Patrick Wayne Wealth

Attention professionals! Are you on track to a financially secure retirement future? Planning ahead is crucial, and there's no better time to start than now. Here are some key considerations for those who are 10 years away from retirement:

Think about the age you'd like to retire - Do you want to retire early or work until a certain age? Determine your retirement age and work backwards to calculate how much you need to save.

Estimate your pension pot and savings - Consider your current retirement savings and project how much you'll have in 10 years. Will it be enough to meet your retirement goals?

Create a 6-step guide to your retirement income - Create a detailed plan for your retirement income and expenses, including potential changes that could occur in the future.

Plan for hobbies, travel, and education - Think about how you'll spend your time in retirement and factor in the costs of any activities or education you plan to pursue.

Build an emergency fund - It's essential to have an emergency fund to cover unexpected costs that may arise in retirement.

Pay off debts before retirement - Eliminating debt before retirement can help you avoid financial stress and allow you to enjoy your retirement fully.

Remember to also consider how you'll support your dependants, such as your partner or children. Putting aside money for long-term care is another critical aspect to consider. Start planning for your future today, and ensure that your retirement is financially secure.

To learn more about how we can help you achieve financial success, please email us at [email protected] or scan the QR code in the image. We look forward to hearing from you!

Running a business is a full-time job, and it can be challenging to find time for financial planning. However, neglecting your finances can have serious consequences for your business and personal life. Here are some time-saving tips to help you stay on top of your finances:

Use online tools and apps: There are many online tools and apps available that can help you manage your finances more efficiently. Consider using tools like QuickBooks or Xero to track your income and expenses, and apps like Mint or Personal Capital to monitor your personal finances.

Automate your finances: Automating your finances can save you time and reduce the likelihood of late payments. Set up automatic bill payments and savings transfers, and consider using robo-advisors for your investments.

Hire a financial advisor: If you're too busy to manage your finances on your own, consider hiring a financial advisor to help you. A financial advisor can provide guidance on investments, taxes, and other financial matters, and can help you create a personalized financial plan.

Schedule time for financial planning: Make financial planning a priority by scheduling time for it on your calendar. Set aside an hour or two each week to review your finances and make any necessary adjustments.

Focus on the big picture: When you're busy running a business, it's easy to get bogged down in the details of financial planning. Instead, focus on the big picture and set long-term financial goals. This can help you stay motivated and make smarter financial decisions.

If you're a busy business owner who struggles with financial planning, contact us at [email protected] or scan the QR code below. Our team of experienced financial advisors can help you save time and money by creating a personalized financial plan that takes into account your unique circumstances and goals.

Are you struggling to save money and build your wealth? Here are 5 tips that can help you achieve your financial goals:

Set a budget and stick to it: Creating a budget is the first step towards financial success. List all of your monthly expenses and income, and then allocate your money accordingly. Be sure to set aside some money each month for savings and investments.

Pay off high-interest debt first: If you have multiple debts, prioritize paying off the ones with the highest interest rates first. This will save you money in the long run and help you get out of debt faster.

Invest in a diverse portfolio: Investing is a great way to build wealth over time, but it's important to diversify your portfolio to minimize risk. Consider investing in stocks, bonds, and other assets to spread your risk.

Build an emergency fund: Unexpected expenses can happen at any time, so it's important to have an emergency fund to fall back on. Aim to save at least 3-6 months' worth of living expenses in an easily accessible account.

Work with a financial advisor: A financial advisor can help you create a personalized financial plan that takes into account your unique goals and circumstances. They can also provide guidance on investments, taxes, and other financial matters.

If you're looking for more personalized financial advice, contact us at [email protected] or scan the QR code below. Our team of experienced financial advisors can help you achieve your financial goals and build a brighter financial future.

Financial literacy is a crucial skill to have in today's world, and improving it can have a significant impact on your life. Here are 5 simple ways you can start improving your financial literacy today:

