It’s important to have a Will

If you want to be sure your wishes are met after you die, then it’s important to have a Will. A Will is the only way to make sure your money and possessions that form your estate go to the people and causes you care about. Unmarried partners, including same-sex couples who don’t have a…

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Critical gap in consumer awareness

Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research [1]. Half (52%) of…

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How to give away your wealth and keep some control

Trusts are not a one-size-fits-all solution, but they are incredibly useful for protecting and giving you control over your assets. Appropriate trusts can be used for minimising or mitigating Inheritance Tax estate taxes, and they can offer other benefits as part of an integrated and coordinated approach to managing wealth. A trust is a fiduciary…

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TIPS Financial Magazine - September/October

TIPS Financial Magazine Sep/Oct 2019

Welcome to the latest issue of our TIPS Financial Magazine. At the time of writing, the UK Government said it is ‘ready and willing’ to do a deal to leave the EU if new terms are negotiated with Brussels. But the new Prime Minister, Boris Johnson, has vowed the UK will leave the EU ‘come…

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Retirement Longevity

If you are in your 50s or 60s, your thoughts are probably turning towards retirement. When should you retire? How much money do you need? Your destiny is in your own hands. In trying to answer these questions, you face a problem. Because of longevity trends, we are on average living longer. With longevity increasing,…

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Millennials get real with the numbers

Millennials are chasing the home ownership dream at the potential cost of a lower income in retirement, new research [1] shows. Over a third (35%) of millennials say they prioritise saving for a deposit on a home instead of their retirement. Nearly a fifth (19%) say buying a house is the main reason they don’t…

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Tax Relief and Pensions

When it comes to managing money, one of the things some people find most difficult to understand is the tax relief they receive on payments into their pension. Tax relief means some of your money that would have gone to the Government as tax, goes into your pension instead. You can put as much as…

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Struggling with Inheritance Tax rules?

Protecting your estate for future generations – many individuals find the Inheritance Tax (IHT) rules too complicated. If you struggle to navigate the UK’s IHT regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow.…

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Generous Grandparents

The bank that likes to say ‘yes’ Forget the Lamborghini – 2.4 million UK Grandparents [1] have either raided their pension to support their grandchildren or plan to in the future. According to research from LV=, a quarter of generous grandparents who have already given away money to their grandchildren [2] have taken the funds…

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Keeping Target Retirement Plans on Track

Most over 45s are not making plans to match their hopes for the future, according to research from Standard Life[1]. The vast majority (86%) of those aged 45 or over are already dreaming about escaping their working life for retirement, but only 8% of the same age group have recently checked the retirement date on…

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2018/19 Tax Changes

New initiatives you need to know from the 2018/19 tax changes. It’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us and a raft of new changes have come into force. The good news is that there is little change in the overall tax burden for…

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What Will Influence Your Retirement Income Needs?

Retirement is a time for you to do the things you’ve always wanted. When considering your retirement income needs, you need to consider the types of events you would like to happen after you retire that may impact your budget. Thinking about these early could help you when you’re deciding the best way to take…

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