News

Embarking on a holiday is about more than simply sightseeing – it’s also your chance to experience new and tantalising local dishes from around the world.

An increasing number of people worldwide enjoy exploring exotic flavours during their time abroad. Acorn Tourism Consulting states that food tourism is one of the world’s largest and fastest-growing tourism markets today, with 95% of travellers seeking a positive food activity while on holiday.

If you’re a self-proclaimed foodie who savours any opportunity to sample local delicacies and immerse yourself in culinary delights, there are several destinations that promise to deliver on your desires. Continue reading to discover six potential locations for your next getaway.

1. Hanoi, Vietnam

If you’re seeking an array of south-east Asian street foods that use fresh and healthy ingredients, then Hanoi in Vietnam could be your ideal destination.

The city is a culinary haven, as each street corner is brimming with vibrant food stalls that promise to leave you satisfied.

For instance, a holiday to Hanoi wouldn’t be complete without tasting “bun cha”, a savoury combination of grilled pork and noodles, or “banh mi sandwiches”, baguettes loaded with marinated tofu and pickles.

Of course, this could also be the perfect chance to try Vietnam’s signature dish, “pho”, a warm noodle soup brimming with flavour.

2. Sevilla, Spain

Sevilla is a city steeped in history and tradition, and its culinary scene is certainly something to marvel at too.

Indeed, during a visit to Sevilla, you can wander through narrow cobblestone streets adorned with lush orange trees. While meandering, you’re guaranteed to pass plenty of eateries that exemplify Andalusian cuisine.

For example, you could visit one of the city’s many tapas bars, which would allow you to experience a wealth of Spanish flavours and delights, such as patatas bravas or fried calamari.

You could even indulge in some local specialities, such as the thinly sliced cured ham known as “jamon iberico”, or shrimps cooked in plenty of garlic, called “gambas al ajillo”.

3. Marrakesh, Morocco

If you are looking for a city that promises an exciting adventure as well as a new culinary experience, then Marrakesh in Morocco could be the perfect destination for you.

The bustling streets of the Red City’s walled medina contain more than tourist sites and exotic wares, as the alleyways are also home to a range of delicious Moroccan cuisines.

You would certainly be missing out if you didn’t try several varieties of tagines while in Morocco, the slow-cooked stew that is loaded with spices and flavour.

If you have a sweet tooth then you’re also in luck, as there are several traditional Moroccan sweets, such as “baklava” and “maamoul”, that promise to leave you satiated.

To ensure you experience all the culinary delights Marrakesh has to offer, it may be worth visiting Le Trou au Mur, a restaurant that is famous for its grandmother-style Moroccan dishes, or the Royal Hotel Mansour, which is host to a number of must-visit dining spots.

4. Tokyo, Japan

While Tokyo is home to the world’s highest concentration of Michelin-starred restaurants that serve a wide range of foods, perhaps the best reason to visit the bustling metropolis is to sample its top-end sushi.

In many of Tokyo’s sushi bars, you’re guaranteed dinner and a show, as you can watch the masters at work crafting delicate rolls in an intimate setting.

Interestingly, sushi etiquette is unique in Japan, and many restaurants practise “sushi omakase”. In this style, the expert chefs select, prepare, and serve the sushi as they see fit, regardless of your interests.

However, you should see this as an honour, as you’ll be able to watch sushi masters practising an ancient culinary art.

In addition to the bustling streets and fascinating culture, it is worth visiting the Sushi Saito or Sukiyabashi Jiro restaurants in Tokyo. However, you may need to plan ahead if you do wish to visit these famous sushi bars, as they often have long waiting lists!

5. Texas, USA

It’s fair to say that in Texas, barbecue is much more than just something to eat: it’s a way of life. Indeed, unlike many people in the UK, Texans see barbecue as their opportunity to celebrate meat, smoke, and flavour, all of which are rooted in local culinary traditions.

If you’re considering a trip to the Lone Star State, a must-see culinary site is Franklin Barbecue in Austin. Here, you can sample a range of smoked meats, such as pulled pork, sausages, and, of course, brisket.

Though, just be aware that locals line up for hours to taste the meats on offer here, so you may need to arrive early!

