You may be lucky enough to have a company pension scheme (Final Salary Scheme or Money Purchase scheme) or are saving into a Personal Pension Scheme yourself. Over the next few years the government is making it mandatory for your company to enrol you in a workplace pension. Amazingly they have also allowed you complete flexibility in how you take you pension at retirement, making it one of the most attractive savings schemes available depending on your age.
So while you are still at work what is best pension for you, what has happened to all of your old frozen schemes, should you tie everything to your company or save separately as well, what are your options now when you retire? What if you want to move abroad (QROPS)? Should you take your money and buy a property to rent out or buy an annuity or invest your money for income and growth.
Freedom also brings responsibility and although the government are proposing to offer you free guidance at retirement, we don’t believe it is soon enough or that it is right for you to have to decide yourself. We will work with you throughout your journey to make sure these decisions are easy ones.
School & University Fees
How many children do you have? How many jobs are there likely to be when they leave school? What qualifications do you think they will need to get the job of their dreams? They can study hard & succeed wherever they go to school but having some money set aside would give you the option of private education or to help fund them through university without leaving them with debts to repay.
So how best to save, what tax-efficient savings plans are available? Should you save in ISAs, endowments, National Savings, deposit accounts or pensions even? How much do you need to save to pay the fees? What risk profile should you adopt? should you invest in deposits, equities or bonds?
If you are thinking about savings for your children then don’t forget to think about starting them off with a savings culture- could junior ISAs or junior pensions be a way into this? So many options but only a few will be right for you.
We live in a country where most people have more debts than savings, we buy what we want even if that means borrowing money. Wouldn’t it be great to be more prepared than that & to have a pot of money to look forward to in the future? As a rule of thumb we should all be saving 10% of our salary.
So how best to save, what tax-efficient savings plans are available? Should you save in ISAs, endowments, National Savings, deposit accounts or pensions even? How much do you need to save to pay the school fees? What risk profile should you adopt? Should you invest in deposits, equities or bonds?
Want a holiday, a nice car, a house deposit, or something special like a cruise? Why not try saving for it instead of borrowing?