoms’ allow you to access your pension pot from age 55?
You can take it as a lump sum, drawdown regular amounts or buy a fixed income with an annuity.
Did you know: that life expectancy is increasing, which means you might need a larger pension pot to maintain your ideal lifestyle in retirement?
Advances in medical science, coupled with healthier lifestyles, means that average life expectancy continues to rise. In the ten years from 2011 to 2021, average life expectancy grew from 80 to 81½.
Did you know: that Income Protection Insurance can replace up to 70% of your income due to illness or injury?
Statutory Sick Pay is currently £116.75 per week. That is less than a third of the weekly take-home pay of someone on the adult minimum wage.
Did you know: that only about 35% of UK adults have life insurance, despite its importance in providing for their families?
There are two main reasons that people take out life insurance cover – but many should be considering it for other purposes.
More investors looking at benefits of EIS and VCT investing
A growing number of investors are seeking ways to invest tax-efficiently in places other than their pensions and ISAs, usually because they have already fully used their ISA allowances, and significant pension contributions have compounded over the years.
The additional benefits of EIS and VCT investing
A growing number of investors are seeking ways to invest tax-efficiently other than through their pensions and Individual Savings Accounts (ISA). The reason being that those investors have fully used their ISA allowances and have significant pension contributions have compounded over the years. Pensions have a tax-efficient lifetime allowance, above which clients question why they should keep adding if they are going to get taxed later at a higher rate!
Did you know: that if you start saving at 40, you’ll need to save a considerable amount more than if you started at 20, to achieve the same retirement goals?
When should you start saving for your retirement?
Don’t panic! No need for knee-jerk reactions to Budget pensions IHT announcement
Stephen Metcalf of Lovewell Blake Financial Planning says that pension-holders should avoid any knee-jerk reactions to the Budget announcement that pensions will fall under inheritance tax from 2027.