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Understanding Your Retirement Options

One thing retirement is not, is an age. Not anymore, anyway. Gone are the days of being told to stop working one day and pick up your State Pension the next. Today you have new pension freedoms to decide when and how you retire.

Pension freedoms in 2015 fundamentally changed the rules for cashing in your pensions. Current rules allow you far more freedom and flexibility over how to take your pension than in previous generations.

If you have saved into a defined contribution pension scheme during your working life, you will eventually need to decide what to do with the money you have saved towards your pension when you retire, or at age 55, whichever is sooner.

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Managing your retirement savings in one place

One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your pension the next. Today you have new pension freedoms to decide when and how you retire.

By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension schemes. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement.

Consolidating your pensions means bringing them together into a new plan, so you can manage your retirement saving in one place. It can be a complex decision to work out whether you would be better or worse off combining your pensions, but by making the most of your pensions now, this could have a significant impact on your retirement.

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Reimagine Your Tax Planning

No one likes to pay tax on their hard-earned money. But due to the complexities of the tax system, without expert professional financial advice, some individuals could be paying more tax than necessary.

Now the new tax year is under way you have the opportunity to save money on taxes and plan for the year ahead.

Now is the time to review your tax affairs to ensure that you take advantage of all reliefs and options available to you – we have listed 17 below to get your started, all readily available to reduce your bill.

This information should not be construed as advice and is applicable to the 2020/21 tax year end.

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Looking to invest for a better future?

Your investment goals will change throughout the course of your life. And depending on which side of the coronavirus (COVID-19) financial equation you’ve been on, the last year has been possibly the strangest year ever for your investments.

We’ve experienced a stock market collapse, soaring unemployment, millions deferring their mortgage payments — and a booming housing market, plus bulging savings accounts.

Uncertainty and volatility in markets. General economic factors, business conditions and political events are all part and parcel of investing throughout life’s journey. Over any given time period we can expect to see the economies go through a series of ups and downs leading to uncertainty and volatility in markets — which is why you need to take a long-term view.

It’s also important to remember that there is a big difference between saving and investing. Some investors may think of cash as a safe haven in volatile times, or even as a source of income. But in an era of low interest rates, the returns available on cash will be depressed to near zero, leaving cash savings vulnerable to erosion by inflation over time.

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Without the right protection, you could be putting your business at risk.

Have you protected the future of your business? As a business owner, you manage risks every day to keep your business running smoothly. Whether installing anti-virus software on your computers or making sure your building alarm is regularly serviced, protecting your company’s ability to make money is second nature. In the same way, you have almost certainly taken out insurance to cover your business property, machinery, vehicles and more.

But many businesses fail to insure equally important risks, ones that affect their most valuable asset – their people.

The death or serious illness of a business owner or key person can have a huge impact on a company’s profitability. In some cases, it can even cause the business to fail completely.

The good news is that, like many other risks you face, there are straightforward ways to protect your business. And with our help, you can find the solutions that will make the future of your business more secure.

Are you taking a bigger risk than you realise? How would your business cope if one of its owners or key people died or suffered a critical illness? Every business is different, but take a moment to look over the following list of common problems. How many of them could you see affecting your business?

• Interruption to the normal day-to-day running of the business.

• The potential for lower profits until the business adjusts.

• Interruptions to cash flow, impacting suppliers and customers.

• Disruptions to loan repayments and overdraft arrangements with your bankers.

• Changes in ownership and control of the business. (No business is too small)

• The potential to have to work with new co-owners who you have not chosen and who don’t know your business.

It would be surprising if you did not identify at least one of the problems on this list as a serious issue that your business would have to deal with.

Protect your business with our expert advice. We can look at your business’s unique circumstances and help you to put the right plans in place. We will work with you to help protect any business loans, cover your key people and protect you and your co-owners.

Are you ready to start a Conversation? If you would like to review your situation or discuss the options available, please contact us for further information – we look forward to hearing from you.