6. Naples, Italy

Italian food is perhaps unparalleled, and while Naples could be the perfect destination for pasta fiends, pizza lovers should also consider the Mediterranean city as somewhat of a pilgrimage site.

This is because the famous margherita was reportedly first made in Naples, and eating pizza here is much like a religious experience. To ensure you taste the best pizza possible, it may be worth visiting Di Matteo, one of the oldest establishments in the city.

Even if you aren’t the biggest pizza fan, there is certainly something for everyone in Naples. Indeed, you could try some classic pasta dishes, such as “spaghetti ale vongole”, a recipe that boasts baby clams in a white wine sauce, or “orecchiette alla Genovese”, a meaty pasta delight.

And, of course, no trip to Naples would be complete without a taste of creamy gelato ice cream after every meal.

As a business owner, deciding how to extract profits from your firm could be a crucial decision. It may affect your tax liability and that of your company. Read on to understand three essential ways you could take money from your business and potential tax implications you might want to weigh up before deciding which is the right route for you.

Many business owners will use a combination of the three options below to extract profit from their business to fund their day-to-day expenses and create long-term financial security.

1. Taking a salary

An obvious way to access profit from your business is to pay yourself a salary.

Paying yourself a salary from your business could help ensure you have a regular income to cover day-to-day expenses. A reliable income source could also make some situations more straightforward, such as applying for a mortgage. So, you might want to consider your short- and medium-term plans when deciding your salary.

In addition, you may also factor in how your salary could affect your tax liability. Your salary could be liable for Income Tax in the same way as other employees.

For the 2024/25 tax year, the Income Tax bands and rates are:

Income Tax allowances and rates are different in Scotland

Being mindful of the Income Tax thresholds might help you to manage your finances and avoid an unexpected bill.

As well as Income Tax, there could be other taxes and allowances you factor in. For instance, moving into a higher tax bracket could reduce your Personal Savings Allowance and lead to you paying tax on the interest your savings earn. In addition, high earners could be affected by the Tapered Annual Allowance, which reduces the amount you can tax-efficiently contribute to your pension.

If you would like to talk about the implications of your Income Tax bracket when setting your salary, please contact us.

2. Supplementing your income with dividends

Dividends could be a tax-efficient way to boost your salary. They provide a way to distribute company profits among its shareholders. So, when your business is doing well, dividends could supplement your other sources of income.

In 2024/25, the Dividend Allowance means you can take dividends up to £500 before tax is due. This allowance has fallen in recent years – it was £2,000 in 2022/23. So, if you’re a business owner who uses dividends to extract profits and haven’t reviewed your tax liability recently it could be a worthwhile task.

Dividends could prove valuable even if you exceed the Dividend Allowance due to the tax rate likely being lower than the rate of Income Tax.

The rate of tax you pay will depend on which Income Tax band(s) the dividends that exceed the allowance fall within once your other income is considered. For 2024/25, the Dividend Tax rates are:

• Basic rate: 8.75%
• Higher rate: 33.75%
• Additional rate: 39.35%

It’s not possible to carry forward your Dividend Allowance if you don’t use it in the current tax year. So, making dividends a regular part of your income could be useful.

3. Making pension contributions

Making pension contributions could help secure your long-term finances. This is because a pension is a tax-efficient way to save for your retirement – the investment returns held in a pension aren’t liable for Capital Gains Tax.

In addition, your contributions benefit from tax relief at the highest rate of Income Tax you pay. So, if you’re a basic-rate taxpayer who wants to top-up your pension by £1,000, you’d only need to deposit £800.

Usually, your pension provider will automatically claim tax relief at the basic rate on your behalf. However, if you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim the full amount you’re eligible for.

As well as contributions from your salary, you can set up employer contributions from your business to support your retirement goals.

In 2024/25, the pension Annual Allowance is £60,000. This is the maximum you can pay into your pension while retaining tax relief. However, you can only claim tax relief on 100% of your annual earnings. All contributions count towards your Annual Allowance, including employer contributions and those made by other third parties.

