When you think of retirement planning, pensions are probably the first thing that comes to mind. Most people have a pension through their employer and have contributed for at least part of their working life. But the most effective retirement strategy uses a combination of approaches. Other investment options, such as ISAs, can make your …
Whether we are aware of them or not, we all carry biases which shape our thoughts and behaviour. Most investors know that making decisions based on emotion is likely to be counterproductive. But what about those subconscious beliefs that can fool us into thinking we are making an entirely rational choice? Biases are apparent in …
Many couples today prefer to keep their finances separate, often with good reason. But there are a number of ways in which joint finances, or at least joint planning, can help to save tax. More importantly, financial cohesion and shared goals can lead to a more satisfying outcome for both partners. So how can you …
Anyone can set up a pension, either through an employer or directly. But pensions can be complicated and there are a few pitfalls to avoid when looking at your retirement planning options. Most people do not contribute enough to their pension. Assuming a typical salary of £30,000 per year, the minimum pension contribution under auto-enrolment is £158.40 per month (of which £59.40 is paid by your employer).
A financial plan can take many forms, but the main purpose is to help you take control of your future. Your plan should: Establish where you would like to be. Confirm where you are now. Lay out the steps for getting from ‘a’ to ‘b’. There are 7 key areas that should be addressed in …
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