The announcement of the new UK ISA marks 25 years of tax-efficient savings Investments 10/04/2024 Since they were introduced in 1999, ISAs have become a finance staple for many households thanks to providing a tax-efficient way to save and invest. As ISAs turn 25, chancellor Jeremy Hunt unveiled plans to launch a new UK ISA and has previously announced changes that could provide you with more flexibility. Read on to find out what you need to know about ISAs. The UK ISA could increase your allowance by £5,000 The government will carry out a consultation about the introduction of the UK ISA until June 2024. So, there are currently only a few details available. In the March 2024 Budget, the chancellor said the UK ISA would have a new £5,000 annual allowance, in addition to the existing ISA allowance, which is £20,000 in 2024/25. It will be a type of Stocks and Shares ISA that’s designed to encourage investment in UK companies.
Running out of money tops retirement concerns, but financial planning could bring peace of mind Retirement 10/04/2024 If you’re concerned about running out of money during retirement, you’re not alone. In fact, it’s one of the top financial concerns in the UK. Being proactive and working with a financial planner to create a retirement plan could offer you peace of mind. Read on to find out why. In an Aegon survey, 7 in 10 financial advisers said their clients’ number one concern was outliving their savings. The good news is that by seeking the support of a finance professional, you can understand what income is sustainable for you and the lifestyle it might afford. High inflation is playing a role in fears of running out of money When you retire, you may have a pension pot that you could use to create an income. However, as you may be responsible for managing withdrawals, you might worry about taking too much too soon.
A worrying 2 in 5 wealthy individuals have fallen victim to a financial scam Protection 26/03/2024 A recent survey reported by Professional Adviser revealed that 2 in 5 wealthy individuals have been the victim of financial crime. Of the 2,000 people with assets worth more than £250,000 who were surveyed, 41% of them reported they had been scammed, with more than a third saying they had fallen victim in the last six months. 20% of the victims lost money through investment scams, while 15% were defrauded by pension scams. Pension and investment fraud are two common methods of scamming affluent people. Read on to find out how these scams work, some red flags to watch out for, and what you can do if you find yourself the victim of financial fraud. Investment scams Investment scams will attempt to make you part with your wealth, either into a fake scheme or one that is designed to make you pay more than the potential returns.
7 practical tips that could help Generation X feel more confident about their retirement Retirement 26/03/2024 As Generation X, often described as those who were born between 1965 and 1981, starts to retire, research has found that many don’t feel confident about their financial future. If you’re worried about how secure your life will be once you stop working, there may be some practical steps you could take. According to a survey from Just Group, 52% of Generation X say they are not confident that they will have enough saved for a good standard of living after work. It’s not surprising that Generation X isn’t feeling confident about retirement – many are supporting other generations. 3 in 10 are providing financial support to adult children, while around 1 in 10 are helping elderly relatives. So, you might not only be worrying about your circumstances but those of your loved ones. Supporting others financially could mean you’re neglecting your long-term financial wellbeing too.
A Lasting Power of Attorney could offer protection at every life stage Protection 08/02/2024 Naming a Lasting Power of Attorney (LPA) is often associated with the elderly. But it could provide vital protection and peace of mind at every life stage. An LPA gives someone you trust the ability to make decisions on your behalf if you’re unable to do so. When you think about the scenarios that might happen, it may be something you think you don’t need until your later years. However, ill health and accidents can occur at any stage of your life. Without an LPA in place, it can be difficult for loved ones to act on your behalf. So, whether you’re in your 20s or 80s, naming an attorney could be a valuable way to create protection should something happen. Your next of kin cannot automatically make decisions on your behalf It’s a common misconception that your next of kin would be able to make decisions for you if you cannot.
