Retirement planning shouldn’t be something you only consider when you’re older.
Starting to plan your retirement early gives you a greater chance to build the funds you need for a comfortable lifestyle when the time comes. Acting now can ensure that your long-term goals become a reality.
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A house can be a significant financial asset. However, most people don’t realise that with a little planning, their largest financial asset could be their pension. The following talks about saving early and sensibly for later life.
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November 2020 and the world is still in the midst of the Global pandemic that is Covid-19.
Lockdown, and the easing of restrictions, has led us to living life and looking at life differently and more closely.
But how often should we be looking at our financial wellbeing?
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You usually pay tax if your pension pots are worth more than the lifetime allowance (LTA), which is currently £1,073,100 (Tax year 2020/2021) and which has increased annually by the Consumer Prices Index (CPI) since the 2018/19 tax year.
The Lifetime allowance is triggered when a member reaches age 75 or accesses their pension benefits.
Read moreApril 2015 saw the introduction of pension freedoms. So, what does this actually mean for people who are looking to access their pension pot?
Prior to April 2015 the options available for the majority of people were very limited and in most cases an annuity would be the only option, offering a lack of flexibility and a poor deal especially with interest rates being at rock bottom.
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