Financially unprotected

Dads putting their family’s financial security at risk if the unexpected were to happen

What would happen to you and your family in the event of unforeseen circumstances, such as the diagnosis of a serious illness or premature death? Worryingly, research from Scottish Widows reveals that more than half (53%) of men in the UK with dependent children have no life cover, meaning that 3.9 million dads[1] are potentially putting their family’s financial security at risk if the unexpected were to happen.

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New state pension Age

How will it affect your retirement plans?

Will you be one of the millions of workers who will have to work an extra year before retiring after the Government announced that it would be extending the retirement age to 68? New plans announced in July this year mean that the rise in the State Pension age to 68 will now happen in 2039, affecting people born between 6 April 1970 and 5 April 1978.

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Family Succession planning

Taking advice early and developing a personal financial plan is crucial to meeting long-term goals

Succession planning may be one of the most challenging experiences facing any leader, especially an entrepreneurial business person who has built a family business from scratch, so it is crucial to get right. For a family business, transition is a once-in-a-lifetime decision. Perhaps no challenge has as much potential to exacerbate the special stresses – or, conversely, highlight the special advantages – of operating a family business.

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Long – forgotten plans

Managing your pension savings effectively and efficiently from a single pot

If you’ve worked for two or three different employers, it’s possible you could have a workplace pension from each of them. You might also have set up a personal pension, so they can add up quickly.

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Planning for your retirement

Getting ready to slow things down

One of the critical aspects of retirement planning is how you structure your financial
affairs to make sure you have sufficient money if and when you stop working.

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Investing for income

How certain innate behavioural traits influence our decision-making

With historic ultra-low interest rates on savings, many investors over the past decade have turned to income-paying funds as an alternative to cash-based savings. Changing life plans and priorities mean we now encounter varying income needs and goals throughout our life and, when investing, certain innate behavioural traits will influence our decision-making. For many people seeking to generate income from savings, the ten years since the financial crisis in 2007/08 have been a major challenge.

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Pension Freedoms

Will the new retirement rule of ‘no rules’ offer people a better financial future?

Following pension reforms, there are now more options for using your private pension pot. Since April 2015, some people over 55 have greater freedom in how they can access their pension pots – the money they’ve built up during their working life.

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Shopping around for a better deal

Consumers lost £130 million by sticking with the same pension provider in 2016

New research finds consumers could be missing out on thousands of pounds in retirement by not shopping around for their pension product. This means their pension pot may not stretch as far as they hope it will, yet a significant proportion of people expect their retirement income to cover much more than just the essentials.

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Savings behaviour

UK pension system is sustainable but inadequate

It’s been estimated that 18% of earnings need to be saved each year to achieve an adequate income during retirement, an International Longevity Centre (ILC) report has concluded.

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Wealth generation

Are you getting tax-efficiencies on the gains you make from the money you invest?

Whatever you’re putting money aside for, there’s likely to be a role for Individual Saving Accounts (or ‘ISAs’). If you’re looking to grow your money over many years – perhaps to fund a dream purchase or help you in retirement – cash might not be the right option, especially when the interest rates on Cash ISAs are near all-time lows.

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UK pension savings gap

The need for a greater awareness of what must be saved today

If savers want a particular standard of living at retirement, then they will need a greater awareness of what must be saved today.

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Gender income gap

Minimising the impact on your retirement income

The gap between women’s and men’s annual average expected retirement incomes in 2017 has grown by £1,000 in the last year, according to new research[1].

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Navigating market volatility

Protecting your portfolio from the ups and downs of investing

No particular investment consistently outperforms other investments. One of the most effective ways to manage investment risk is to spread your money across a range of assets that, historically, have tended to perform differently in the same circumstances. This is called ‘diversification’.

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Retirement taxation

Understanding the bottom line

Retired households handed over an average of £7,400 each in tax last year – the equivalent of nearly 30% of their annual income, according to analysis of newly released data[1] by Prudential.

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Tax matters

Improving your chance of a better retirement income

Every client’s story is different. Each one is unique. We invest significant time to understand your very personal circumstances. We do this for all our clients, and setting your retirement income target is an essential part of this process. The income you receive in retirement will depend upon four factors: how much is contributed, how well your investments perform, when you retire, and how you take your income.

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Average age of divorce at an all-time-high

Forecasting the long-term effects of the settlement

The financial ramifications of a divorce can be devastating. The average age of divorce has reached an all-time high at 45 years and 11 months for men and 43 years and six months for women, according to data released from ONS[1].