Remember, you can’t usually access your pension until you’re 55 (rising to 57 in 2028). So, if you’re using pension contributions to extract profits from your business you may want to consider when you’ll want to access the money and your long-term plans.

Extracting profits tax-efficiently could reduce your business’s Corporation Tax bill

As well as your personal finances, you may want to incorporate your business’s tax liability when deciding how to extract profits.

Corporation Tax is paid on the profits you make, and some outgoings are allowable expenses that could be deducted during your calculations. Allowable expenses may cover employee salaries, including your own, and pension contributions. In addition, employer pension contributions are deducted before employer National Insurance is calculated.

If your company makes more than £250,000 profit during a tax year, you’ll usually pay the main rate of Corporation Tax, which is 25% in 2024/25. If your company made a profit of £50,000 or less, then you’ll pay the “small profits rate”, which is 19% in 2024/25.

You may be entitled to “marginal relief” if your profits are between £50,000 and £250,000. The relief provides a gradual increase in the Corporation Tax rate between the small profits rate and the main rate.

Keeping these thresholds in mind when you’re extracting profits from your business could help you make decisions that are tax-efficient for both you and your company.

Contact us to talk about your personal finances

As a business owner, your personal finances might be more complex. We could offer support and create a tax-efficient financial plan that reflects your circumstances and long-term goals, including your business exit strategy. Please contact us to arrange a meeting to discuss how we can help you.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate tax planning.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

As a parent, your child facing an illness could affect your finances just as much as becoming ill yourself. Appropriate financial protection could offer you a safety net when you need it most, including if you need to take a long period off work to care for your child.

Read on to find out how financial protection could offer parents peace of mind and financial security if the worst should happen.

Financial protection could pay out a lump sum if your child is diagnosed with a critical illness

No parent wants to think about their child being diagnosed with a serious illness, but, while rare, it does happen.

Reviewing whether critical illness cover could provide security for your family now means that if your child suffers an illness you can focus on them, rather than worrying about your finances.

Critical illness cover pays out a lump sum if you’re diagnosed with a covered illness. If your child is diagnosed, it will usually pay out a proportion of the full amount, such as 50%. This financial safety net could mean you’re able to take time off work to care for your child or spend it enjoying time with your family.

Critical illness cover might also come with other benefits that would be valuable for your family, such as:

• Lump sum payout if your child is hospitalised following an accident
• Accommodation payments so you’re able to stay close to your child if they’re in hospital
• Childcare costs if you’re diagnosed with a critical illness.

The cost of critical illness cover will depend on the potential payout you want, as well as factors like your age and health. If you don’t pay the premiums, your cover will lapse.

Often, children will be added to your critical illness cover automatically. However, for some providers, you may need to contact them, and your premiums could rise as a result.

Your children will typically be covered from when they are a few weeks old until they’re 18, or 21 if they’re in full-time education. This can vary between providers, so it’s important to check the details when comparing options.

There might be other restrictions you need to be aware of. For example, some forms of cover will allow only one claim per child or may exclude conditions that are present at birth.

Private medical insurance could also put your mind at ease

While you’re considering taking out financial protection that would pay out if your child is diagnosed with a serious illness, you might also want to think about private medical insurance.

According to a BBC report, waiting times and staff shortages have led to public satisfaction in the NHS falling. In fact, just 24% of people polled said they were satisfied with the NHS in 2023.

If you’re worried about accessing services through the NHS, private medical insurance could offer you peace of mind. It could cut down waiting times for a range of services, such as tests and consultations, as well as more choice when deciding where your family receives treatment.

If you or your child needed to stay in a hospital, private medical insurance could also cover the cost of a private room to give you more privacy.

It’s not just physical illnesses that private medical insurance might cover either. Some providers could also give you access to mental health services, which may be valuable for your child.

Indeed, Aviva reported that the number of children and young people seeking support for their mental health increased by 25% in 2023 when compared to just a year earlier.

The cost of private medical insurance will depend on a range of factors, including who is covered, your lifestyle, and family medical history. The level of cover can vary. So, taking the time to understand how comprehensive cover is and any exclusions that might affect your family could help you choose an option that’s right for you.

