How Covid-19 rebooted retirement
If coronavirus has brought a positive, writes the Financial Times’ it has purred people to look at their retirement plans.
The article talks to several financial planners who say the pandemic has encouraged people their clients to re-evaluate what matters most to them. It has also given them a taster for what retirement could be like.
One planner said that, as a result, some of his clients are in the process of moving across the country to be closer to their children and grandchildren. Others are questioning if an early retirement might be on the cards after realising they do not miss the office.
This is something we have seen from some of our clients also. A financial plan is never set in stone and should be flexible enough to accommodate changes in our clients’ lives.
Ministers ‘consider plans to replace council tax and stamp duty with property levy’
This one is from the Daily Mail who had also reported that the Chancellor had rejected the idea of a ‘wealth tax’.
The article says the suggestion of introduction of a property tax, likely based on the current value of a home, could spark a Conservative rebellion.
This is one we should keep an eye on but in the meantime, it may be worth looking at your tax year-end planning now.
Give your savings a £41,000 boost by consolidating pension pots
An article from The Telegraph quotes figures from Quilter saying savers with six pension pots worth £20,000 each would save some £40,000 over 20 years if they consolidated all those pots with the cheapest provider.
The average worker switches jobs 11 times in their life, according to Department of Work & Pensions data. Due to this many people build up a range of pension pots.
When looking at someone’s planning, one thing we focus on is whether the products they use to hold their money are up to scratch. Costs are an important part of this.
If you want to talk about anything, feel free to book in a free no-obligation chat here.