Plan to enjoy the kind of lifestyle you want in later life
‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life. This is why more and more people, where appropriate, are turning to private pensions as a tax-effective way to build or enhance their retirement income.
Planning your next move for a comfortable retirement
It can be a daunting prospect to think about selling the family home, but it is a decision that many decide is the right choice for them once the children have long moved out and the upkeep seems too onerous. However, people don’t often consider the impact this could have on their retirement, according to new research.
In recent years, a growing realisation has formed that we’re in the middle of a new social phenomenon – the ‘sandwich generation’. The term ‘sandwich generation’ is often used to refer to those who care for both sick, disabled or older relatives and dependent children.
A million more women in their 20s could be saving adequately for retirement if they were able to access emergency cash from their pension, according to new research. The latest Women & Retirement report highlights that the current lack of flexibility in pensions is a barrier to saving and that introducing the ability to access funds for unexpected bills could provide a much-needed boost to the nation’s savings.
Saving enough during our working life will not just give us freedom to manage our finances more flexibly, but it will also help us to secure a more comfortable lifestyle in retirement. Even though the baby boomers (the generation born between 1946 and 1964) are better off than any other generation, according to a new report, one in three (33%) people nearing retirement in this age demographic still don’t feel confident they’ll have enough funds to live on.
Taking a closer look at what you’re spending as a family can help make significant savings
It will not be too long before spring is finally upon us, and those winter months (even though we’ve had a really mild winter) will start to become a distant memory. But with spring comes a new tax year – the 2019/20 tax year is just around the corner.
This time of year is your last chance to get your tax affairs in order before the end of the 2018/19 tax year. We’ve provided a summary of some key tax and financial planning areas which may be appropriate to certain taxpayers and should be considered prior to the end of the tax year on Friday 5 April 2019.
How much money will you will need to live on later in life?
Divorce is undoubtedly one of the most difficult subjects to talk about. When relationships come to an end, there are so many things to consider – children, home and support are naturally the first things you would focus on. In fact, when you begin the process of separating a shared life, the sheer number of things to deal with can seem very daunting. And the cost of divorce can have a lasting impact on your plans for later in life.
Looking forward to having more time to explore faraway places?
Retirement is a time for you to do the things you’ve always wanted to do. Perhaps you’re looking forward to having more time to explore faraway places. Or maybe you dream of simply waking up each day and doing whatever takes your fancy. However you see your future, it helps to start planning for it as soon as possible.
Don’t let inflation reduce the value of your investment returns
Inflation can have a significant impact on our finances in a number of ways. But what exactly does it mean? And what impact could it have on our savings and investments? It’s important to understand how inflation works, as well as the effects it has on our financial planning. As the American economist Milton Friedman remarked, ‘Inflation is taxation without legislation.’
Investors Planning Associates Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales Reg No. 992112 VAT Reg No. GB 467 243 827 Registered Office: Drake Building 15 Davy Road, Plymouth Science Park, Derriford, Plymouth, Devon, England, PL6 8BY
The material on the site is the copyright material of Investors Planning Associates. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public or otherwise use Investors Planning Associates’ content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Investors Planning Associates does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Investors Planning Associates’ content requires the prior written permission of Investors Planning Associates.