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Chartered Financial Planners Planning Financial Planning Advice in Hitchin Pensions IHT Martin Gorvett Tax Investment Wealth www.lavenderfp.com
If you are over 55 and considering accessing your pension it is essential that you receive professional financial guidance to enable you to make an informed decision. If you get it wrong, you could end up with a large tax bill.
Needing Money after a change in circumstances? Here are our top 5 things to consider before withdrawing money from your pension:
Continue reading “Are you being forced to dip into your pension pot get through the pandemic?”
What do your retirement plans look like? Saving for your retirement is one of the longest and biggest financial commitments you will make. Imagine you are retiring today. Have you thought about how you are going to financially support yourself (and potentially your family too) with your current pension savings? The new pension freedoms provide an incentive to look again at your retirement savings.
A Self-Invested Personal Pension (SIPP) could be right for you if you are looking for a wider choice of investment options and have sufficient knowledge and experience of investing to make your own investment decisions.
Continue reading “A Guide to Self-Invested Personal Pensions (SIPPs)”
Saving into a pension is one of the most tax efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make.
There are various complex pension allowances in place that you need to be aware of and understand how to make the most of them. These limit the amount of money you can contribute to a pension in a year, as well as the total amount of money you can build up in your pension accounts, while still enjoying the full tax benefits.
Continue reading “Tax Relief and Pensions”
The time has finally come, you’re ready to retire. You’ve worked hard all your working life to save and prepare for your retirement, but how should you approach investing now that you’re no longer earning a salary? When it comes to investing in retirement, even during volatile markets, the right strategy can help make sure your retirement savings last.
For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, retirees still need to think about how they can continue to generate income from their investments throughout their retirement years.
It is not unusual for people to live more than 30 years once retired, due to increased incentives to quit work early and rising life expectancy, which in itself can present a major risk that retirees may outlive their savings. The longer the time spent in retirement, the harder it becomes to be certain about the adequacy of your assets.
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If you’re going through a divorce, dividing up any pensions you have will usually be one of the largest financial decisions you need to make. Agreeing financial arrangements in your divorce can seem daunting; there are so many misconceptions and myths as to what each party is entitled to that it gets confusing.
The rules surrounding dissolution of a registered civil partnership are the same as those for divorce. In this guide, we use the term ‘divorce’ to mean the end of a registered civil partnership as well as the end of a marriage A pension is often the largest or second largest capital asset in a marriage or registered civil partnership. However, pensions can be complex and confusing at the best of times.
Frequently, one person has a substantial pension and the other might have none or a very limited pension provision because, for example, they have given up their job to look after the children.
A decision will need to be made as to whether that pension or pensions should be shared or if you should receive more of another asset, such as the home instead.
Continue reading “A GUIDE TO PENSIONS ON DIVORCE”