In April 2024, the state pension rose by 8.5% to £11,502.40 a year for post-2016 retirees. However, according to new research

£32 billion hole in UK savings pots Rise in living costs forcing many people to dip into their financial reserves The average cost of housing, food, and energy bills have increased by nearly £500 per month as of September last year compared to August 2022, according to statistics regarding the cost of living in the country[1]. This rise in living costs has forced many people to dip into their financial reserves. The survey showed [MORE]

National Insurance is a cornerstone of the welfare and benefits system. As a citizen, your contributions will likely play a significant role in funding state provisions such as pensions, maternity leave, and bereavement support.

Changes to the State Pension ‘Triple Lock’ to increase by 8.5% from 6 April 2024 The State Pension is set to increase commencing on 6 April 2024 due to a mechanism known as the ‘Triple Lock’. Chancellor Jeremy Hunt has announced an increase of 8.5%, which pensioners will welcome. The State Pension is a recurring benefit paid out every four weeks by the government. This payment is made available to individuals who have [MORE]

Tax-saving measures What actions to review before the 2023/24 year-end? Have you recently evaluated your personal tax situation? Is your tax structure optimised for efficiency? As we approach the end of the tax year on April 5, 2024, it presents an ideal opportunity to assess and leverage the various allowances and reliefs available to enhance your tax profile. Allocating time for this review can provide valuable insight into potential opportunities for you and [MORE]

Retirement signifies a well-deserved achievement, a significant turning point in life. It should be a period of anticipation and joy, an opportunity to indulge in activities that bring happiness and contentment.

As you sail into your 50s, it becomes pivotal to consider your financial strategy. Life has likely found a steady rhythm by now. Children have probably taken flight, becoming financially self-sufficient, and the idea of reducing work hours or even completing retirement starts to surface.

When planning for your future, consider increasing your pension savings. But should you do this through a lump sum or by raising your regular contributions? In this article, we look at each option.

Inheriting wealth can be both a blessing and a challenge. It presents an opportunity to improve your financial security and accomplish your goals but it also involves managing the funds wisely. Cash flow modelling is essential to help you make informed decisions about using your inheritance effectively.

A significant difference in pension contributions between men and women has been revealed from a recent study[1], highlighting that women are more likely to pay the minimum required amount into their pensions under auto-enrolment.