Passing on some common sense when it comes to personal finance can be seriously powerful and occasionally life changing. At Churchill Wealth Management, we’ve seen first hand the difference some financial knowledge has made to many of our clients lives.
Since 2001 the number of self-employed has risen from around £3m to £5m today. This is great but at a time where the self-employed are not yet compelled to save by auto-enrolment. (retirement).
Pensions freedom benefits are under threat as insurance companies are withdrawing from providing cover for financial advisers giving advice on retirement, it has been revealed. Under the pensions freedoms brought in by then Chancellor George Osbourne in 2015, it was made more attractive for people to transfer money out of defined benefit (DB) pension schemes (Pension planning).
Despite the relatively benign economic impact to date the impact of Britain’s decision to leave the EU has had a big impact on uncertainty among businesses. Add that to a mix of higher costs, weak domestic growth and lacklustre consumer demand and it’s clear that optimism has been dampened among British small businesses.
While retirement certainly brings about its share of unknowns, perhaps the most daunting prospect associated with this stage of life is the potential to run out of money (retirement income). That fear is so widespread, in fact, that 60% of baby boomers are more worried about depleting their nest eggs prematurely than actually dying. Since pensions freedoms approximately 700,000 people have removed their savings and invested them into some sort of income drawdown product.