The useful guide to reaching your retirement goals

Getting the most out of retirement and reaching your goals requires planning.

Not thinking about your post-work years until you reach that milestone can mean that a retirement that promised much, falls short. While you might daydream about giving up work, pinning down the details, from your lifestyle to your income, means you’re more likely to turn your dream into a reality.

This guide can help you start to think about the retirement you want and the steps you need to take to secure it. Among the questions it can help you answer are:

  • When do you want to retire?
  • Is blending work and retirement an option you should consider?
  • What does your ideal retirement look like?
  • What are your priorities for retirement?
  • How much income will you need in retirement?

Download your copy of “The useful guide to reaching your retirement goals” to start planning your future.

The chancellor is reportedly drawing up plans to scrap the additional-rate tax band. Here’s what it could mean

Reports suggest that the top rate Income Tax band could be scrapped in the next few years. It could cut your tax bill and, somewhat counterintuitively, could increase how much the Treasury takes in tax.

According to a report in Citywire, chancellor Rishi Sunak has drawn up plans to cut taxes ahead of the 2024 election, and Income Tax is one of his main targets. It’s suggested that not only will Sunak cut the basic rate of Income Tax by 2p but he will also scrap the top 45% Income Tax band.

For the 2022/23 tax year, Income Tax bands are:

The reported cuts would mean that the basic rate of Income Tax would fall from 20% to 18%. This would save basic-rate taxpayers up to £750 a year.

If you’re an additional-rate taxpayer, the changes could significantly reduce your Income Tax bill.

More people than ever are saving into a pension, but 6 in 10 aren’t confident about their knowledge

The latest figures from the Pension Regulator prove that pension auto-enrolment has been a success – more people than ever are saving into a pension. Yet, research also shows that many people don’t think they know enough about saving for retirement.

Before the government introduced auto-enrolment in 2012, just 4 in 10 private sector workers were actively saving into a pension. Now, more than 70% of employees are taking steps to secure their retirement.

According to the Office for National Statistics, pensions represent the largest portion of private wealth in the UK. Individuals hold £6.4 trillion in pensions. The figure compares to £5.5 trillion in property and £2 trillion in cash. 

The number of people saving for retirement is rising and the accumulated wealth in pensions is certainly good news, but simply paying into a pension isn’t enough to be sure of a comfortable retirement.

Guide: The useful guide to decluttering your home and life

Over time, you can pick up things that clutter your life and mean you aren’t living the lifestyle you want.

It might be material items taking up space in your house, or even habits that mean you’re distracted from focusing on your important goals.

Spring is often associated with giving your home a big clean, getting rid of the old, and starting afresh for the summer months. So, now could be the perfect time to declutter your life to help you build the lifestyle you want.

Read our latest guide for some great tips, including:

  • Advice from Netflix star Marie Kondo
  • How to create a plan to declutter your home
  • Why you should also declutter your digital life
  • The benefits of getting your finances in order
  • 5 books to read that could help you to become more organised.

Investment market update: January 2022

While many countries have now eased Covid-19 restrictions, the knock-on effects of lockdown continue to affect economies, businesses, and households.

According to the Organisation for Economic Co-operation and Development (OECD), inflation in the 38 richest countries has reached 5.8% – a 25-year high. The findings also highlight the driving forces behind inflation rates. If food and energy are excluded, year-on-year inflation is a more modest 3.8%.

Global demand for gas and oil, along with rising carbon prices, means that energy bills for businesses and families are increasing. In the UK, rapidly rising prices have led to more than 20 energy firms collapsing, and other countries are facing similar challenges. According to a report from Bloomberg, households in Europe could see average energy prices increase by up to 54% when compared to bills two years ago.

The United Nations (UN) also reported that world food prices have surged by 28% and affected all major food groups.

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