Josh Cohen - Financial Planning

https://buff.ly/3OEBDXJ

The income needed for a person to have a moderate standard of living in retirement has risen by 38 per cent, or £8,000, in a year, according to the pensions industry body.

Whilst this isn't a one size fits all, it goes to show the significant effect inflation can have on your future.

What can we do about this?
- Save properly towards retirement
- Ensure your pensions are all accounted for
- Ensure your pension funds have a robust investment strategy

Read the article to find out what contributed the most to this increase.

Income needed for a moderate retirement soars by 38% The income needed for a person to have a moderate standard of living in retirement has risen by 38 per cent, or £8,000, in a year, according to the pensions industry body.

Now we are into the new year, the end of the 23-24 tax year is within sight.

Whilst a useful time for planning, there can be lots of jargon - below is an explanation of the most common terms you will come across!

Your tax year-end jargon buster Your tax year-end jargon buster

Did you know if you’re earning between £100,000 and £125,140, the tapering of the personal allowance means you could end up paying 60% tax?

So what can you do to sidestep or mitigate the 60% tax trap?

Read more below

How you can beat the 60% tax trap How you can beat the 60% tax trap

Don’t delay putting money into your pension 🕰️
Thanks to the long-term effects of compounding, the earlier in life you start to make monthly pension contributions, the more money you could have in retirement.

Inheritance Tax is often referred to as the voluntary tax because it is possible to plan and mitigate in many cases.

But howw much of your estate could be liable for tax when you die and how can this be reduced?

What can £4 buy you today? A coffee or a sandwich?

Here’s how paying the equivalent of £4 a day into your pension for 28 years could give you an extra £132,000 in retirement.

Maybe think twice before you buy that BLT!

Saving for retirement might not be something you think about starting in childhood, but creating a pension for your children – even though they’re decades away from retirement – can set them up for future financial wellbeing.

Pensions for children – what you need to know Pensions for children – what you need to know

ISAs aren't typically the first thing that springs to mind when we think of retirement, but they can form a vital part of a tax efficient income strategy alongside your pensions.

Private education can be affordable, providing you plan properly and give yourself as much time as possible to save. Take financial advice to help you make the right choice about the most tax efficient way to achieve your goal.

How much does private education cost? How much does private education cost?

Are you being punished by the Personal Allowance trap without even knowing it? ⚠️

Read more here to find out if you are and how you can avoid it!

When you pay off your mortgage, you’ll have money that’s freed up by no longer having mortgage payments. Rather than see this money dissolve into household budget or day-to-day spending, consider how powerful it could be if you invested it?

Paid off your mortgage? Time to invest in yourself Paid off your mortgage? Time to invest in yourself

There are certain things households can control. But when it comes to inflation, interest rates and government tax policy, household finances are vulnerable to even modest changes.

When we factor more personal life events into the equation, such as illness, accidents and bereavement, the case for having some form of safety net in place becomes even more compelling.

When everything suddenly changes – why protection matters When everything suddenly changes – why protection matters

Since the pandemic began to subside at the end of 2021, the investment world has seemingly gone from one complication to another. In times of uncertainty, there is an instinct to sell up and wait out the economic storm, but is this the right thing to do?

Looking for long-term opportunity amid short-term volatility Looking for long-term opportunity amid short-term volatility

In the current environment, making the best use of tax-efficient wrappers such as pensions and ISAs is all the more important.

Choosing between an ISA and a pension isn’t usually an either-or decision, because both are tax-efficient ways to save for your future goals.

Finding the right balance between tax-efficient pensions and ISAs Finding the right balance between tax-efficient pensions and ISAs

It’s more important than ever to ensure you’re using all the allowances and exemptions you’re entitled to.

Below we outline the changes to Income Tax and National Insurance, dividend and savings income (frozen until 2028), personal pensions, ISAs, Inheritance Tax, Capital Gains Tax and Corporation Tax.

Your new tax year checklist Your new tax year checklist

We had a stand at the Corporate Wellbeing Expo this year to talk about our Financial Education workshops and seminars.