Five fundamentals of Estate Planning

1. Start planning early

Planning what happens to your money
and possessions when you die aims to:
• Make sure your money goes to the people
whom you want to give it to
• Reduce or even eliminate inheritance tax
to leave more to those you love
• Ensure that your wishes are carried out
without unnecessary expense or delay
This might sound simple but managing the
transfer of your money and possessions after
you’re gone is a complicated area with many
financial and legal hurdles. The best way to
avoid unwanted consequences is to start
making plans as soon as you can.
2. Make a will and review it regularly
Do you know that if you don’t have a will,
then your estate will be shared according to
set rules which may be different from your
wishes? The consequences can be devastating
for those you leave behind.
If you’ve already made a will, that’s great.
Please just make sure it’s kept up to date.
A change in family circumstances, changes
in inheritance tax rules and wider legislation
can all affect your will.
It’s recommended that you review your will
at least every five years.
#3. Set up a Power of Attorney
Sometimes people wrongly think because
they have a will they don’t need a Power of
Attorney (POA), but this isn’t true. The POA
lets you appoint someone you trust to make
financial and/or medical decisions for you if
you’re not able to do so. For example, if you
become ill.
It might help to think of a will as something
that helps your loved ones after you die,
whereas a POA is designed to help
you while you’re still living.
Another common mistake people make
is thinking that the POA means you’ve
automatically handed over control to
someone else, but again this simply isn’t
true. It can start immediately, or you can
opt for it to kick in when you’re no longer
able to act in your own best interests. It’s
important to note if you’re giving someone
POA, there are restrictions on gifts they
could make from your estate.
While this rule is there to help keep you
safe, it does also limit the ways to help
reduce IHT. This is a specialist area and
those involved should always speak
to an adviser.
4. Make sure you know who
stands to inherit your pension
It’s a strange anomaly, but your will doesn’t
decide who inherits your pension. When
setting up a pension, you normally have to
complete a “nomination of beneficiary” form.
The people you list on that form will normally
inherit your pension when you die.
Over the years, it can be easy to forget who
you’ve nominated to inherit your pension.
This information can also change and quickly
becomes out of date if your circumstances
have changed. If you’re not sure who inherits
your pension, your adviser can help and can
also update your beneficiaries form if needed.
5. Speak to your loved ones
about these documents
This is often the step that’s forgotten about.
It’s really important to have these documents
and keep them up to date, but it’s even more
important your loved ones know how to get
hold of them when they’re needed. By letting
your loved ones know in advance you’ve done
this important planning, it can make it a lot
easier on them at what could be a very
difficult time.
The 5 basic steps to help you get started
planning for what you leave behind:
• Start planning early
• Make a will and review it regularly
• Set up a Power of Attorney
• Know who stands to inherit your pension
• Speak to your loved ones about your plan

Attention Business Owners!

Are you looking for a way to offer your clients comprehensive financial advice and services? Look no further! Join us as a Patrick Wayne Wealth Introducer and receive up to 40% profit share on any products or services your referrals take advantage of. From new insurance policies to pension transfers and residential mortgages, we have it all covered.

As an introducer, you will have access to:

Introducer tracking information
Commission pipeline information
Marketing materials
Information for your website
Easy introduction method

These are just some of the many professions that may make ideal partners:

Accountants & bookkeepers
Solicitors
Finance providers
Estate agents & property managers
Recruitment & HR
Business consultants and networkers
Health care providers
Personal trainers
Financial services
Don't miss out on this opportunity to expand your offerings and earn additional income. Contact us today to become a Patrick Wayne Wealth Introducer!

Five reasons to stay in your workplace pension

There are a number of important benefits you could
lose if you choose to opt out of pension scheme.
The minimum amount that people have to contribute
into their workplace pension has increased.
While it’s widely expected that most people will
choose to stay in the pension scheme, there’s
always the freedom to opt out. So why should
you stay in your workplace pension?

1. Your boss pays in too
Pensions are a form of deferred pay, especially when it comes to the
money your employer pays in. Not only does your firm pay you a wage,
they put money into a pension so that you have income in retirement.
The amount they put in varies. There’s a minimum amount they’re
required to contribute by law, but many employers go further than this,
particularly if you also increase your contribution. If you opt out of the
workplace pension, it’s like turning down free money, because your
employer will stop paying in as well.

2. You get help from the government through tax relief
When you earn money you pay income tax, usually at a standard rate of
20%, but at 40% or 45% if you are a higher earner. When you choose to
put some of that money into a pension scheme, you no longer have to pay
tax on it. What this means in practice is that, if you want to put £1 into a
pension, it’ll only cost you 80p if you pay tax at the standard rate – the
government puts in the other 20p.
For most high earners, the advantages could be even greater.* For
someone paying tax at 40%, it only costs them 60p, because the
government contributes the other 40p. A combination of tax relief and a
scheme where an employer matches what you put in means you could get
£2 in a pension (one from you and one from your employer) at a cost to
you of just 80p. There aren’t many investments that can match that.

3. You get access to a tax-free lump sum
Later in life, when you’re thinking about taking money out of your
pension, you can usually take a quarter of the whole pot tax free. This
means that you pay no tax on your contributions, get tax breaks on the
growth of the money inside your pension, and then can take out a good
chunk with no tax at the end. Again, there aren’t many investments
that have a tax treatment as advantageous as this.

