Retirement planning is of the utmost importance, regardless of your income or wealth. It ensures a steady income stream after retirement and provides financial security for you and your loved ones. Retirement cash flow modelling can provide numerous benefits to individuals seeking financial security and planning for the future. By assessing your current and projected…
Continue ReadingI joined Thorntons as an apprentice in 2016, as a young 19-year-old, starting my first full time role. At this point, retirement seemed a million miles away – it still is! At this age, priorities were different, and the thought of giving up part of my salary to save for an event to occur in…
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Over the next few weeks, we will be running a series of articles on Tax Planning Tips for 2023/24. These general tips highlight ways in which you can currently use certain tax reliefs to your advantage, and how to avoid some of the tax penalties. It can help you navigate the complexity of certain tax…
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A recent study has revealed that over half of the British population may not fully comprehend the hidden impact of inflation on their savings and buying power[1]. The research explored participants’ understanding of basic financial principles, including inflation, compound interest, risk and return, and the significance of life stages in financial planning. Surprisingly, only 44% of respondents could…
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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. Why invest in your pension plan? First, it’s crucial to recognise the advantages of investing in your pension plan. Saving for your future…
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Trusting that your investments are progressing toward your objectives is vital, allowing you to concentrate on the things you value most in life. This is why building a diversified portfolio is crucial to any successful investment strategy. Diversifying your investment portfolio can limit your exposure to any single type of asset, therefore helping to reduce…
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As you enter your 50s, retirement is no longer a distant dream but a rapidly approaching reality. Ensuring that your investments work diligently to secure the lifestyle you envision for your golden years is crucial. By optimising your financial strategy now, you can confidently retire according to your personal goals and aspirations. Defining your retirement…
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When making contributions to your pension, it’s important to keep in mind that there’s a limit to how much you can contribute each year without incurring additional taxes. This limit is known as the pension Annual Allowance. On 6 April 2023, new pension legislation came into effect, presenting significant opportunities for various individuals. Among other…
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Are you concerned about the impact of Inheritance Tax (IHT) on your estate? It’s natural to want to leave behind a legacy for your loved ones, but, without the right plan in place, a significant portion of your wealth could be subject to Inheritance Tax. With IHT affecting more and more families, it’s crucial to…
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Semi-retirement is an option to consider for individuals who may not be ready to fully retire, but still wish to reduce their work hours and gradually phase out working life. By choosing to semi-retire, you can maintain a good work-life balance while still earning an income. Many people choose to semi-retire as it allows them…
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