Life is full of uncertainties and if the worst were to happen, would your bills still get paid? Everyone should consider protection, even those who don’t have a family or a mortgage! Unless they have substantial savings or inherited wealth, most people rely on their salary to pay for everything. Over the years, you may…
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We take a look at the ISA returns of the year and ask if it’s time for you to explore your ISA options? 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…
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A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting personal pension could be a good way of saving for retirement. Your pension provider will claim tax relief at the basic rate and add…
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The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge. The lifetime allowance for most people is £1,055,000 in the tax year 2019/20. It applies to the total of all the…
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You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum, then convert the rest into a taxable income for life called an ‘annuity’. There are different lifetime annuity options and features to choose from that affect how much income you would get. You can also choose to…
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Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can turn pensions into money you can use; you can take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a large Income Tax bill…
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What are your 2020 financial resolutions? Whether it’s stopping smoking, losing weight, eating more healthy or getting fitter, most of us have probably made at least one New Year’s resolution, but how many of us will actually go on to achieve it? We all have different financial goals and aspirations in life, yet these goals…
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Welcome to the first edition of our TIPS financial magazine of 2020. Inside this issue, we feature articles covering a number of different topics to help you successfully grow and protect your wealth. Whether it’s stopping smoking, losing weight, eating more healthy or getting fitter, most of us have probably made at least one New…
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Did you know there are ways you can be taking money from your pension? You can use your existing pension pot to take cash as and when you need it and leave the rest untouched where it can continue to grow tax-free. For each cash withdrawal, normally the first 25% (quarter) is tax-free, and the…
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With this flexible retirement income option known as ‘flexi-access drawdown’, you can normally take up to 25% (a quarter) of your pension pot or of the amount you allocate for drawdown as a tax-free lump sum, then re-invest the rest into funds designed to provide you with a regular taxable income. You set the income…
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Don’t let pension scammers enjoy your hard-earned savings. Anyone can be the victim of a pension scam, no matter how savvy they think they are. It’s important that everyone can spot the warning signs. Latest figures show that nearly one in ten over-55s fear they have been targeted by suspected scammers since the launch of…
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A growing number of ageing baby boomers are saying, ‘No thanks’ to downsizing, choosing instead to remain in the same house in which they raised their family and created lifelong memories. Generating income through equity release Of those who say they will stay, an increasing percentage will use their property to generate income through equity…
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