Contact us if you’d like to discuss how you could prepare for the unexpected

Taking out appropriate financial protection is just one way you could prepare for the unexpected and protect your family. If you’d like to talk to us about how you could update your financial plan to reflect your priorities, please contact us.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

Many people could be omitting a useful way to pass on assets when they die because they aren’t aware that pensions usually fall outside of their estate. It could also mean some have failed to name a beneficiary for their pension. Read on to find out what you need to know about pensions and why they could be a tax-efficient way to pass on wealth.

According to a survey carried out by PensionBee, 62% of people are unaware that their pension won’t usually form part of their estate when they die. As your pension may be one of your largest assets, the oversight could mean a significant proportion of your wealth isn’t passed on according to your wishes.

If your estate could be liable for Inheritance Tax (IHT) considering how to use your pension to leave wealth to your loved ones could be valuable.

Your will won’t usually cover your pension

Writing a will to set out who you’d like to receive your assets when you pass away is an important step when creating an estate plan. However, it’s important to note that pensions are not usually covered by your will.

Instead, an expression of wish is used to tell your pension provider who you’d like to receive your pension savings when you die. What you write will be a key influence when pension trustees are deciding who to release your pension savings to, but they may also consider other factors, such as whether you have any dependents.

You can name more than one beneficiary in an expression of wish and specify what proportion of your savings you’d like each person to receive.

If you have more than one pension, you’ll need to complete an expression of wish for each one.

You can often complete an expression of wish by logging into your online account and filling in a form in a matter of minutes. Just like with a will, it’s important to review your expression of wish regularly and following major life events to ensure it continues to reflect your estate plan.

Completing an expression of wish gives you a chance to state who you’d like to benefit from your pension and it could reduce how much IHT your estate pays.

Passing on wealth through a pension could reduce your estate’s Inheritance Tax bill

IHT is a tax paid on your estate when you pass away if its total value exceeds certain thresholds. As pensions typically sit outside of your estate, they may be a useful way to pass on wealth without increasing a potential IHT bill.

Yet, according to the PensionBee survey, 52% of people said they weren’t aware pensions are typically exempt from IHT. Around 6 in 10 over-55s said they hadn’t considered using their pension to reduce the size of their estate.

You may want to consider IHT as part of your estate plan if the value of your estate exceeds the nil-rate band. For the 2024/25 tax year, the nil-rate band is £325,000 and it’s frozen at this level until April 2028.

You may also be able to use the residence nil-rate band if you leave your main home to direct descendants. This allowance is £175,000 in 2024/25 and, again, is frozen until 2028.

You can pass on unused allowances to your spouse or civil partner. So, when you’re planning as a couple, you may be able to pass on up to £1 million before IHT is due.

If your estate exceeds these thresholds, the standard rate of IHT is 40% and it could substantially reduce the inheritance your loved ones receive.

There are often steps you can take to reduce a potential IHT bill, but you usually need to be proactive. One option might be to consider using your pension, because if you pass away:

• Before the age of 75, the beneficiary who receives your pension won’t usually need to pay tax.
• After the age of 75, your beneficiary may need to pay Income Tax. The tax rate will depend on their other taxable income and how they access the money. However, it could be much lower than the standard rate of IHT.

Tax rules around inherited pensions can be complex. Seeking professional advice could help you and your beneficiaries understand the tax bill they might face.

So, your pension could be a useful tool when you’re considering your estate plan. With the potential IHT benefits in mind, you might choose to:

• Increase your pension contributions during your working life or continue to contribute after you’ve retired (up to age 75 and based on your earnings) to pass on more wealth tax-efficiently to your loved ones.
• Deplete other assets to fund your retirement to reduce the value of your estate and preserve your pension to pass on to beneficiaries.

If you’re thinking about using your pension to effectively pass on wealth you might need to consider factors such as the Annual Allowance, which limits how much you can contribute tax-efficiently to your pension each tax year, or the effect it could have on your income now.

We could help you make it part of your overall plan, so you can understand the potential implications and what’s right for you.

