Tax-free cash allowances putting some retirements at risk
A new study has identified that Britain’s future pensioners are putting their retirement future at risk by withdrawing cash from their pension pots while still in the accumulation phase. The findings were that some people are confusing their pension pots for savings accounts, which may have a detrimental impact on their retirement.
Increase intended to align with the raising of the State Pension age
One of the less publicised pension changes being planned is the raising of the Normal Minimum Pension Age (NMPA) from 55 to 57. This is to be effective from 2028 and will be included in next year’s Finance Bill. The NMPA is the age that you can usually first access pension benefits without incurring penal tax charges.
Part of the process of putting in place a successful personal lifestyle financial plan is to understand your ‘number’ – in other words, the amount of money you’ll ultimately need to ensure complete peace of mind in knowing your future lifestyle is secure and making sure you don’t run out of money before you run out of life.
Think about your goals for this coming year – what do you want to accomplish?
Goals help us understand what areas we need to focus on, provide a framework for action planning, and give us a sense of accomplishment as we work toward achieving them. Sometimes it’s hard for us to imagine the future we want because we are so busy trying to get through the day.
Living your life of dreams and passing on your wealth successfully
Many of those who seek to change their lives and move forward find they encounter roadblocks. These roadblocks, which come in the form of unnecessary fears and worries about what might happen next, can stop us from reaching our potential and achieving happiness.
Your home may be repossessed if you do not keep up repayments on you mortgage.
Will writing is not regulated by the Financial Conduct Authority.
Broadview Financial Services Ltd is an appointed representative of Quilter Financial Planning Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning Limited and Quilter Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register/) under reference 440703 and 440718.
Broadview Financial Services Ltd Registered in England & Wales No. 06315455. Registered Office: St Peter's House, St Marys Wharf, Mansfield Road, Derby DE1 3TP
Broadview Financial Services 06315455 - Incorporated on 17 July 2007. The registrar of Companies for England & Wales.
Registered Office: St Peter's House, St Marys Wharf, Mansfield Road, Derby DE1 3TP