Pension legislation dramatically changed back in 2015. Gone are the days where your pension savings automatically die with you or your spouse/civil partner.
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.
The number of people paying higher rate is rising sharply. If that’s you, then independent financial advice could be more important and valuable now than ever.
Once thought of as a tax for only extremely wealthy people to worry about, rising property prices have meant more estates than ever are likely to face an inheritance tax bill. HMRC collected £6.1 billion from thousands of bereaved families in 2021/22.In fact, the amount of inheritance tax collected currently is expected to reach £6.9 billion by 2023-24, an increase of £1.5 billion in just five years (OBR forecast March 2022).
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.
Many people accessed the financial support from The Government through furlough, temporary changes to Statutory Sick Pay or bounce back loans and financing, however, with this safety net removed, a substantial number are now faced with rebuilding savings and making repayments to borrowings, all coming at a time of huge rising living costs.