From using your annual exemption to saving in an Individual Savings Account (ISA), we look at ways to reduce a Capital Gains Tax (CGT) liability potentially. Cuts to the CGT exemption mean that arranging your investments as tax-efficiently as possible is more important than ever. The CGT annual exemption more than halved from £12,300 to…
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Data has revealed that while a third of over-45s (29%) say they have plans to downsize in the next five years, just 13% of over-75s have actually made the move. As people assess their retirement finances, the research highlights the ideal age to downsize is 66. However, ties to the community, their homes, and the…
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According to new research, just two-fifths (42%) of the UK population know how to contribute more to their pension. The study also found that a quarter of those with multiple pots would not know where to start consolidating multiple pension pots accrued throughout their working life. The Financial Conduct Authority (FCA) Financial Lives Survey reported…
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The following is an extract from Truly Independent CEO, Andrew Goodwin’s “Work to Wealth” With some research on the internet it doesn’t take long to discover there is a savings crisis in the UK. In 2014 HSBC reported that 44% of the population had less than £2,000 in savings. By 2016 The Money Advice Service…
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All of our August financial guidance factsheets are available to download below. Each one focuses on a different financial aspect to help guide you when setting and reaching your financial goals. If there is anything you are unsure about, or would like further information please contact your local Truly Independent Adviser to arrange your free…
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How you invest in your 50s could significantly impact your quality of life in retirement. While there is still time to increase your retirement savings, a seemingly simple mistake could derail your plans. This is where obtaining professional financial advice becomes crucial. With retirement now in sight, as you approach this milestone, ensuring your money…
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Discussing finances can evoke anxiety or discomfort, and this tension doesn’t ease when family members are involved. Nevertheless, parents of adult children are responsible for discussing their financial future—particularly retirement and estate planning. Doing so ensures their children can provide support or fulfil their wishes as needed. Open conversations can provide financial planning opportunities and…
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Our July/August TIPS magazine is here. Nobody wants to consider what would happen if they became too ill to support their family financially. Financial protection is essential to creating a secure future for your loved ones, but understanding what cover you may need can be confusing. On page 08, we discuss whether you have considered…
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In recent times, a significant portion of retirees, specifically 14% of those aged over 55, have found themselves re-entering the workforce, driven by the inadequacy of their pensions to meet rising living costs, according to new research. This phenomenon, further compounded by an additional 4% contemplating a return to employment, highlights a growing trend among…
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A recent study reveals that a considerable proportion of UK adults, including a significant number nearing retirement, find themselves in a quandary regarding their State Pension entitlements and the commencement of their payments. The research underscores that 31% of Generation X individuals (ages 42-57) are in two minds about their retirement timing, in stark contrast…
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The financial implications of care in later life are often underestimated, leaving many unprepared for the substantial costs associated with care homes. Establishing a thorough wealth strategy is key to ensuring financial readiness for long-term care needs. In England, individuals with assets exceeding £23,250 are currently required to self-fund their care home expenses. However, a…
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All of our June financial guidance factsheets are available to download below. Each one focuses on a different financial aspect to help guide you when setting and reaching your financial goals. If there is anything you are unsure about, or would like further information, all of our independent financial advisers offer a free initial consultation.…
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