At this time of year, we think about New Year’s resolutions, and it’s also a good time to start planning our tax affairs before the end of the tax year on 5 April. As you think about 2019 and your goals for the coming year, we can help to start you off on the right financial footing. It’s well worth spending some time in January to think about your money so you can achieve your goals as quickly as possible.
The end of the tax year on 5 April is fast approaching, so make sure you’ve made the most of your annual allowances before it’s too late. No matter what, why or how you want to save and invest, an Individual Savings Account (ISA) could help make your money work harder for you.
Building up your nest egg is more discipline than difficult
For today’s retirees, retirement has changed almost beyond recognition since their parents’ day. Building a retirement fund requires saving enough money to pay your bills and continue living comfortably when you are no longer drawing an income.
Considering making contributions ahead of the tax year end?
Investing for the future is vital if you want to enjoy a financially secure retirement, and it requires you to look at the big picture. Although pensions can be complicated, we will help you get to grips with the rules if you are considering making contributions ahead of the tax year end. Here are our top pension tax tips.
Redefining how millennials become more financially secure
Millennials are set to redefine how wealth is shared between generations, according to new research. Contrary to expectation, it is not millennials (aged 18–34) who appear to be under the greatest financial strain, with 44% saying they are ‘comfortable’ financially. In fact, the research shows they are trying to do the right thing.
Getting there could be easier than you think – but you’ll need to start young
Parents could make their baby an adult millionaire by starting a pension pot when they are born. Children born this year could become millionaires by their 43rd birthday if their families contribute to a pension for the first 18 years of their lives. The analysis found that parents or grandparents contributing £2,880 per year (£3,600 after tax relief) until their children turn 18 years old could create a pot of £1,021,837 by 2061. The figure assumes a total contribution of £51,840, a growth rate of 8% per annum, and is net of product charges.
Solutions that work as your priorities change over the years
The future may seem far away, but you need to start planning early. Regardless of your goals, there are things you can do to increase your chances of success! We look objectively at your plans to provide solutions that work as your priorities change over the years and you go through different life events.
The material on the site is the copyright material of Teesside Financial Management Ltd. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Teesside Financial Management Ltd content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Teesside Financial Management Ltd does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Teesside Financial Management Ltd content requires the prior written permission of Teesside Financial Management Ltd.