First of all, putting a retirement plan in place is key. The saying, “We don’t plan to fail, but we fail to plan”, has never been truer. If you are in your late fifties/early sixties and starting to think about retirement, there is certainly a lot to think about! So where do you start? [...]
Many people perceive pensions to be overcomplicated. However, the basic principle is a simple one. First of all, it is worth understanding the benefits of saving into a pension scheme and not just relying on the State Pension. The State Pension will provide you with a foundation, but for most of us, it may [...]
By Rachel Efetha, Chartered Financial Planner with Anstee & Co. There are predictions that unfortunately, redundancies will increase over the coming months as businesses need to cut costs or fail. People deal with redundancy in different ways. You will normally be entitled to statutory redundancy pay if you have worked for your employer for [...]
If you are in your fifties or early sixties now is a good time to start thinking about what your retirement income might look like. With our busy lives, it is always easy to put these reviews off as you may feel that retirement is still a long way off and there is little [...]
Many financial planners fear that people are paying more tax than they need to because they do not fully understand the rules around withdrawing money from their pension. Firstly, when "pension freedoms" came into force back in April 2015, one of the key changes was the introduction of what is known as "Flexible-Access Drawdown". [...]
If you have a pension, do you know how much you have saved or more importantly, what level of income will it produce for you in retirement? Firstly, have you reviewed those old pensions from past employers? If the answers “I’m not sure”, then follow these top tips about, questions to ask about your [...]
By Caroline Anstee, Managing Director of Anstee & Co. In the autumn budget last year, important changes to pensions were announced. The main one hitting the headlines was that they will now be included in the estate for inheritance tax. This means that there could be a charge of 40% on the pension and [...]
Getting remarried in later life can impact your financial plans. By contrast, younger people are now less likely to marry, while marriage rates for men over the age of 60 and women over the age of 50 are increasing. These figures show that people are also choosing to cohabit either as a forerunner to [...]
Divorce for those over the age of 55 is on the rise. Often referred to as “silver separators”, later life divorce can present many financial challenges. Running two homes can potentially be more costly than running one large house. With two properties there is also two sets of everything to pay for, including household [...]
By Caroline Anstee, Managing Director of Anstee & Co. Many people have received 60L tax codes for their state pension that have never been taxed. The HMRC is deducting tax from personal pension arrangements with this code without any notice. The increase in the state pension means that many people will get taxed as [...]
