IFGL Pensions’ Post

Easy financial planning wins / low hanging fruit 🌴: * 🧞 Ensure the person you want to inherit your pension, does - check you’ve completed an expression of wishes for your personal and workplace pensions; * 🌱 free money – anyone who is employed needs to check your employer is maximising their contributions; * ✍ save your loved ones hassle – write down the policy numbers for any insurance, investments and pensions in one place, provide copies of the list to trusted friends/leave a copy with your Will; * 🛃 save potential inheritance tax and ensure any payout is much quicker – check if any personal life cover is in trust (and therefore outside your estate for inheritance tax purposes); * 📝 be remembered fondly – write a Will and sign that draft Will! You don’t want to be remembered with swear words, because you forgot or didn’t think it was important; Obviously, this list isn’t exhaustive, but do one thing on your list and you’ll be making progress… Retirement = financial independence 🗽 Completed to-do list = peace of mind ☮️ Have you completed any of these recently? If so, or if you do as a result of this post – celebrate that and feel free to shout about it to me, so you get the medal you deserve! 🏅🏆

Good news in the Autumn Budget – the government reiterated their commitment to maintain the State Pension Triple Lock. The basic and new State Pensions will increase by 4.1% in 2025-26, in line with earnings growth. This means £230.25 a week for the full, new flat-rate State Pension (for those who reached State Pension age after April 2016) and £176.45 a week for the full, old basic State Pension (for those who reached State Pension age before April 2016). Although it’s a positive outcome, don’t rely solely on your State Pension to provide in retirement, it probably won’t be enough on its own. #AutumnBudget #Pension #RetirementPlanning #TripleLock

We are living longer lives, but not necessarily healthier ones – which can create hidden horrors for our retirement planning. Recent government data put healthy life expectancy at below 63 years old for people in the UK. Given state pension age is currently age 66, this could leave a gap where people are too ill to keep working and too young to get a state pension. This demonstrates how important it is to start saving into a personal pensions, as you can normally access money in a pension from age 55 (57 from 2028). Find out more about saving for retirement: https://hl.uk/3kv Pension and tax rules can change and their benefits depend on your circumstances.

Scaling back on pension savings might seem like an easy fix for short-term challenges, but it can have long-term consequences. ◻️ When money’s tight, pausing future savings plans such as pension contributions may seem like a good option – but it can have significant long-term implications. ◻️ By cutting back or even cutting out pensions contributions completely, you’ll be missing out on the tax benefits and possibly also employer contributions – as well as the effect of compounding. ◻️ Financial advice can help to develop a plan to manage your short-term needs without impacting your future financial wellbeing. If you'd like to learn more about whether pausing your pension is the right thing to do, click the link in the comments below! #finanicalplanning #finance #pension #retirement

Pensions for children – what you need to know! - Starting a child’s pension is a tax-efficient way to save for their future and move money across generations. - Only a parent or guardian can set up a pension for a child, but then anyone can contribute. - By starting early, even small contributions to a child’s pension have time to grow, with the power of compounding. Saving for retirement might not be something you think about starting while you’re still reading bedtime stories and going to soft play centres. But opening a pension for your children can set them – and their own future family – up for financial wellbeing. If you would like to read our article, you can do so here - https://lnkd.in/eArbbUcK #financialeducation #pension #retirement #family

Good news in the Autumn Budget – the government reiterated their commitment to maintain the State Pension Triple Lock. The basic and new State Pensions will increase by 4.1% in 2025-26, in line with earnings growth. This means £230.25 a week for the full, new flat-rate State Pension (for those who reached State Pension age after April 2016) and £176.45 a week for the full, old basic State Pension (for those who reached State Pension age before April 2016). Although it’s a positive outcome, don’t rely solely on your State Pension to provide in retirement, it probably won’t be enough on its own. #AutumnBudget #Pension #RetirementPlanning #TripleLock

Good news in the Autumn Budget – the government reiterated their commitment to maintain the State Pension Triple Lock. The basic and new State Pensions will increase by 4.1% in 2025-26, in line with earnings growth. This means £230.25 a week for the full, new flat-rate State Pension (for those who reached State Pension age after April 2016) and £176.45 a week for the full, old basic State Pension (for those who reached State Pension age before April 2016). Although it’s a positive outcome, don’t rely solely on your State Pension to provide in retirement, it probably won’t be enough on its own. #AutumnBudget #Pension #RetirementPlanning #TripleLock

#PensionTransfer #UKPensions #FinanceTips Hey there! 😊 Have you ever wondered, "Is it straightforward to transfer a pension to another pension in the UK?" Well, let's dive into that! Transferring pensions can sound easy at first, but there are some bumps along the road that can complicate things. Here are some common pain points people face: Complex Rules: Each pension scheme has its own set of rules. This can make it tricky to figure out the best way to move your money. Fees & Charges: Some pensions come with hidden fees! 💸 If you’re not careful, you might end up paying more than you anticipated during a transfer. Investment Options: When you move your pension, the investment choices might not be the same or could affect your potential returns. Time-Consuming Process: The paperwork and waiting periods can be a real hassle. It often feels like you're simply waiting for a snail to finish the race. 🐌 So, why do these issues matter? They can lead to financial stre... How to Effortlessly Transfer Your UK Pension to Another Plan? Answers: https://lnkd.in/gBA4nRS5

Think your pension is just for retirement? Think again. 💡 Not only does a pension secure your financial future, but it’s also a tax-efficient way to pass on wealth to future generations. Unlike ISAs, defined contribution pensions typically sit outside your estate for Inheritance Tax (IHT) purposes, meaning your loved ones can inherit without the taxman taking a slice. In today’s world, young people face mounting financial pressures. A well-planned pension could be one of the best gifts you pass on, offering tax-free growth and security. Wondering if passing on your pension is the right choice? We're here to help! 💬 Read more here: https://lnkd.in/eG2-TCmN #RetirementPlanning #WealthManagement #Inheritance #TaxPlanning

Planning for retirement is more than just a task to check off your to-do list; it’s a monumental decision that sets the stage for your future well-being. There are many benefits to starting a Pension Plan: ▶ Future Financial Security: Pensions are your safeguard for the future, aiming to replace your earnings once you retire. ▶ Beneficial Tax Reliefs: When contributing to a pension scheme, the Irish tax system rewards you. Depending on your tax bracket, you could receive tax reliefs of either 20% or 40% on your contributions. ▶ Maximising Your Money: Simply saving in a bank account might not offer the growth potential that a pension can. Pensions not only come with tax benefits but also investment opportunities that can make your money grow efficiently. Planning for retirement might seem complicated, but with the right guidance, it’s a seamless process! Whether you’re new to pensions or need advice on your existing plans, contact us on 0818 910 800 or via e-mail at [email protected]. We'd be delighted to hear from you 😀 #retirement #pensionbrokerireland #ezfeesfinancial #advice #friendly #guidance #peaceofmind #future #caring