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[1]. 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[1], one in three (33%) people nearing retirement in this age demographic still don’t feel confident they’ll have enough funds to live on[2].
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.’
Your wealth should work in all the ways you want it to. Whatever your goals are in life, careful planning and successful investing of your wealth can help you get there. Whatever stage of life you’re at, we’ll help navigate you through the opportunities and challenges you may face.
Market index following the overall performance of a selection of investments
Tracker funds and exchange-traded funds (ETFs) are investments that aim to mirror the performance of a market index. A market index follows the overall performance of a selection of investments. The FTSE 100 is an example of a market index – it includes the 100 companies with the largest value on the London Stock Exchange.
Collective investment schemes – also known as ‘pooled investment funds’ – are a way of combining sums of money from many people into a large fund spread across many investments and managed by a professional fund manager.
