Newsletter March 2020
Most people are unsure how much is in their retirement savings
Most employees do not know the current size of their pension pots, a study has found.
Opinium polled 983 workers on behalf of the Pension and Lifetime Savings Association (PLSA) and found 54% did not keep track of their retirement savings.
Given the fact that an increasing amount of people are living for longer, it’s understandable that 56% were concerned about having enough savings to fund their retirement.
We at Herts & Essex Financial Services can help you form a savings strategy. http://www.handefs.co.uk/our-services/pensions
ISA sales slump to lowest levels since the financial crisis of 2008/09
Brexit negotiations and political brinkmanship saw net sales of ISAs in the UK slump to a ten-year low in 2019, a report has claimed ahead of the publication of government statistics.
Get in touch for advice on ISAs.http://www.handefs.co.uk/our-services/investments-and-nisas
Millions to get a tax cut as national insurance threshold rises to £9,500
The Treasury is to raise the National Insurance thresholds for 2020/21, saving the average employee around £104.
Parliament approved legislation on 30 January 2020 to raise the £8,632 threshold at which employees start paying class 1 national insurance contributions (NICs) by more than 10% to £9,500 from 6 April 2020.
Speak to us at Herts & Essex Financial Services about tax planning. http://www.handefs.co.uk/our-services/taxation
‘People should be able to access their state pension flexibly’
Retirement savers should be allowed to flexibly withdraw their state pension as soon as they reach their state pension age, according to a report from Aviva.
At present, savers need to start claiming their state pension as soon as they reach their state pension age.
Contact us for help planning your retirement.
Source: Practiceweb March 2020