Browsing: financial planning

In this Q&A, financial expert Nick Bruining explores whether drawing a lump sum from your superannuation annually is a smart strategy. He weighs pros and cons to help retirees make informed decisions about their retirement income.

“Splash and burn” describes flashy spending leading to quick financial loss, while the “tax time bomb” refers to unexpected tax liabilities that can surprise individuals or businesses, highlighting risks in financial planning.

The UK government has confirmed there will be no immediate changes to the cash ISA tax-free allowance. Savers can continue to benefit from the current limits, maintaining their tax-efficient savings intact.

An ISA, or Individual Savings Account, offers tax-free savings in the UK. Proposed rule changes could affect contribution limits and eligible investments, aiming to modernize the scheme and boost long-term saving options.

Aged 18-39? Personal finance expert Martin Lewis urges young adults to consider a £1 investment now, highlighting its potential long-term benefits. Small steps today could lead to significant financial gains tomorrow.