Passing wealth down the generations while you are still around to see the impact it has can be very satisfying – and incredibly tax-efficient. But before parting with your cash, it’s sensible to weigh up the pros, cons and practicalities.
Taking responsibility for your financial planning is key to securing your aspirations. But a recent survey by UBS Global Wealth Management found that a significant proportion of women prefer to leave the financial planning to their husbands.
The survey found that although around three quarters of women believe financial planning is important, very few are actively engaged with their plans. In the UK, just 15% of UK women share responsibility with their partner for long-term finances such as savings, investments and retirement planning.
Finding love in later life is becoming increasingly common in the UK, with the number of over-65s tying the knot up by nearly 50% over the last decade. But while it can bring happiness and security, a new partner at this stage can also bring its fair share of financial planning headaches.
It’s four years since the introduction of pension freedoms giving retirees greater flexibility around when and how they access their retirement savings. While there is little evidence that people have blown the lot on Lamborghinis, there are some lessons to be learnt from our pension spending habits.
With the new tax year starting on 6 April, there’s still time to ensure your finances are as tax-efficient as possible. And while some allowances can be carried forwarded, with many it really is a case of use it or lose it.
Whether you make a regular donation to charity or leave a legacy in your will, using your wealth to support good causes can deliver much more than a financial return. Adopting some of the principles of philanthropy can increase the benefits of giving, both for you and for your chosen charities.
The costs that a young person faces in early adulthood are on the rise: a university degree, a wedding and a first home are all getting more expensive. However, investing for a child’s future can help them get off to a good financial start.
Whether you want to do up your home or help a grandchild on to the property ladder, or just need a bit more cash, tapping into the wealth built up in your property is one way to finance your plans. But with several options available, it’s important to weigh up the emotional and practical implications alongside the financial ones.
Taking voluntary redundancy can be a fantastic opportunity to ditch the drudgery of your job and follow your dreams. However, while a redundancy package can be tempting, it’s important to weigh up your options and the financial implications before taking the leap.
Paying off the mortgage before reaching retirement used to be a reason to celebrate. But thanks to demand and a more relaxed approach from lenders, borrowers are increasingly finding that a mortgage can be a valuable financial tool in later life.