Your Money - Your Future
News & Views
National Insurance Contributions (NICs)
National Insurance is a cornerstone of the welfare and benefits system. As a citizen, your contributions will likely play a significant role in funding state provisions such as pensions, maternity leave and bereavement support. If you're over 16, under the State Pension age and either employed or self-employed, chances are you're making National Insurance Contributions (NICs). [...]
Monday, January 8, 2024Read More
Changes to the State Pension
The State Pension is set to increase commencing on 6 April 2024 due to a mechanism known as the 'Triple Lock’. Chancellor Jeremy Hunt has announced an increase of 8.5%, which pensioners will welcome. The State Pension is a recurring benefit paid out every four weeks by the government. This payment is made available to individuals who have reached the qualifying age and have sufficiently contributed to National Insurance. [...]
Monday, January 8, 2024Read More
Tax-saving measures
Have you recently evaluated your personal tax situation? Is your tax structure optimised for efficiency? As we approach the end of the tax year on 5 April 2024, it presents an ideal opportunity to assess and leverage the various allowances and reliefs available to enhance your tax profile. Allocating time for this review can provide valuable insight into potential opportunities for you and your family. [...]
Monday, January 8, 2024Read More
The gender divide
Reflecting on 75 years of State Pensions In the 75 years since the inception of the State Pension, we’ve witnessed dramatic shifts in the workplace and significant strides towards gender equality. Yet, a stark reality remains: women are more likely than men to depend solely on the State Pension for their retirement income. The State Pension currently stands at £886 per month, granted to those eligible for the full amount under the contemporary rules. Eligibility hinges on having either paid or been credited with 35 years of National Insurance. New research reveals that nearly half (49%) of women are unaware of this stipulation, compared to 40% of men[1]. This disparity is especially concerning in light of the fact that almost two million women (29%) anticipate relying solely on the State Pension in retirement versus only 13% of men. [...]
Monday, December 18, 2023Read More
Are you ready to invest?
Establishing safeguards before embarking on an investment journey Investing comes with its share of risks, which can sometimes lead to partial or total loss of your savings. Assessing your financial situation and establishing safeguards before embarking on an investment journey is essential. The decision to invest should hinge on your financial goals. Are you looking to increase your wealth, generate regular income or both? Do you have a specific growth target for your savings or a minimum required income? Generally, investments require a minimum commitment of five years to overcome market fluctuations. This is especially important if you’re nearing retirement. Clearly defined goals will guide your risk-taking limits to achieve your desired outcomes. [...]
Monday, December 18, 2023Read More
Monetary matters
Decoding investment strategies for better financial decisions Entering the investment world can feel like deciphering an enigma, particularly for beginners. The vast array of options and approaches can often lead to bewilderment. However, the first crucial step on this journey is to identify your financial aspirations. Are you aiming for long-term wealth accumulation or after more immediate returns? Pinpointing your specific goal will aid in selecting suitable investments and fostering wiser financial decisions. [...]
Monday, December 18, 2023Read More