Contact us to talk about your estate plan

An estate plan could help ensure your assets are passed on according to your wishes, provide you with security later in life, and potentially reduce an IHT bill. If you haven’t considered these important issues yet, please get in touch. We can work with you to create an estate plan that’s tailored to you.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate estate planning or Inheritance Tax planning.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The gains you can make before potentially paying Capital Gains Tax (CGT) have halved for the 2024/25 tax year. If you plan to dispose of assets, the change could affect you. Read on to find out when you could be liable for CGT and some steps you might take to manage a bill.

CGT is a tax on the profit you make when you sell certain assets that have increased in value. CGT could be due when disposing of a range of assets, including:

• Shares that aren’t held in a tax-efficient wrapper
• Property that isn’t your main home
• Personal possessions that are worth £6,000 or more, excluding your car.

The amount of profit you can make during the year before CGT is due has fallen significantly over the last couple of years.

The Annual Exempt Amount has fallen to £3,000 in 2024/25

According to research from the University of Warwick, less than 3% of UK adults paid CGT in the decade to 2020. In fact, in any given year, just 0.5% of adults were liable for CGT. Yet, the total amount paid through CGT tripled between 2010 and 2020 to £65 billion.

The government has substantially reduced the amount of profit you can make before CGT is due, so the number of people paying the tax could soar over the coming years.

In 2022/23, the amount you could make before CGT was due, known as the “Annual Exempt Amount”, was £12,300. This was reduced to £6,000 in 2023/24, and from 6 April 2024, it is reduced further to just £3,000.

If your total profits during the tax year exceed the Annual Exempt Amount, your CGT bill will depend on which tax band(s) the taxable gains fall into when added to your other income. In 2024/25, if you’re a:

• Higher- or additional-rate taxpayer, your CGT rate will be 20% (24% on gains from residential property)
• Basic-rate taxpayer, you may benefit from a lower CGT rate of 10% (18% on gains on residential property) if the taxable amount falls within the basic-rate Income Tax band.

So, if you have assets to sell, considering how to mitigate a potential bill could be valuable.

6 practical ways you could reduce your Capital Gains Tax bill

1. Time the sale of your assets

The Annual Exempt Amount cannot be carried forward to a new tax year if you don’t use it. Timing the disposal of your assets could help you make use of the allowance to minimise your bill. For instance, you might hold off selling an asset until a new tax year starts if you’ve already exceeded the Annual Exempt Amount in the current year.

2. Pass assets to your spouse or civil partner

The Annual Exempt Amount is an individual allowance, and you can pass assets to your spouse or civil partner without tax implications. So, if you’ve used your Annual Exempt Amount, transferring an asset to your partner before you dispose of it to use their allowance might be an option you want to consider.

3. Use your ISA to invest tax-efficiently

An ISA is a tax-efficient wrapper for saving or investing. Returns and profits made on investments held in an ISA are not liable for CGT. So, if you want to invest, choosing an ISA may help you mitigate a tax bill.

If you already hold investments outside of an ISA, you could sell the investments and immediately buy them back within your ISA. This strategy of moving your investments to a tax-efficient account is known as “Bed and ISA”.

In the 2024/25 tax year, you can add up to £20,000 to ISAs.

4. Use a pension for long-term investments

Like ISAs, pensions offer a tax-efficient way to invest – investments held in a pension are not liable for CGT.

In the 2024/25 tax year, the pension Annual Allowance is £60,000 for most people. This is the maximum amount you can pay into your pension during the tax year while still benefiting from tax relief. However, you can only claim tax relief on up to 100% of your annual earnings.

If you’ve already taken an income from your pension or are a high earner, your Annual Allowance could be as low as £10,000. If you’re not sure what your Annual Allowance is, please contact us.

The Annual Allowance can be carried forward for up to three tax years. So, if you’ve used all your Annual Allowance in 2024/25, you may want to review your pension contribution in previous tax years.

Before you boost your pension, considering your investment goals and time frame might be essential. You cannot usually access the money in your pension until you’re 55, rising to 57 in 2028, so it isn’t the right option for everyone.

5. Manage your taxable income

As mentioned above, basic-rate taxpayers may benefit from a lower rate of CGT if the gains fall within the basic-rate tax band. As a result, managing your taxable income to stay below Income Tax thresholds once expected profits are included could slash a CGT bill.

