With speculation that the Government could be planning a major tax grab to replenish the nation’s coffers, it’s no surprise that some are calling October’s Autumn Statement the ‘Halloween horror’ budget. It’s not all doom and gloom though, as an Independent Financial Adviser (IFA) could help you prepare financially for any announcement that’s made on the day.
Big hearted staff at AFH Wealth Management have smashed their target of raising £24,000 for the Motor Neurone Disease Association (MNDA) three months early – and they won’t be taking the pedal off the metal anytime soon!
In this month’s commentary our Chief Economist, Colin Warren, looks at some of the major policy proposals of Donald Trump and Kamala Harris, and evaluates their potential economic and financial market impacts.
The Government is looking into historic underpayments of the State Pension that could affect hundreds of thousands of Britons. This means many pensioners that received less than they should have done could now be able to claim back payments, which could be as high as £10,000 or more.
While pensions offer a tax-efficient way to save for your retirement, care needs to be taken when you access them. While pensions offer tax advantages while you’re building them, they can be subject to potentially significant tax charges when you draw money from them.
According to the media in August 2024, the number of Britons whose pensions will not provide the retirement lifestyle has risen. Data from Standard Life reveals that the number of people with pensions that is unlikely to provide the standard of living they want increased from 35% to 38%, when compared to 2023.
While an important benefit of pensions is the tax relief they offer, another is the growth potential they can offer over the long-term. One reason for this is ‘compound growth’, which can help to boost the value of your retirement fund and turn your dream retirement into reality.
In this, the first instalment of our week-long series of blogs to mark Pension Awareness Week 2024, we’ll look at what a pension is and five important points – all explained in a no-nonsense and understandable way.
While the world of finance is complicated, there are many informative and easy to understand books that could help you to get more from your money. From planning your dream retirement to creating a long-term financial plan that works, there’s a myriad of great books to help you to achieve your goals.
