January 2023 – JM Wakeling

Millennials willing to forgo inheritance

Harder to support bigger financial commitments of older generation parents

Many people want to do what they can to ensure they maximise the amount they leave to their family and minimise Inheritance Tax, but working out how much you can afford to give away during your lifetime isn’t easy.

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Chancellor retains state pension triple lock

State pension is set for a record-breaking increase from April 2023

If you’re currently receiving or have been looking into the State Pension, then you’ve probably heard of the ‘triple lock’. But what is it?

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Don’t miss the ISA deadline

Use your tax-efficient allowance or lose it forever!

Time is running out to take advantage of this year’s Individual Savings Account (ISA) allowances. You get one ISA allowance per tax year. So use it or lose it soon, when the tax year ends on 5 April.

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‘Phased retirement’

Pre-retirees starting their plans but will rising living costs halt their plans?

Retiring early is a dream for many people and it is achievable for people who have been able to plan, save into a pension over a long period and taken financial advice to help them plan their finances. However, it can become a financial problem if retirement is forced upon people before they have had time to prepare.

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No ‘one-size-fits-all’ protection solution

Helping you feel confident your family’s finances are secure

With a New Year comes resolutions. Everyone should make a resolution to review their protection and estate plans. A solid plan will help you feel confident your family’s finances are secure.

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Taxing times

Time for a tax health check?

With the current tax year having begun on 6 April 2022, the clock is ticking and it is important to utilise all the tax reliefs and allowances available to you before 5 April 2023 in order to minimise any potential liabilities.

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Time to get your retirement plans in motion?

Three in five Britons feel stressed about later life planning

It’s only natural, in a world where most people are worried about things that are beyond their control – the rising cost of living, increasing inflation and interest rates that haven’t been seen for years – that you may also feel out of your depth when it comes to things like pensions and later life preparations.

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Tracing old and lost pensions

Nearly half of pension holders have lost track of some of their pension pots

The lost pensions challenge in the UK has grown significantly in recent years, further exacerbated by the pandemic, which resulted in a large proportion of people moving jobs. A recent Pension Policy Institute research briefing calculated the total value of lost pension pots has grown to £26.6 billion in 2022[1].

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Feeling the pinch

Women more vulnerable to cost-of-living crisis

Throughout their lives, women face a number of challenges that can place them at a financial disadvantage compared to their male counterparts. This can include inequality of pay at work, taking career breaks or taking part-time positions due to an expectation they will take on greater responsibility for family commitments.

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Perfect storm

Major long-term ramifications for financial health and wellbeing

A perfect storm of global and domestic factors has contributed to spiralling inflation in the UK, triggering a cost of living crisis. This is pushing up the prices of food, fuel and housing. This crisis is by far the top concern for UK consumers: 58% are very worried about it, rising to 69% of women, according to research[1].

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