6. Deduct losses from your gains

It is possible to deduct losses from the profits you make. You must report the losses to HMRC by including them on your tax return. When you report a loss, the amount is deducted from the gains you make in the same tax year.

If your total taxable gain is still above the tax-free allowance, you can deduct unused losses from previous tax years. If the losses reduce your gain to the tax-free allowance, you can carry forward the remaining losses to a future tax year.

Contact us to talk about your tax liability

Whether you’d like to understand how you could reduce a potential CGT bill or you want to review your financial plan with tax efficiency in mind, please contact us. We could help you identify ways to cut your tax bill in 2024/25 and beyond.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested.

Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate tax planning.

Effective retirement planning often involves weaving together lots of different threads. As you think about your retirement, you might be unsure how to bring everything together, but a bespoke financial plan could put your mind at ease.

Over the last few months, you’ve read about the importance of deciding how you’ll retire, why you should set out your goals, and your options for accessing your pension. Now, read on to discover the challenges of bringing together these different strands of retirement planning and why a tailored financial plan could provide a solution.

The challenges of retirement planning you could face

A common concern among those approaching retirement is whether they have enough money to retire. Even after the milestone, you might worry about running out of money too soon.

Understanding what a sustainable income is for your circumstances can be difficult. After all, you don’t know how long you’ll spend in retirement and you might need to factor in a range of influences outside of your control, such as the effect inflation will have on your expenses.

As a result, you might not be confident in your ability to live the lifestyle you want once you give up work.

Uncertainty could mean you spend too much too soon, which could leave you in a financially vulnerable position in your later years. Alternatively, it might lead to you being more frugal than necessary and missing out on retirement experiences.

There could be other challenges too. Perhaps you’re considering taking a lump sum out of your pension or using assets to fund a one-off expense but you’re unsure about the long-term effect it may have. Or you want to ensure you leave an inheritance behind to support loved ones after you’ve passed away.

While pensions are often the main source of income in retirement, retirees will often have other assets at their disposal too. You might be unsure how you could use your savings, property, or investments to support your retirement goals, but financial planning could help.

A financial plan will bring together your aspirations and finances

When you think about what financial planning involves, your mind might turn towards understanding your assets. However, an effective financial plan starts by understanding what you want to achieve.

At retirement, this might be the lifestyle you want to enjoy for the rest of your life. You may have other priorities too, such as lending support to your family or ensuring your partner is also financially secure.

Once you’ve set out your lifestyle goals, you can start to review your assets and how they might make these objectives achievable.

One of the benefits of working with a financial planner is that they may help you bring together these different goals. So, a retirement plan that’s tailored to you may consider what a sustainable income is, but it might also include:

• Gifting assets to your loved ones during your lifetime
• Putting assets aside for your family to inherit when you pass away
• Financial protection that could provide for your partner if the worst happened
• A safety net that may give you peace of mind
• Provisions in case you need care in the future.

Using a tool called “cashflow modelling”, we could help you visualise how to use your wealth to reach your goals.

By adding details about your assets, cashflow modelling could show how your wealth will change over time depending on the decisions you make. For instance, it could demonstrate how long your pension may last if it was used to provide an annual income of £35,000 or £45,000. Or how using your investments to supplement your income might provide you with greater financial freedom.

Cashflow modelling could also highlight potential risks. You can model different scenarios, including those that are outside of your control, to understand how they might affect your lifestyle and financial security.

For example, could the rising cost of living place pressure on your finances 20 years after you’ve retired? By identifying potential risks at the start of retirement, you may be able to take steps to mitigate them or create a safety net. To manage the effect of inflation on your outgoings, you may plan to increase the income from your pension each year to preserve your spending power.

As a result, working with a financial planner could help you realise your retirement goals and give you financial confidence as you start the next chapter of your life.

Contact us to talk about your retirement plans

If you’re preparing for retirement, whether it’s a milestone you hope to reach this year or it’s a decade away, we could offer you support. Please contact us to talk about your retirement aspirations and how your finances may provide you with security once you give up work.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate cashflow planning.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.