“Employment is up, investment is growing, public services are improving, the public finances are stabilising, and wages are rising.” This is the backdrop against which Rishi Sunak presented the 2021 Autumn Budget. Promising “a stronger economy for the British people”, the chancellor outlined his taxation and spending proposals. Here’s a summary of the key points and what they mean for you. Firstly, though, a reminder of two important tax changes that have already been unveiled. 2 important announcements already made Back in September, the prime minister made two headline-grabbing tax announcements. From April 2022, National Insurance rates for both employees and the self-employed will rise by 1.25 percentage points across earnings bands. Millions of employees and many employers will see... Read More

I’ve just read a book called The 100-Year Life by Lynda Gratton and Andrew Scott. It explains how increased longevity is changing our lives – and will continue to change them in the future. It then considers how we will have to adapt different aspects of our lives to cope with this in order to be able to embrace a long life as a gift, rather than as a curse. It set me thinking about how increased longevity can impact on financial planning, particularly when it comes to retirement. We’re living longer than our parents Life expectancy is rising. People retiring now are likely to be spending far longer in retirement than their parents and grandparents. According to the Office for... Read More

I recently read an article in the financial press that said that the UK pension market was now worth more than £2.5 trillion. That’s an extraordinary figure. For comparison, the total Gross Domestic Product (GDP) of the UK, pre-Covid, was only £2.17 trillion. Given the size of the market, and that nearly everyone in the UK has a stake in it, it’s understandable that there’s an absolute abundance of media outlets giving advice about how you should manage your income once you’ve retired. Much of the advice is sensible, but I do see some howlers that could create financial problems for anyone following them. Here are five common myths about retirement, and why you shouldn’t believe them. 1. Your retirement... Read More

The key to growing your wealth is your investment strategy. Get it right and you should see the value of your pension fund, and other holdings, rise steadily. Get it wrong, however, and you’re looking at a different scenario of not having the money to do what you want in retirement, and potentially outliving your pension savings. There are many ways of losing some of, or even all, your money. Here are eight of the most common – and avoidable. 1. Overcomplicating your investments Investing money should be straightforward, but there’s a tendency for many people to try and overcomplicate it. Investment companies, and other financial institutions, devise different investment structures and products and make outlandish claims about them that... Read More

This week, the government has made two major policy announcements that are likely to directly affect your finances. A much-anticipated National Insurance rise will result in an increased burden on workers including, for the first time, those above State Pension Age. In addition, the government has suspended the State Pension triple lock, meaning that pensioners will receive a much more modest increase than anticipated. Read on for everything you need to know about these policy changes. The new “health and social care levy” will push up National Insurance bills by 1.25% Despite a clear commitment in their last election manifesto not to raise taxes, the government has unveiled a 1.25% hike in National Insurance contributions from April 2022. This is... Read More