Can your money work harder in 2020?

Can your money work harder in 2020

Now could be the perfect time to consider whether your savings, investments and pensions are working as hard for you as they could with three resolutions for the New Year.

  1. Pay Less tax

Less tax means higher returns for you.  You could pay less tax with a carefully constructed financial plan and by making the most of your tax allowances.

  1. Seek better returns with investment choices tailored to you

Much has happened in 2019 and your investments may look different from a year ago. You could now be taking too much risk, or holding poor-performing investments.  Independent Investment Advice can help you make sure your investments are positioned to seek the best returns for your financial goals.

  1. Make it easier for yourself

With a bit of help you can make your investments easier to look after and reduce your paperwork.  This New Year could be an excellent time to bring all your pensions, ISA’s and investments together. Saving you time, effort and paperwork.  We recommend you seek independent financial advice before moving any type of pension plan or investment product.

The New Year is always a good time to seek advice to improve potential returns and to pay less tax.  We can help you do this.

Contact us today on 01384 671947 for advice.

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The value of investments can fall as well as rise, and you may not get back as much as you put in. Please note tax rules may change.and benefits depend on individual circumstances.

 

ISA vs Pension

ISA vs Pension – which is best?

ISAs (Individual Savings Accounts) are a popular way to save.  They are after all tax efficient and opportunities to be able to access your savings is appealing.  Whilst the additional tax-relief available with pensions has longer term benefits, this money can only be accessed once you reach age 55.

ISAs and pensions are two separate products but they can also be used alongside each other.  For example, you receive tax relief on contributions into your pension, not with an ISA and you cannot take benefits from your pension until aged 55, whereas ISA you can access any time.

Whether you are already paying into an ISA and/or a pension, it may be worth finding out about your options and seeing whether they can be more aligned. To help maximise your retirement savings.

Did you know the ISA allowance is now £20,000 per annum?  Add that to the annual allowance for pension contributions of up to £40,000.  That’s a combined allowance of £60,000 that can be used to reduce your tax burden and to build up a worthwhile retirement fund.

Although, you may think retirement is a long way off for it’s important that you make the most of your opportunities now and build up sufficient savings to support you through your retirement.

Contact us on 01384 671 947 for us to help you make the most of your ISAs and pension plans.  

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Investments and any income from them may fluctuate and can go down, there are no guarantees that you will make a profit. Pension income could also be affected by the interest rates at the time you take your benefits. Tax reliefs will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.