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Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation & investment risks.
Whatever your level of wealth, there is nothing wrong in deciding to prepare a risk aversion strategy. This is reasonable and prudent for anyone who is sure that they already have ample to provide for themselves and their family into the future.
All businesses are exposed to risks in their day-to-day operations. Without insurance cover to provide protection against some of these risks, businesses would find it difficult to operate efficiently and profitably.
Adequate insurance is therefore not a luxury - it is an absolute necessity.
These days, many people are not afraid to seek compensation.
If you're over the age of 55, equity release offers you a way to use the value of your home to raise money.
There is a range of equity release schemes available on the market offered by reputable equity release providers, and they fall into two main categories, Lifetime Mortgages and Home Reversion Plans.
Professional Financial Planning is the process which aims to help you realise your ambitions. As professional financial advisers we can help you make informed decisions about your financial future, short, medium and long term.
You will almost certainly have plans of some kind - buying a home, starting a family, living abroad, perhaps retiring, but such ambitions have financial implications and you can't leave it all to chance.
This is an area of financial planning that is often overlooked. Traditionally, we have our buildings and contents insurance with our mortgage lenders, which may be uncompetitive in a very competitive marketplace. It may also be the case that a property may be underinsured, due to decoration, extension or the increase in house prices.
In addition to home insurance, we can also provide access to ...
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future. However, there are a number of other types of Health-related Insurance policies.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
It can provide the reassurance of financial protection for you, your family and your business associates.
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements?
We are not tied to any particular lender, which means that we have the ability to act on your behalf, representing your best interests, in order to establish the most appropriate mortgage solution for you.
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
A well prepared pension plan which is regularly reviewed should go some way to providing this.
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you can do with the savings you have - if you are looking to generate a greater return on your money than is available to you through your savings instruments.
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die.
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances. An expert will be able to help you plan your taxes in advance ...
(Please note - Income Drawdown is a complex and constantly changing subject and the information provided here reflects the current situation. For more information call us today or complete our short enquiry form and we'll be pleased to help you further.)
Traditionally, when the time came to retire, most people with defined contribution (DC) pensions (usually where the same amount is paid in each month), either used their whole pension fund to buy an annuity or used the remainder to do so after taking their entitlement to tax free cash (normally 25% of the fund). They did so because they either didn’t qualify for income drawdown, were too cautious to accept the associated investment risk or were reluctant to pay the tax bill they would incur if they withdrew the whole pension pot in one go.
Since income drawdown was introduced some years ago, anyone of retirement age with a DC pension has been able to take income directly from their pension fund without needing to buy an annuity. Now, with the introduction of new 'income drawdown' rules, anyone with a DC pension and age 55 or over, can use income drawdown to provide the income they need in retirement. Pension savers who are currently in a capped drawdown can move out of that arrangement whenever they choose.
Rather than exchanging your pension savings for an annuity (a fixed and regular income for life paid by the pension provider) the pension fund is left invested and you draw income directly from the fund. As the bulk of your pension remains invested the fund is still able to benefit from any growth (or not!) in the value of its investments. There’s no limit to the amount of income you can withdraw — you can draw as much (or as little) as you like, even the entire fund if you want.
And unlike an annuity, in a drawdown arrangement the pension saver keeps their pension pot.
Although you can withdraw up to 25% of your pension fund tax-free, anything else you withdraw from your pension pot will be treated as income and as such subject to the marginal rate of income tax.
Income drawdown plans are a higher risk than a secured income arrangement such as a pension annuity, as the underlying assets of the fund are usually invested in the stock market. To ensure the pension fund does not run out of money, the member will require investment advice and regular reviews.
Some income drawdown products can be expensive in terms of charges, although they normally vary between 2% and 4% a year.
It’s also helpful if you have some experience of managing investments.
Please note we provide advice not a facilitation process, if you engage us for services we will assess your suitability and we may deem that a drawdown is not suitable for your needs, in which case we will not recommend this.
A PENSION IS A LONG TERM INVESTMENT, THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
HIGH INCOME WITHDRAWALS MAY NOT BE SUSTAINABLE.
TAKING WITHDRAWALS MAY ERODE THE CAPITAL VALUE OF THE FUND, ESPECIALLY IF INVESTMENT RETURNS ARE POOR AND A HIGH LEVEL OF INCOME IS BEING TAKEN. THIS COULD RESULT IN A LOWER INCOME WHEN THE ANNUITY IS EVENTUALLY PURCHASED.
ANNUITY RATES MAY BE AT A WORSE LEVEL WHEN ANNUITY PURCHASE TAKES PLACE. TAX PLANNING ADVICE ISN’T REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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Contact Us
Neales Financial Management Limited
Suites 32/33, Pure Park
137 Pastures Avenue
Weston Super Mare
Somerset
BS22 7SB
T: 01934 806578
Email : Email Us
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Neales Financial Management Limited is authorised and regulated by The Financial Conduct Authority. Neales Financial Management Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 191772.
Registered in England under reference 3878665
Registered office address: Belmont House, 8 Frog Lane, Felton, Bristol, BS40 9UN