Do you have life insurance in place? A survey suggests that some homeowners are choosing not to take it out because of common misconceptions about how life insurance works. Life insurance would pay out a lump sum to beneficiaries if the policyholder passed away during the term. As a result, it can provide financial support to your loved ones when they need it most and ensure they don’t need to make large financial decisions when they’re grieving. You can choose how much cover

Do you have a Lasting Power of Attorney (LPA) in place? If you don’t, it could leave you in a vulnerable position if you’re unable to make decisions for yourself, such as after an accident or illness. Losing the mental capacity or ability to make decisions for yourself is something no one likes to think about. However, by taking steps just in case, you can improve your security and wellbeing. An LPA gives someone you trust the ability to make decisions on your behalf. These d

Those nearing retirement have plenty of lessons to teach younger generations. A survey asking over-50s how they feel about their pension and retirement plans has highlighted some regrets workers could learn from. When you’re in your 20s, 30s and 40s, retirement can still seem like it’s a long way off and it can lead to “pension apathy”. You may believe it’s something you don’t need to think about until your retirement date is near. However, engaging with your pension sooner m

Figures suggest that workers nearing retirement could find they’re facing a significant income shortfall later in life. Understanding how your pension savings will add up before you retire is crucial for creating long-term financial wellbeing. According to a report from the Social Market Foundation, people approaching retirement are facing a pension shortfall of almost £250,000 if they want to achieve their desired income. Collectively, across the UK there’s a savings gap of

Whether you plan to purchase a fixer-upper or want to take on a project in your current home, a renovation can help you put your stamp on a property and increase its value. If you’re taking on a large-scale project, here are 10 tips to help you stay on track and achieve your goals. 1. Commit to a full building survey If you’ve purchased a new property and plan to make extensive renovations, a full building survey can be useful. A full survey, also known as a “level 3 survey”

Being diagnosed with cancer can mean facing physical and mental challenges, but research finds that many patients also face financial obstacles. Research from Macmillan Cancer Support found that 83% of people with cancer in the UK experience some kind of financial impact from their diagnosis. More than 1 in 3 patients said their finances were severely affected. At a time when you’re worried about your health or need to focus on treatment, financial concerns can place an addit

After more than a decade of low interest rates, the Bank of England (BoE) has suggested that it will continue to gradually increase its base rate. With savers suffering from low returns, is that good news? In December 2021, the BoE increased its base rate from 0.1% to 0.25%. While still very low compared to the Bank’s base rate historically, it’s the highest it has been since the start of the pandemic in 2020. Interest rates have been low since the 2008 financial crisis, when

As you start to put winter behind you, you may be thinking of giving your home a spring clean or the projects you want to take on over the next few months. As you do, don’t forget to think about your finances. Regularly reviewing your finances and plans for the future can help keep you on track. It can provide a chance to find opportunities you may have previously missed to help your assets go further, and ensure the steps you take continue to reflect your plans. Here are eig

Flexi-access drawdown can provide retirees with more freedom to create an income that suits their lifestyle. However, Financial Conduct Authority (FCA) figures suggest that many retirees are taking unsustainable amounts from their pensions. It could mean they run out of money during retirement. The government introduced Pension Freedoms in 2015, which provide retirees with more ways to access their pension savings. Flexi-access drawdown has proved a popular way to create a re

If you’ve yet to retire, you may give little thought to the State Pension. But the government is currently reviewing it, which could mean millions of people will need to wait longer than expected until they can claim it. The State Pension Age is now equalised for men and women and is currently 66, but there is already a gradual increase planned. By 2046, the State Pension Age will reach 68 for those born on or after 1 April 1977. Once you reach State Pension Age, you can begi