Changes to Care Funding – What They Mean for You

Chartered Financial Planner Jonathan Warhurst explains what the changes to care fees actually mean for you.

Whilst much of the media attention has focused on the rise in National Insurance and the headline figure of long term care fees being capped at £86,000, it is necessary to lift the lid and read the small print on what this actually means when it comes to paying for care.

Continue reading...

Stress Testing Your Retirement – How to Secure Your Future

Financial Planner Tobias Doyle explains the place life insurance should have in your retirement plans.

We all look forward to retirement, whenever that may be. It is a time when you become truly free to pursue whatever hobbies or interests you have and say goodbye to the pressures that come with working life. Nevertheless, it is essential, albeit unpleasant, to consider the financial implications your or your partner’s death would have on the surviving partner. This is known as ‘stress testing’ your retirement.

Continue reading...

Long Term Care – How Can You Plan Ahead?

Financial Planner Carl Reitel explains how long-term care funding works in the UK and whether you would be eligible.

Long-term care is becoming more of an issue, particularly as we are all living longer. At age 65, men in England can except to live another 8.9 years in good health; women can expect to for 9.8 [1]. When we put this into the context of the fact that the number of centenarians worldwide is expected to reach 573,000 this year, it is a very real possibility that some of us could spend a quarter of our lives needing some form of care in retirement. Indeed, by 2030, it is expected that 6 million people aged over 65 will be living with a long-term illness or disability [2].

Continue reading...

Pension Death Benefits – What Can You Pass On?

Financial Planner Roy Ritchie outlines the different types of pension and how their death benefits work.

“In this world nothing can be said to be certain except death and taxes.”

Benjamin Franklin

Over two hundred years later not much has changed. Neither death nor taxes (particularly death) is nice to contemplate, but both must be faced and planned for. Savings and investments are typically distributed according to the deceased’s Will (which is why it is so important to have one), but what about your pensions?

Continue reading...

Equity Release and the Next Generation

Financial Planner Gary McKenzie explains how Equity Release can play a role in legacy planning.

I recently overheard my daughter, Libby, telling her friend that she did not have to worry about getting a job, as when she gets older her dad will give her money to buy a house. I was quick to remind Libby that her dad is a Financial Planner and therefore known for his financial prudence (comparisons have been drawn to Alistair Sim’s depiction of Scrooge on more than one occasion).

Continue reading...

Cash ISAs – Are We Still Partying Like It’s 1999?

Chartered Financial Planner Simon Hartley considers how the benefits of Cash ISAs and savings having shifted since the turn of the Millennium.

The year is 1999. Kevin Keegan becomes England manager; the London Eye is under construction and Britney Spears tops the charts. The minimum hourly wage for an adult in England is £3.60, Basic Rate income tax is 23% and the Bank of England interest rate dances between 5% and 6%.

Continue reading...

Legacy Planning – It’s Not All About Investments!

Financial Planner Chris Taylor explains how life insurance can allow you to provide a legacy for your family.

“No legacy is so rich as honesty.”

William Shakespeare

You could be forgiven for thinking that your worldly assets (or your ‘estate’) will be enough to provide a legacy for your loved ones, but with average UK life expectancies fast approaching 90 years(1) and average nursing home costs for those who need it now reaching £46,436 p.a.(2), there is a very real risk that your children’s inheritance will be eroded during your lifetime.

Continue reading...

Saving for Your Grandchildren – Is There a Better Way?

Financial Planner Robert ‘Bob’ Colebrook outlines the options available to investors looking to secure their grandchildren’s futures.

We all like the idea of spoiling our loved ones, whether that be money in a birthday card or a day out (when we are allowed!). Many grandparents will also open a savings account for their grandchildren when they’re born, but with interest rates at record lows and prices rising year on year, this nest egg might end up being worth less than one would like by the time it’s gifted. Investing is one method used to combat inflation, but what investments can you actually make on behalf of a child?

Continue reading...

Lasting Powers of Attorney – Make Your Wishes Known

Financial Planner Will Hodgson expands on his previous Estate Planning article by discussing Lasting Powers of Attorney.

Many people assume that their partner, spouse or even children would be able to step in and manage their affairs should they lose capacity. Sadly, this is not the case; instead, an application to the Court of Protection would be needed and it is ultimately their decision as to who is appointed as a ‘Deputy’. A Deputy’s court-appointed powers will be limited, and applying to the Court of Protection can be a very expensive and time-consuming exercise. In the interim, access to an individual’s assets in any form will be virtually impossible, and liaising with care homes or medical professionals will prove very difficult. This is why Lasting Powers of Attorney (LPA’s) are so important.

Continue reading...

Reducing Your Expenditure in Retirement

Financial Planner Richard Pearson-Wood offers tips on making your money go further in retirement.

The Festive Season is upon us, and whether you are crunching the numbers in preparation for retirement or already retired and just preparing to spoil the family, there are plenty of ways to ‘trim the fat’ from your expenditure.

Continue reading...