Ryan Anderson explains what retirement could look like at three different levels – Minimum, Moderate and Comfortable and what goods and services would cost for each level.
The expected level of income needed in retirement has risen sharply with new research revealing increases for all retirement lifestyles. But how much will you need to save for retirement?
For employees, financial wellbeing is becoming more important than ever and having a workforce that is engaged, informed, supported and efficient will improve productivity and build trust.
Whilst many professionals such as lawyers and accountants have excellent financial knowledge and experience, many can be guilty of neglecting their own personal finances due to lack of time.
If your pension savings are less than £1,073,000, and you wish to take a lump sum, then you will still get 25% of the pot tax-free, up to a maximum of £268,250. However, if you have more than £1,073,000 in your pension, the tax-free element will be less than 25%.
After another year of changing rules and regulations - the removal of the lifetime allowance and the increase to the annual allowance alongside the implementation of the McCloud remedy - the pension landscape for NHS members has never been more complex. But how do these changes impact your NHS pension?
The Chancellor’s 2023 Autumn Statement is perhaps more remarkable for what it did not include, rather than what it did. Financial planners had widely been expecting ISAs to benefit from an increase in annual allowance and a simplification.
Gifting your children or grandchildren money while you are alive could be a tax-efficient way to be the “Bank of Mum and Dad” during the cost-of-living crisis and could mean that you help your children now when they need it most.
The process of completing a Lasting Power of Attorney (LPA) has often been considered time-consuming and confusing, but new legislation aims to modernise this process and could be a vital piece of the jigsaw when it comes to implementing a secure financial plan for you and your family.