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It’s the biggest threat to your wealth, but 62% of people don’t understand it…

It’s something so powerful that Albert Einstein called it the eighth wonder of the world, and for good reason, too. No, it’s not King Kong; but instead the much mightier concept of compound interest (which is far less likely to run amok in New York City). Compound interest is the return from an initial sum saved, plus the accumulated interest from previous periods of time. Think of it as interest on interest; gathering momentum slowly at first before snowballing into a significant amount over time.
23rd January 2018

15 things to do in the year before you retire

The way we work, and retire, is changing. Gone are the days when we would work in the same place for 40 years, reach the State Pension Age and collect a leaving present, never to return. More of us are now retiring early. While 60 to 65 is no longer seen as old, if you are to have a financially secure retirement it takes careful planning. That means thinking about things months, or even years before you plan to finish working. Using our knowledge and…
8th January 2018

IHT receipts expected to rise

The Office for Budget Responsibility (OBR) has updated its projection for the period between 2016 and 2022. New figures show that the estimated Inheritance Tax (IHT) to be paid during that time will be £900 million higher than previously stated. This is fuelled by a higher IHT income than anticipated during the 2015/16 and 2016/17 tax years. 2015/16 estimates were under by £100m, whilst 2016/17 saw income of £300m more than anticipated. Throughout the rest of the period, the government expects to receive an additional:…
14th December 2017

Why underestimating your life expectancy is dangerous for your bank balance

More than three quarters of 50-64-year-olds underestimate their life expectancy, according to research from Retirement Advantage. 78% of those asked, predicted a much lower age of death than official statistics project, with both men and women believing their life expectancy to be 82 years. Data from the Office of National Statistics shows that the average life expectancy for those in this age bracket is: 88 years for men 90 years for women Having an extra few years to enjoy retirement sounds great…
14th December 2017

The two reasons why people don’t take financial advice; and why they should think again

There are many times when you might think about asking a professional for advice. We turn to qualified and experienced individuals for many aspects of life. Careers, healthcare and even fashion choices see us looking for guidance and entrusting important decisions to strangers. So, why should your finances be treated differently? Your financial position affects most areas of your lifestyle and professional advice only serves to improve your outlook by putting a plan in place to help you work toward your goals. However, research has…
14th December 2017

Base rate rise boosts Premium Bond pay-outs

The Bank of England (BoE) decision to raise the base interest rate from 0.25% to 0.5% means that hopefully banks will be pushing their interest rates up to match, which could be great news for savers. National Savings and Investments (NS&I) are among the first to announce their response to the rate hike. All NS&I variable rate products will see an interest rate rise of 0.25% from 1st December 2017. This will affect those who hold the following account types: Direct ISA Direct Saver Income…
23rd November 2017

Thousands of people don’t know what happens to their personal pension when they die

93% of personal pension holders don’t know where their money will go when they pass away. As such, they might not have the right provisions in place to make sure that it is distributed according to their wishes. The introduction of Pension Freedoms means that re-education is necessary if personal pension holders are to fully understand what happens to their pension when they die. Where does the money go? Research from AJ Bell suggests that just 7% of people are aware that…
23rd November 2017

Baby boomers resist taking financial advice – and lose £13,000 per year

Born between 1946 and 1964, baby boomers are currently preparing for, or settling into the early years of, retirement. With ages ranging from the early 50s to the early 70s, this is a segment of the population which need to be clued-up on all things pension related. Unfortunately, over two thirds (66%) of baby boomers have never taken financial advice. Even more concerningly, 47% say that they have no plans to do so either, leaving them with a lack of financial knowledge and planning before…
23rd November 2017

Autumn Budget 2017: Were you a winner or a loser?

Every Budget has winners and losers; with some people faring better than others. So, how did you fare? Read on as we reveal whether you are a winner or a loser after Philip Hammond’s second Budget of 2017. Winners First-time buyers Those buying a home for the first time will now benefit from the abolishment of Stamp Duty on homes up to the value of £300,000. To ensure that this can help first-time buyers in high value areas, such as London, the first £300,000…
22nd November 2017

Autumn Budget 2017: Everything you need to know

The Chancellor, Philip Hammond rose to his feet at 12.38 to deliver his second Budget of the year. The days leading up to the Budget have been dominated by talk of housing, Universal Credit and, most surprisingly, rail cards. Mr Hammond started in a bullish and optimistic mood, saying: “I report today on an economy that continues to grow, continues to create more jobs and continues to confound those who seek to talk it down.” He then turned to Brexit, saying that the UK will…
22nd November 2017

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