Pension legislation dramatically changed back in 2015. Gone are the days where your pension savings automatically die with you or your spouse/civil partner.
There are so many things to consider, with, home and support naturally the first you would focus on. In fact, when you begin the process of separating a shared life the sheer number of things to deal with can seem overwhelming, and related to this is, the cost of divorce can have a lasting impact on your plans for later life.
Many younger people now rely on the bank of Mum and Dad to help get them on the housing ladder. As well as being a useful source of funds, they may also have some important life lessons to impart when it comes to saving towards a more secure financial future.
The COVID pandemic has seen unprecedented support for many people and businesses in the UK over the last 2 and a half years. Enforced lockdowns around the world has led to supply chain issues with many goods being delayed for months. The global economy initially saw a sharp downturn and thankfully has then seen a recovery as we all came out of our houses last year.
Financial Planning Consultant, Marcus Dodds, looks at the consequences of making early pension withdrawals during these unsettled and challenging times.
Passing on your wealth - A recent survey from investment manager Abrdn has provided a snapshot of people who have or plan to retire in 2022. Whatever stage you are at in your retirement planning, the research offers an interesting insight.
The annual allowance is an important number in the pension world. It sets the maximum tax-efficient amount of total contributions in a tax year – from any source – that can be made to pension schemes for your benefit. If the allowance is exceeded, then any tax relief you receive on the excess is effectively clawed back by the annual allowance charge.
The value of the State Pension should not be overlooked as this forms a critical part of a retirement income for nearly all retired households, it will certainly be missed if it is not there.