As a busy professional, it’s easy to neglect your retirement planning. But, let’s take a minute to remind ourselves why pensions are so important; You get tax relief on contributions They grow largely free of tax You can take 25% tax-free from age 55 They are usually exempt from Inheritance Tax Pensions are an excellent tax-efficient way of saving towards your retirement. However, here are ten easily made mistakes: 1. Not maximising contributions Pension contributions get tax relief, meaning anything paid in is not taxed. Opting to put £100 into your pension and not your pocket, means that as a higher rate taxpayer, you will be £40 better off. Another way to look at it; it would cost just £60... Read More

It’s extremely rare that I write about myself. However, some news last weekend was so exciting I felt I had to share it. I’m delighted to announce that I have been named as one of the UK’s ‘top-rated’ financial advisers. The list, based on reviews by genuine clients and compiled by VouchedFor, was published in The Times newspaper on Saturday 23rd February 2019. All advisers on the list: must have received at least 10 genuine reviews with a minimum rating of 4.9/5 during 2018; and have been checked and fully vetted by VouchedFor Many of the awards and accreditations in my profession are based on technical knowledge or the ability to pass an exam. Both are important, however, I’m particularly... Read More

You might not realise your pension or investment is due for a review. It’s easy to get complacent when you have a provision for retirement or savings in place. But, you could find you need a full financial overhaul; it really depends on your circumstances, aspirations and some external influences, all of which are likely to change over time. It’s important to ensure your investment and pensions remain relevant and appropriate for you. If any of these ten signs ring alarm bells, don’t hesitate to get in touch. 1. You don’t have a strategy You should always have a goal in mind when it comes to saving. It’s impossible to plan for a situation if you’re not sure what that... Read More

Traditionally, it was a rule of thumb that 4% was a sustainable withdrawal rate from your pensions to provide for a 30-year retirement. But research from Morningstar suggests the figure should be much lower, and the 4% assumption was never ‘safe’ in the UK. Over a 30 year period, in a portfolio of 40% equities, they actually calculated the most likely successful withdrawal rate to be as low as 1.8%. Of course, it’s not quite that simple; there are many personal factors to consider, which we’ll discuss shortly. The problem is, figures from AJ Bell show that 41% of retirees are withdrawing more than 10% of their pension every year. These people are likely to run out of money in just eight... Read More

In my last few blog posts we’ve focussed on things to avoid, like: The promise of ‘Brexit-Proof’ portfolios, based on vague speculation; Believing everything you read in financial media, often biased and sensationalist; and Chasing the promise of big investment gains, that can turn out to be scams. Now, I’ve suggested what you shouldn’t be doing, let’s focus on what you should! To help secure your financial future, I believe there are ten simple steps you can follow: 1. Start planning as soon as possible The earlier in life you start your financial planning, the bigger its potential impact. Compound interest and investment returns, over time, could significantly boost your savings. Compounding means you effectively earn interest on past interest.... Read More