4. Your pension scheme may pay out to your loved
ones if you die
The main aim of a pension scheme is to provide you with something
to live on when you’re retired. But many pension schemes will have
additional benefits if you were to die or be seriously ill.
Some salary-related pension schemes will offer you something called
‘ill health early retirement’, where you can draw a pension before
normal pension age if you can’t work, and most pension schemes
offer some form of payout if you were to die. This can sometimes be
a multiple of your annual salary and can be very valuable to loved
ones you leave behind.

5. You’ll have more choice over when to retire
Ultimately, the purpose of pensions is to replace your wage when
you’re ready to stop work. The more you have in pension rights, the
more choice you have about when you can afford to retire. There
would be nothing worse than deciding you’re ready to stop work
but realising you have to carry on – possibly for years – because
you haven’t built up enough to live on.
Although it’s always tempting to boost your income today, it
comes at a cost. Opting out now and giving up on the money your
employer puts in will greatly reduce your pension at retirement and
could mean that you’re still going into work long after the point
when you’re ready to stop.
You can find more information about workplace pension schemes
and the benefits of automatic enrolment on the MoneyHelper website

Two strikes on the Tube network in March cost Transport for London an estimated £13m, City Hall has said.

London Underground: TfL lost £13m in fares due to Tube strikes The RMT has not ruled out further strike action as its dispute with TfL continues.

Chronic labour shortages in the food and farming sector could lead to price rises and the UK becoming more dependent on food imports, MPs warn.

Farming labour shortage could mean price rises, MPs warn A report calls for a relaxation on requirements to speak English, and to expand seasonal worker visas.

Tax rises will reduce what homeowners can borrow and potentially send house prices downwards, experts have warned.

Read more in The Telegraph. Subscription required.

National Insurance rise will stop homeowners getting a mortgage Sellers will have to cut asking prices as tax rises hit buyers' ability to borrow

These are the simple financial hacks that can reduce the tax bill paid to HMRC each year.

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What do Sipp investors need to consider when selecting potential beneficiaries for their pension pots?

Should we make our grandson a beneficiary of a Sipp?

The average UK house price hit a new record high of £282,753 in March, according to mortgage lender Halifax.

UK house prices post biggest jump in six months

Are you 'pension dipping' to cope with mounting bills? Withdrawals are set to spike as money gets tighter, but beware of these ten pitfalls.

Are you 'pension dipping' to pay your bills? Beware these TEN pitfalls Potential traps include forking out too much tax, limiting your ability to pay into your pension in future, and even running your pot completely dry, warn experts.

The rush to secure the stamp duty cut amid soaring house prices meant many borrowers turned to 'marathon mortgages' with savings dwarfed by the cost of taking on longer-term debt.

Rush to secure stamp duty cut means higher borrower costs - Your Money

A quarter of investors have pressed pause on their investments as they grapple with rising taxes, energy prices and fuel, according to a recent survey.

Investors pause putting money in their Isas because of rising prices

Don't overdraw from your investments to cover price rises.

How to handle inflation in retirement Don't overdraw from your investments to cover price rises

With 2022 set to be pretty tough on our finances, it’s important to make sure you’re clued up on the latest tax changes so you can plan ahead and avoid any fines for getting it wrong.

Five tax changes you need to know about in 2022 – Which? News Find out how tax changes for 2022-23 will affect your tax bill, from National Insurance and dividend tax hikes to changes when reporting your capital gains.

British holidaymakers must now navigate new mobile phone roaming charges, redrawn insurance rules and ever-changing compensation criteria for disrupted flights.

Protect your post pandemic holiday and don't end up out of pocket Britons jetting off on holiday must now navigate mobile roaming charges, redrawn insurance rules and ever-changing compensation criteria.

Cladding crisis: key workers left in limbo over looming £85k bill as confusion over Government aid continues

Cladding crisis causes despair for flat owners facing £85k bill amid confusion on Government aid 'I have absolutely no idea how I’ll pay the £85,000. I just feel sick, I can’t sleep, I can’t concentrate, I genuinely don’t know what to do'

The burden of tax falling on workers and employers has increased as a hotly-debated rise in National Insurance payments takes effect.

National Insurance rise starts to hit pay packets The prime minister says it is fair for some to face an extra tax burden to pay for health and social care.

Landlords can deduct the cost of property repairs and maintenance, letting agent fees and service charges against their tax bills.

What tax relief can landlords claim?

The latest Quilter Financial Planning Residential Property Review for March 2022 is now available.

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