A year lost for saving and a year added for spending
An increasing number of people have been forced into early retirement due to the economic impact of the coronavirus (COVID-19), with many worried about how they’ll make ends meet in the future. Because of the pandemic, we are currently in a challenging economic period. The global economy has taken over ten years to recover from the shock of the last financial crisis.
Financial security in retirement can never be taken for granted
Life changes when you retire – and so does how you spend your money. Whatever your plans, it’s important to keep on top of things and think about the lifestyle you want. It’s also worth noting the average life expectancy at age 65 years is 18.6 years for men and 21.0 years for women.
If you are approaching retirement age, it’s important to know your pension is going to finance your future plans and provide the lifestyle you want once you stop working. Pension legislation is extremely complex and it’s not realistic to expect everyone to understand it completely. But, since we all hope to retire one day, it is important to get to grips with some of the basics.
Make the most of the tax breaks before it’s too late
If you hold a Cash Individual Savings Account (ISA) you may be dissatisfied with the low rates of interest you receive, which could make it difficult to grow your money even at a rate that keeps pace with inflation.
How to ensure your money is protected from rising inflation
With current interest rates on cash savings very low, it is difficult to achieve growth above the rate of inflation. And if the cost of living is rising faster than your savings are growing, you’re effectively losing money.
Identifying the best options to preserve your wealth
No one likes to pay tax on their hard-earned money. But due to the complexities of the tax system, without expert professional financial advice, some individuals could be paying more tax than necessary. Before the end of every tax year on 5 April, you have the opportunity to save money on taxes and plan for the year ahead.
Responsible, sustainable and environmentally friendly investing is here to stay. But, while demand is growing among all age groups, genders and income bands, some savers and investors are missing their biggest opportunity for responsible investing, which is through their pension.
Planning your financial future, and how to get there
One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your State Pension the next. Today you have new pension freedoms to decide when and how you retire.
The material on the site is the copyright material of Lloyd O'Sullivan Financial Services Limited. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Lloyd O'Sullivan Financial Services Limited content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Lloyd O'Sullivan Financial Services Limited does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Lloyd O'Sullivan Financial Services Limited content requires the prior written permission of Lloyd O'Sullivan Financial Services Limited.
Lloyd O’Sullivan Financial Services Limited are authorised and regulated by the Financial Conduct Authority No 812732
Registered office: The Old Rectory, Church Street, Weybridge, England, KT13 8DE
Registered in England and Wales: Reg No 09837180
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.