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Sleepwalking into a pension shortfall

Auto-enrolment shouldn’t be seen as a silver bullet

How much money you should be saving for your retirement is a key question when visualising the type of retirement lifestyle you want. However, the 13th annual Scottish Widows Retirement Report reveals that, despite the success of auto-enrolment – 80% of 22 to 29-year-olds are paying something into a pension – 70% of them are not putting away enough. This puts at risk their ability to achieve their desired income of just over £23,000 a year for a comfortable retirement.

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Financial protection

Are you prepared if life throws something unexpected your way?

A critical illness could happen to any one of us. If it does happen, having the right cover could help to minimise the financial impact on you and your loved ones. More than a third of people (36%) believe they would get no kind of support from their employer if they were diagnosed with cancer, according to new research from Canada Life[1].

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Long -term investing

How to fund a fulfilling life beyond our working years

Healthier lifestyles and medical advances mean that many of us can expect to enjoy longer lifespans than previous generations. However, this creates a significant challenge both for society as a whole and for us all as individuals – how to fund a fulfilling life beyond our working years.

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Setting up a trust

Reduce how much IHT your estate will have to pay on your death

The structures into which you can transfer your assets can have lasting consequences for you and your family, and it is crucial that you choose the right ones. The right structures can protect assets and give your family lasting benefits. A trust can be used to reduce how much Inheritance Tax your estate will have to pay on your death.

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Inheritance Tax

Leave your money for your family, not the taxman

There are many things to consider when looking to protect your family and your home. Protecting your estate is ultimately about securing more of your wealth for your loved ones and planning for what will happen after your death to make the lives of your loved ones much easier. It’s not nice to think about, but it means that your loved ones can carry out your wishes and be protected from Inheritance Tax.

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Power of Attorney

Planning for the unexpected

A Power of Attorney is a legal document that allows you to give someone else the legal authority to act on your behalf. There are several different types of Power of Attorney. A Lasting Power of Attorney (LPA) – previously called an ‘Enduring Power of Attorney’ – allows your attorneys to make decisions for you when you no longer wish to, or when you lack the mental capacity to do so.

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Making a Will

An essential part of your financial planning

We spend our lives working to provide for ourselves and our loved ones. You may have a house or flat (in the UK or overseas), shares, savings and investments, as well as your personal possessions. All of these assets are your ‘estate’. Making a Will ensures that when you die, your estate is shared according to your wishes.

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Long-term care

Finding the money for looking after us if we need care in old age

With the UK’s population ageing, more people will be living with long-term care needs. Oscar Wilde once said: ‘The tragedy of old age is not that one is old, but that one is young.’ But the good news of rising life expectancy also brings with it the challenge of how we fund our future care costs. The question is: who is responsible for looking after us if we need care in old age?

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Private medical insurance

There’s nothing more important in life than your health

Nothing is more important to you than your health and the health of your family. If you or your loved ones were to experience worrying symptoms, private medical insurance can offer reassurance and control at a difficult time.

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Income protection insurance

No one is immune to the risk of illness and accidents

No one likes to think that something bad will happen to them, but if you couldn’t work due to a serious illness, how would you manage financially? Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills – and you might want to consider income protection insurance.

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Critical illness cover

Be prepared if life throws something unexpected your way

We never think a critical illness is going to happen to us, especially when we feel fit and healthy, but it can and does. It can happen to anyone at any time, and it’s easy to feel anxious about how we would cope. But if the worst does happen, it’s important to make sure you’re financially protected against the impact a critical illness could have on you and your family.

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Whole-of-life insurance

A guaranteed tax-free payment whenever you die

When you start investing, or even if you are a sophisticated investor, one of the most important tools available is diversification. Whether the market is bullish or bearish, maintaining a diversified portfolio is essential to any long-term investment strategy.

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Term life insurance

Protecting your family’s finances by covering living expenses or replacing lost income

With a term life insurance policy, you choose the amount you want to be insured for and the period for which you want cover. This is the most basic type of life insurance. If you die within the term, the policy pays out to your beneficiaries. If you don’t die during the term, the policy doesn’t pay out, and the premiums you’ve paid are not returned to you.

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Different types of life insurance

Choosing the right type of cover

‘Single life’ policies cover just one person. A ‘joint life’ policy covers two people, and you will need to decide whether the policy pays out on the first or second death, as this will determine when the policy ends.

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