Could you have been underpaid the State Pension

Thousands of mothers who have missed out on their full State Pension entitlement due to calculation errors have begun receiving letters from HM Revenue & Customs (HMRC) to address this oversight. These letters are being sent to women who have taken time off work to raise children since 1978, following the identification of underpayments in…

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The future of retirement

The latest research reveals a significant disparity in perceptions regarding retirement experiences of the past and potential future scenarios. Over the past 50 years, a ‘hard stop’ or ‘transitional’ retirement has been the predominant way people have transitioned into retirement. A ‘hard stop’ refers to an abrupt end to working life, while a ‘transitional’ retirement…

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October 2024 financial guidance factsheets

All of our August financial guidance factsheets are available to download below. Each one focuses on a different financial aspect to help guide you when setting and reaching your financial goals. If there is anything you are unsure about, or would like further information please contact your local Truly Independent Adviser to arrange your free…

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Rising demand for health cover

With 2.81 million people in the UK now away from work due to long-term sickness, ensuring employers offer comprehensive health benefits is becoming increasingly critical. This approach is essential for preventing employees from becoming too ill to work, as well as for attracting and retaining staff in a competitive job market. By providing the right…

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Autumn Budget Statement 2024

On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024 accompanied by a comprehensive fiscal statement from the Office for Budget Responsibility (OBR). This significant event comes as the new government, elected to boost economic stability and growth, takes its first important step in addressing the nation’s financial health.…

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TIPS Financial Magazine September/October 2024 Edition

Our September/October TIPS magazine is here. On 30th October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024. It will be a critical indicator of the government’s approach to managing the economy, aiming to foster an environment conducive to sustainable growth. The outcomes of this Autumn Budget will have far-reaching implications,…

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Retirement experience among over 55s

Given the ongoing economic pressures of rising living costs, over 55s were asked how they find the overall retirement experience. The research found that four in five (79%) of over 55s who have retired did so without the help of financial guidance or advice, preferring to opt for a DIY approach to managing their finances.…

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IHT

Minimise Inheritance Tax

Effective planning minimises the burden of Inheritance Tax (IHT), allowing your loved ones to benefit more from your accumulated wealth. If the value of your estate is above the £325,000 threshold (2024/25 tax year), the part of your estate above it could be liable for tax at the rate of 40%. Fortunately, various strategies can…

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Ways to reduce a capital gains tax liability

From using your annual exemption to saving in an Individual Savings Account (ISA), we look at ways to reduce a Capital Gains Tax (CGT) liability potentially. Cuts to the CGT exemption mean that arranging your investments as tax-efficiently as possible is more important than ever. The CGT annual exemption more than halved from £12,300 to…

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Downsizing in later life

Data has revealed that while a third of over-45s (29%) say they have plans to downsize in the next five years, just 13% of over-75s have actually made the move. As people assess their retirement finances, the research highlights the ideal age to downsize is 66. However, ties to the community, their homes, and the…

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Only two-fifths of Britons know how to boost their pension

According to new research, just two-fifths (42%) of the UK population know how to contribute more to their pension. The study also found that a quarter of those with multiple pots would not know where to start consolidating multiple pension pots accrued throughout their working life. The Financial Conduct Authority (FCA) Financial Lives Survey reported…

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The route to wealth starts with work

The following is an extract from Truly Independent CEO, Andrew Goodwin’s “Work to Wealth” With some research on the internet it doesn’t take long to discover there is a savings crisis in the UK. In 2014 HSBC reported that 44% of the population had less than £2,000 in savings. By 2016 The Money Advice Service…

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