We hope you enjoy reading this issue of Smart Money as we approach the run-up to another year end and those long hot summer days start to become a distant memory. For many of us, our thoughts are turned to another year that has flown past – and when we talk about financial planning, it is time that is the enemy.
Going back a little further, the Government has introduced some major and comprehensive reforms to the pension rules over the previous few years. One important change, which may have been overlooked by some savers, is the reduction of the lifetime allowance that applies to pension savings. The lifetime allowance is the total amount you can hold within all your pensions without incurring an additional tax charge. The full article is on page 6.
We are now living in a more uncertain world, and for many investors they are facing new challenges at every turn. As correlations between asset classes rise, the right strategy is crucial to preserve capital when markets are falling. Add to this the result of the European Union (EU) referendum, which came as a shock to financial markets, on page 11 we consider what you can do to manage your investments in current markets.
From the old adage of saving for a rainy day to planning for a comfortable retirement, before you can actually define your investing goals you need to ask yourself what you want to achieve. While reviewing what fund or tax regime, pension, or investment is best is a necessary part of the financial planning process, it’s crucial to understand what these mean to you – and your lifestyle makes it more relevant and real. This is considered further on page 9.
The full list of the articles featured in this issue appears on page 2.
To discuss any of the articles featured, or your wider financial planning requirements, please contact us at our Swansea office on 01792 483860 or email at firstname.lastname@example.org