If you want to make inheritance gifts from surplus or excess income, there is a useful and much under-utilised exemption that allows gifts over and above the value of £3,000 per annum to be made without these gifts forming part of your estate if you die within seven years of making them.
The latest Inheritance Tax (IHT) statistics show an additional 4% was added to HM Revenue & Customs receipts compared to the previous year. IHT is a tax payable when you die. Whether your beneficiaries have to pay it, and how much they’ll pay, is based on the value of your estate.
Some couples may prefer to keep their finances separate, while others share everything. Whichever method you’ve chosen, when it comes to retirement saving, it’s worth planning together to ensure you’ve made the most of all the allowances and benefits offered to couples.
Six years on from pension freedoms, non-advised savers aged over 50 are facing a ticking time bomb at retirement, according to a new survey[1]. 66% of those saving into a defined contribution pension and 58% of those who have already retired have either no firm plans or no plans at all for their retirement finances.
As more people worry about money and are struggling financially as a consequence of the coronavirus (COVID-19) pandemic, it’s likely that reducing or stopping their pension contributions may be an option to ensure they survive financially.
If you want to switch from an existing ISA provider to a new one, you’re perfectly within your rights to do so. Much like a mortgage, you shouldn’t feel as though you’re saddled forever with your first choice of ISA provider. Transferring your ISAs could allow you to widen your range of investment choices, as the range on offer can differ between providers.
The sooner you start investing, the better off you will be. Match your long-term investment goals with your short-term lifestyle aspirations. When you have created your goals and time frames, define your budget. Be realistic about what you can afford to put aside for your investments.
While many people have some savings for retirement, most of us will also depend on the State Pension to help cover our living costs. The full new State Pension payment is currently £175.20 a week (2020/21 tax year), but not everyone will receive the full amount and the age at which you’ll receive it varies.
Long-term care covers everything from residential and nursing homes to home care. It is provided by a range of different organisations, including local authorities, the NHS and private and voluntary organisations. But choosing the right care setting for ourselves or a relative is not something which many of us have experience of.
The coronavirus (COVID-19) pandemic has led to more people supporting younger family members financially. New research shows that 5.5 million older family members expect to provide additional financial support to younger members as a direct result of the pandemic.
