Posted March 10th, 2010
Once again the time of year is upon us when it is commonplace to take stock of various aspects of our lives and make resolutions for the year ahead. The problem is, too few people extend this to include their finances – and yet that is arguably one of the most important areas to review to ensure you are truly getting the best bang for your buck.
So, we’ve put together the top four financial resolutions for you to considering as you look forward to 2010.
Resolution 1: Set clear goals
It is imperative to set clear and concise financial goals. Be specific and include actual figures and measurements. I’m sure you’ve heard this many times before, but sometimes the old ones are the best ones.
Resolution 2: Address your debts
Make a list of your debts and arrange them by interest rate. Prioritise paying off those with the highest rate and pay them off first before you start to save. It can be counterproductive to save when your debts are incurring higher interest than any savings might accrue.
Resolution 3: Build your savings
Once your debts are clear, set up a savings plan to ensure you make the most of the money you are putting away. We can help you build a bespoke programme that will ensure you maximise your opportunities with ISAs, pensions and the right investments.
Resolution 4: Time to remortgage?
With a new year and an improving economic situation – albeit slow! – if your mortgage is up for renewal this year, you find you can save money by shopping around rather than simply reverting to the standard rate. Speak to us and we can take a look for the best deals.
Further information
The tax year end is a great time to review every aspect of life and start thinking about how you can improve them. Therefore, if you would like to discuss any of your financial matters in more detail, please do not hesitate to give us a call on 01204 663904.
Tags: Debts, Finances, Goals, Investments, ISAs, Pensions, Remortgage, Savings, Tax Year End | Posted in Tax Year End |
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Posted February 18th, 2010
HM Revenue & Customs (HMRC) has recently introduced a new computer system which was designed to streamline the collection of PAYE and National Insurance.
However, due to computer error has admitted that millions of taxpayers could lose out on up to £2,500 a year from their pay.
The error has led to the wrong coding notices being sent out to millions of taxpayers, and in many cases, the recipient is receiving multiple coding notices.
It particularly effects the following:
• Married couples and civil partners aged over 76 or over.
• People receiving their State Old Aged Pension
• Company car owners.
• Employees with company sponsored Private Medical Insurance.
• Former soldiers and war widows receiving war pensions.
I recommend that you review your coding notice carefully and pay particular attention to any changes in the new coding notice.
If you have received a coding notice and would like advice on whether it is correct, please contact me on 01204 663904 or phil@white-well.co.uk
Tags: Civil Partners, Coding notice, Company Car, HM Revenue & Customs, HMRC, Married Couples, National Insurance, PAYE, Private Medical Insurance, Soldiers, State Old Aged Pension, Taxpayer, War Pensions | Posted in Tax |
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Posted September 14th, 2009
Here are three simple tips to increase your income in retirement.
1. Use the Open Market option
Did you know that not all annuity providers are equal. Having saved all your life into a pension, you might expect that the income on offer from your existing provider would be competitive. However, this is not always the case and it can pay to shop around.
In my experience, increases in income of up to 25% are not uncommon. So, based on the average pension pot at retirement of £24,000, this increase is roughly the same as having an extra £6,000 added to your retirement pot.
2. Enhanced Annuities
It is estimated that 40% of people would qualify for an enhanced annuity as they have smoked, are taking or have taken prescription medication and have been hospitalised for a medical condition. If this is you, an enhanced annuity could seriously boost your annuity income even further. Based on the average £24,000 pot, an enhanced annuity could add nearly £10,000 to the basic pot, an increase of c.40% .
If you are suffering serious medical problems, you may even qualify for an impaired life annuity which will offer much higher rates of income based on a lower life expectancy.
It pays to check whether your annuity provider is taking your medical history into account.
3. Advice pays
Financial advice on annuities is not free but by going direct you may think that this will save money. However, the costs associated with selling an annuity cover a number of things - advertising, commission, etc. These costs are not discounted when applying direct with a provider.
Further information
Our retirement review service can help you to make the right choice – and maximise the income available.. We take a detailed look at what you have, what your plans are and what can be done – and then seek out the best solutions for you.
If you would like more information, call us on 01204 663904 and we can discuss the benefits and outline the process in more detail, without any obligation on your part. It will take only a few minutes – but could end up saving you thousands of pounds.
Tags: annuities, annuity, commission, enhanced annuity, Financial Advice, impaired life annuity, income, medical history, OMO, open market option, pension, Retirement | Posted in Retirement |
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Posted August 4th, 2009
It is as if children have become a luxury item. From their first squeal through to the end of their time at university, you will pay out more than £185,000*. This can be a hefty chunk of your after-tax income and it is therefore worth planning ahead to minimise the burden.
However much you have available, you can find an option which is suitable. Some will be specifically designed for children – and some will even have tax benefits thrown in.
Choosing the right option
First, there is the Child Trust Fund which the Government starts for you by offering a donation. Invested well, this can make an important contribution to future costs, particularly if you – and other relatives or friends – top it up over the term. Second, there are the friendly society children’s bonds, with low minimum investment levels, available to anyone connected with you, including friends and god parents as well as close relatives.
Both these options come with tax breaks. However, the list does not end there. With many generic products also now offering minimum investment levels of just £20 or £30 a month, a standard fund may be just as suitable. Taking costs, your tax position and your attitude to risk into account, some could be used instead of – or perhaps as a top up to – the more tax efficient options.
Planning for your children’s future
With such a large range of options available, making the right choice can be difficult – and take a significant amount of your time as you search through the different offerings.
Alternatively, we can help. Not only can we quickly outline what the different options mean for your child’s future, we can also assess your needs in the context of your situation, with full knowledge of the wide range of products available.
For more information on how you can make the most of the money available to your child, please give us a call on 01204 663904 or email advice@white-well.co.uk.
* Source: Liverpool Victoria, Annual Cost of a Child survey 2007, to age 21; published Jan 08.
Tags: Child Trust Fund, Children, Financial Advice, Financial Planning, Government, Kids, University | Posted in Investing for Kids |
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