The New Year is the perfect time to overhaul your life for the better, and one excellent place to start is by making solid financial resolutions that can help get you closer to your money goals, whether it’s increasing your retirement savings or setting enough money aside for a down payment on a house.
We’ve now entered a new age of retirement planning with the introduction of pension freedoms. Your retirement is likely to be the most important time in your life you’ll even plan for – you could be retired for 20 years or more.
Getting your affairs in order and planning what you want to pass on to loved ones
Writing a will may seem daunting, and with everything else we should be thinking about it becomes just another chore on the to-do list. It’s especially important for cohabitating couples to have a will, as the surviving partner does not automatically inherit any estate or possessions left behind.
Not having enough money for retirement is the biggest concern
Average life expectancy has generally been increasing, and for the ‘sandwich’ generation, saving for their retirement is clearly a big concern – and with plans to contribute financially to support their children and parents, it’s perhaps no wonder.
Taking control over where your money is invested tax-efficiently
A new tax year is nearly upon us – and that means, for all diligent savers and investors, you should make sure that you take full advantage of your current Individual Savings Account (ISA) tax-efficient allowance.
Be prepared if life throws something unexpected your way
Unforeseen life events and circumstances can potentially impact your finances in a number of ways. Hundreds of thousands of people are diagnosed with cancer each year in the UK and it is becoming more common among those of working age.
Pension freedoms bring optimism and adventure to retirement
Will I ever slow down? Do I have the right plans in place? Retirement is a chance to do more of what you enjoy. figures released as part of LV=’s tenth annual State of Retirement report indicate that, far from winding down, retirees are making the most of their time, with signs that pension freedoms have made people even more likely to feel this way. Half (49%) of retirees now say they view their post-work years as an exciting phase of life, with many using their free time to learn, see and experience new things.
Higher inflation and near-zero interest rates mean the responsible thing to do could be to invest rather than to save
Many of us have been brought up to believe that saving is the responsible thing to do. But in today’s environment of low interest rates and rising inflation, savers may need to consider becoming investors to prevent the erosion of their assets.
Matching the living standards of those who have already retired
Retirement can mean different things to different people. Understanding how much it will take to provide an income for yourself and potentially a spouse, while also ensuring you are able to leave something behind for your loved ones after your death, is essential.
Warde Graham is authorised and regulated by the Financial Conduct Authority no: 225466 and is bound by its rules. Your home may be repossessed if you do not keep up repayments on your mortgage. Will writing is not regulated by the Financial Conduct Authority.