While pensions offer a tax-efficient way to save for your retirement, care needs to be taken when you access them. While pensions offer tax advantages while you’re building them, they can be subject to potentially significant tax charges when you draw money from them.
According to the media in August 2024, the number of Britons whose pensions will not provide the retirement lifestyle has risen. Data from Standard Life reveals that the number of people with pensions that is unlikely to provide the standard of living they want increased from 35% to 38%, when compared to 2023.
While an important benefit of pensions is the tax relief they offer, another is the growth potential they can offer over the long-term. One reason for this is ‘compound growth’, which can help to boost the value of your retirement fund and turn your dream retirement into reality.
In this, the first instalment of our week-long series of blogs to mark Pension Awareness Week 2024, we’ll look at what a pension is and five important points – all explained in a no-nonsense and understandable way.
While the world of finance is complicated, there are many informative and easy to understand books that could help you to get more from your money. From planning your dream retirement to creating a long-term financial plan that works, there’s a myriad of great books to help you to achieve your goals.
The world of investments is a complex one, something often made more confusing by the jargon-filled language the financial industry uses. There is good news though, as the meaning behind these confusing terms is often much easier to understand than you might think. If you’re struggling with the explanations provided with your investments, read on as we demystify 10 commonly used financial terms from the world of investing.
Concern that the US economy could be heading into recession prompted a bout of market volatility at the start of August. In this month’s commentary our Chief Economist, Colin Warren, assesses the risk of recession in the world’s largest economy.
It wasn’t long after the general election that the media started to speculate about what the new Government might have up its sleeve for people’s finances. This has resulted in some media pundits speculating that the new Starmer-led Government could change the rules around the State Pension and subject it to means-testing.
If you’re a sporting fan, 2024 has been quite a year. Not only has it seen the UEFA Euros football tournament, the 2024 Olympic Games will be taking place in Paris. While not immediately obvious though, the tournament not only provides three weeks of excitement for sporting fans around the world, it also offers valuable lessons about investing. So with this in mind, read our latest blog to discover more.
