Retirement planning? What does this mean for you?

Retirement is often seen as the end of a chapter, the end of your working life and to start enjoying your free time. Planning for retirement isn’t just about getting your funds organised, it’s about planning how you wish to spend your new-found freedom, exciting times.

Depending on your circumstances, you may want to take the opportunity to change your lifestyle completely, move home, start a new business or travel the world. And like all big projects, the more time you can plan and think it through, the better the outcome could be.
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Drawdown – Understanding The Risks, Advice Is Essential

We’re sure you’ve heard the term Income Drawdown; this is where you leave your pension fund invested and take income as and when you need it, instead of using the cash to buy an annuity as people did traditionally. As the money remains invested, the pension fund can continue to grow, even when you’ve retired.

Since pension reforms, introduced in 2015, more retirees have opted to take this more flexible option with their pensions, and the Financial Conduct Authority has reported that drawdown has become much more popular, with twice as many people moving their funds into drawdown rather than an annuity.
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Retirement Planning

Inheritance Tax – Time For An Overhaul?

If ever there is a UK tax that needed a major overhaul, then Inheritance Tax (IHT) must be a top candidate. Many families will be delighted to hear that the Chancellor, Philip Hammond, has written to the Office of Tax Simplification (OTS) asking them to reform IHT “to ensure that the system is fit for purpose and makes the experience as smooth as possible”

Mr Philip Hammond in his letter asked the OTS to look at the technical and administrative issues with Inheritance Tax, the process of submitting returns and paying the tax. Mr Hammond also called for a review of the problems surrounding estate planning, and whether the current framework causes ‘distortions’ to taxpayers’ decisions regarding investments and transfers.
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Older workers facing the pressure of intergenerational needs

It’s estimated that around 1.9 million workers aged over 50 find themselves juggling the competing needs of the younger and older generations, sometimes overlooking their own financial planning requirements. As a result, many feel under pressure to go on working for longer; others sacrifice saving for their retirement to help other family members.

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