Whatever stage of life you’ve reached and whatever the status of your current financial situation, you could see a vast improvement in the future by setting financial goals. Most people are intrinsically motivated by goals and will work hard to achieve them.
Women see incomes fall by 33% following divorce, compared to just 18% for men
Divorce is an emotionally charged event – and can be an expensive one. The financial impact of divorce can also last for decades and carry on into older age. Women are also often impacted harder financially by divorce, new research highlights.
The potential impact to your expected retirement income over time
When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings and your potential later life expenses.
Are you claiming all of the generous tax relief you’re entitled to?
The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to receive.
Start planning your legacy to mitigate or reduce Inheritance Tax
If you’ve worked hard throughout your lifetime to grow your wealth, you may hope it will help to safeguard the financial security of your loved ones after you’ve gone. But without careful planning in your lifetime, you could leave them with less than expected after the Inheritance Tax bill is paid.
When you’re starting out working in your 20s, you may not be thinking about retirement in 40 years’ time. The same goes for your 30s, 40s and even 50s. There is always something on the horizon you could be saving for besides your retirement.
The rules around Capital Gains Tax (CGT) are complex and they differ depending on your financial situation. It’s a complicated tax and, as a result, some people may get confused about how much they should expect to pay.
Creating a comfortable, secure retirement takes care and forethought
If you’re 10 to 15 years from retirement, you’re probably starting to think more about how you’ll spend your life after work. You might be contemplating travelling more, dedicating more time to your passions or enjoying more free time with your family.
S4 Financial Ltd is an Independent Financial Advisory firm, which is authorised and regulated by the Financial Conduct Authority. S4 Financial Ltd is entered on the FCA register (https://register.fca.org.uk/) under reference 401372.