It’s been estimated that 18% of earnings need to be saved each year to achieve an adequate income during retirement, an International Longevity Centre (ILC) report has concluded.
Are you getting tax-efficiencies on the gains you make from the money you invest?
Whatever you’re putting money aside for, there’s likely to be a role for Individual Saving Accounts (or ‘ISAs’). If you’re looking to grow your money over many years – perhaps to fund a dream purchase or help you in retirement – cash might not be the right option, especially when the interest rates on Cash ISAs are near all-time lows.
The gap between women’s and men’s annual average expected retirement incomes in 2017 has grown by £1,000 in the last year, according to new research[1].
Protecting your portfolio from the ups and downs of investing
No particular investment consistently outperforms other investments. One of the most effective ways to manage investment risk is to spread your money across a range of assets that, historically, have tended to perform differently in the same circumstances. This is called ‘diversification’.
Retired households handed over an average of £7,400 each in tax last year – the equivalent of nearly 30% of their annual income, according to analysis of newly released data[1] by Prudential.
Improving your chance of a better retirement income
Every client’s story is different. Each one is unique. We invest significant time to understand your very personal circumstances. We do this for all our clients, and setting your retirement income target is an essential part of this process. The income you receive in retirement will depend upon four factors: how much is contributed, how well your investments perform, when you retire, and how you take your income.
Forecasting the long-term effects of the settlement
The financial ramifications of a divorce can be devastating. The average age of divorce has reached an all-time high at 45 years and 11 months for men and 43 years and six months for women, according to data released from ONS[1].
Auto-enrolment shouldn’t be seen as a silver bullet
How much money you should be saving for your retirement is a key question when visualising the type of retirement lifestyle you want. However, the 13th annual Scottish Widows Retirement Report reveals that, despite the success of auto-enrolment – 80% of 22 to 29-year-olds are paying something into a pension – 70% of them are not putting away enough. This puts at risk their ability to achieve their desired income of just over £23,000 a year for a comfortable retirement.
Are you prepared if life throws something unexpected your way?
A critical illness could happen to any one of us. If it does happen, having the right cover could help to minimise the financial impact on you and your loved ones. More than a third of people (36%) believe they would get no kind of support from their employer if they were diagnosed with cancer, according to new research from Canada Life[1].
