Pension Freedoms

Pension Freedoms.

There is an old adage that “Just because you can, doesn’t mean you should” however, according to the Association of British Insurers,  over £3 billion has been paid out in lump- sum cash payments from British pensions. If you choose to access your pension- pot ‘as a lump sum’ then 25% of it is paid tax free which means the remaining 75% you will be paying tax at your standard marginal income tax rate.

It is important to remember that, if you are still earning, then any extra pension monies you take out will be included in your total tax liabilities before working out your tax levels.

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Protection Planning

It is that time of year when we meet up with our families, over eat and catch- up with relatives who, perhaps, we only see once a year. As a Financial Advisor, one of the things I ask people is what is most important to them and eventually, after mentioning their car or their I Phone, I get the answer that it is their loved ones, of course! However, interestingly, our families and our dependents, generally, are the very areas of our lives that we insure least! The health and the financial well-being of one’s family cannot be overstated yet the truth is that many of us are more willing to insure our pets, our cars, our  possessions and even  the’ Sky ‘satellite dish instead of spending a few pounds a month on a Life, Critical Illness or on an Income Protection Plan.

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New Life together in a new home

Often when people get married the thought of saving for a home is not far behind. As both an Independent Mortgage Broker and a Financial Advisor I am often asked about the best way to save for a new home and deposit. The government has just announced the launch of the ‘Help to Buy ISA’. This means that the government will boss your savings by 25% so for every £200 you save you will receive a government bonus of £50. The maximum amount of bonus you can receive is £3000. The ISA’s are available to each first time buyer so if you are planning to buy with your partner you could receive a government bonus of up to £6000 towards your first home! To kick start your savings you can save up to £1200 in your first month and then up to £200 per month after that.

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