Exploring strategies to secure your family’s financial future
The amount of Inheritance Tax (IHT) paid by families has dramatically increased over the past decade, increasing from £3.1 billion in the 2012/13 tax year[1] to £7.5 billion in the 2023/24 tax year[2]. This rise is attributed to growing asset values and stagnant IHT thresholds, coupled with many families delaying their planning. An additional IHT allowance was introduced in 2017, allowing some families to pass on more assets without incurring IHT, yet the criteria for qualification can be complex.
Many people do not engage in crucial conversations regarding the lifestyle they envision
As we approach one of life’s most significant transitions—retirement—many people do not engage in crucial conversations about the lifestyle they envision or assess whether they’re on track to achieve it. Recent research highlights that half of those aged 55 and over have not discussed their desired retirement lifestyle with a partner or loved one[1].
How would you pay your bills if you couldn’t work?
In today’s unpredictable world, safeguarding financial stability is more crucial than ever. Many of us would struggle to keep up with our essential outgoings, such as mortgage and rent if we lost an income due to illness or an accident.
Ensure you’re well-placed to fund any future care needs
Many people prefer to avoid the subject of long-term care. Most find it hard to contemplate going into a care home when they are older, but many will do so eventually. However, planning for these potential expenses is important before they become urgent. The NHS, while a cornerstone of healthcare in the UK, only covers care costs in specific circumstances, primarily when related to medical health needs.
Are your finances on the right track as you approach this new chapter?
As we approach our 50s and 60s, retirement looms on the horizon, promising a well-deserved break from decades of hard work. Whether your future plans include travelling, indulging in hobbies, or spending quality time with family and friends, retirement should be the longest holiday of your life. Ensuring your finances are on the right track as you approach this new chapter is crucial.
Financial status plays a significant role in retirement happiness
Retirement is a time many look forward to—a reward for years of hard work with the promise of relaxation and enjoyment. However, a key question persists: how much money is necessary to ensure happiness in retirement? A recent study suggests that the happiest retirees possess a pension pot of approximately £222,000, translating to an average monthly income of £1,700[1]. This income level, which includes a full State Pension, provides an annual income of around £20,400.
Financial strategies are not immune to the impacts of life’s changes
As the new year approaches, it brings a sense of renewal and opportunity—an ideal time to pause and evaluate your financial plans. This annual reflection is important to ensure your financial plans function at their peak and align with your evolving circumstances. No matter how sound, your financial plans are not immune to the impacts of life’s changes or the ever-shifting landscape of legislation.
Generous parents and grandparents are turning to their property wealth
As the housing market becomes increasingly competitive, family contributions are crucial in helping younger buyers secure their dream homes. Recent research highlights that generous parents and grandparents are turning to their property wealth to offer this vital support.
Often-overlooked financial implications during this transformative life stage
The menopause is a natural phase in a woman’s life, marked by significant physical and mental changes. While much attention is given to the physical and emotional challenges, the financial implications of menopause often remain overlooked.
Juggling responsibilities can often push long-term financial planning to the sidelines
Motherhood is a multifaceted journey, where the daily juggling responsibilities can often push long-term financial planning to the sidelines. Yet, dedicating just a small time window to review your finances could dramatically enhance your financial outlook. While managing finances is important for everyone, mothers encounter challenges requiring tailored financial strategies to ensure stability and growth.
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