Transitioning into retirement can present new challenges, not least, understanding how to sustainably start using your assets to create an income. As you move into the decumulation phase, you might worry about balancing your needs now with your long-term financial security, but a plan could give you more confidence. Managing the decumulation of assets is something more people will need …
Valentine’s Day is not just about flowers and chocolates; it’s an ideal time for couples to strengthen their bond, and one crucial aspect of this is organising finances together. However, this year Valentine’s Day could be on a shoestring for many couples as the Office for Budget Responsibility recently downgraded its economic forecasts for 2024, predicting higher-for-longer inflation and borrowing …
If you’re like most people, no matter your age, you often decide to save more and spend less. But life gets in the way, and you end up going back to your usual money habits. In the 1993 movie Groundhog Day, Bill Murray’s character experienced the unusual scenario of waking up to the same day repeatedly. Watching it was quite …
Many markets rallied during December based on the expectation that interest rates will start to fall in 2024. Read on to discover what else may have affected your investment portfolio in the final month of 2023. On 27 December, the MSCI World Stock Index, which comprises stock from nearly 3,000 companies to track global equity-market performance, was up 4.5% when …
With interest rates at their highest level since the 2008 financial crisis, finding a mortgage deal that’s right for you could save you thousands of pounds over the long term. Following the 2008 financial crisis, the BoE slashed its base interest rate, and it remained below 1% for more than a decade. During the Covid-19 pandemic, it cut the rate …
The last few years have seen volatile investment markets due to the pandemic, lockdowns, and fears that high inflation could lead to economic recessions. Looming general elections could mean investors continue to experience ups and downs throughout 2024. UK prime minister Rishi Sunak is expected to call a general election at some point in 2024. Indeed, the last nationwide vote …
While chancellor Jeremy Hunt announced he’d cut the rate of National Insurance (NI) in the 2023 Autumn Statement, he failed to change the thresholds or rates for Income Tax. While that might seem like a good thing – it’s better for your finances than a rate rise after all – your tax liability could still increase. “Stealth taxes” refer to …
High inflation has dominated headlines over the last two years. With the rate now slowly nearing the Bank of England’s (BoE) target, taking stock of what it means for your finances could be useful. The BoE is responsible for managing inflation and aims to keep it at 2%. The central bank explains keeping inflation stable helps everyone plan for the …
The pension Annual Allowance increased significantly in the 2023/24 tax year. If you haven’t already reviewed whether the changes could mean you can tax-efficiently add more to your pension, doing so before the current tax year ends on 5 April 2024 might be beneficial. The Annual Allowance is up to £60,000 in 2023/24 The Annual Allowance is the amount you …
As the tax year draws to a close, both individuals and businesses need to engage in diligent tax planning. By addressing essential tax matters in a timely and efficient manner, you can identify opportunities for savings and ensure compliance with HM Revenue and Customs (HMRC) regulations. TPD Wealth Management, a Stockport-based financial planning firm, provides bespoke financial advice to individuals …