It was a fantastic day meeting so many businesses who are working hard to maintain the physical, mental and financial wellbeing of their people.

It wasn’t such a bad way to spend my birthday!

Here is the latest installation of WeekWatch.

Find out how the markets have fared and also see a really interesting graph showing the average prediction of inflation throughout 2023 from economists.

WeekWatch - 23/01/2023 WeekWatch - 23/01/2023

The current tax year will end on 5th April and trust me, this will come around faster than you think!

I'm going to be posting regular reminders and articles about why you should make sure you have made the most of any available tax efficiencies and allowances before this deadline.

As this tax year comes to a close, it’s a perfect time to review whether you’re still getting value for money from your Cash ISAs.

Making the most of your ISAs before tax-year end Making the most of your ISAs before tax-year end

I wanted to share a common oversight I find when talking to clients.

This is the link between their mortgage and the life insurance they have to repay this should the worst happen. 🏡

Many will have set up their life insurance when they first set up their mortgage, but their mortgage situation often massively changes in the years following this and their insurance does not keep up.

They could go for a bigger mortgage or one with a longer term, meaning their life cover could leave them vulnerable if it is not also properly reviewed.

Why plan for the future when you have not protected what you have today?

Good economic data helped shares from across the globe surge last week, with good news coming from China, the US and the UK.

Read more below:

WeekWatch - 16/01/2023 WeekWatch - 16/01/2023

This year more than ever, making the most of your 2022/23 annual allowances and tax reliefs before tax-year end is one of the most practical steps you can take to tackle those tax rises, and bring your tax bill down.

Using up your personal allowances helps to make the most of your investments, meet your outgoings, and lays the right foundations for your financial future.

Read more below about the 'big four' you should be considering!

Using your allowances to lay the foundations for your financial future Using your allowances to lay the foundations for your financial future

We now have more information, more choices, and more responsibility for our retirement savings. But will the future we want be the future we are able to get?

The Retirement Living Standards, launched by the Pensions and Lifetime Savings Association (PLSA), has been developed to help people picture what kind of lifestyle they could have in the future.

Pitched at three levels: minimum, moderate and comfortable, the standards have been designed to act as a practical and meaningful starting point for anyone who is unsure about how much to put away.

So what are the numbers and how can we get there?

The cost of a comfortable retirement The cost of a comfortable retirement

Out with the old, in with the New Year!

WeekWatch - 09/01/2023 WeekWatch - 09/01/2023

As we turn into 2023, the end of the tax year comes into sight.

With several changes taking place next tax year, it's important to understand what allowances you have available to you and how you can use them to be more tax-efficient.

Tax year-end: how can I make the most of my tax allowances? Tax year-end: how can I make the most of my tax allowances?

Happy New Year everyone!

I hope we have all started well on our New Year's Resolutions. Many of us will have a money-related goal among our New Year’s Resolutions. It’s a perfect time of year to break old money habits and make some new ones.

Here are some great habits to get into in 2023.

Make 2023 less taxing: the financial habits to get into now Make 2023 less taxing: the financial habits to get into now

What are multi-asset funds and should we be invested in them?

Multi-asset funds explained Multi-asset funds explained

As someone who is officially golf-obsessed, it is interesting to see how golf and investing have many parallels – success relies on expert help, plenty of patience and a carefully thought-out strategy.

Relatable lessons in finance: St. James’s Place National Pro-Am Championship Relatable lessons in finance: St. James’s Place National Pro-Am Championship

https://buff.ly/3B3aMy3

The Bank of England has declared that the UK is now in recession and that it will extend deep into 2023. For anyone looking to build or maintain their wealth in these circumstances, advice is essential.

Watching stock markets turn into rollercoasters can prompt some investors to make knee-jerk decisions that could cause damage to their long-term plans, so how can we manage our finances in this scenario?

How to build and maintain wealth for the long term in the middle of a recession How to build and maintain wealth for the long term in the middle of a recession