As well as reacting to the economic turmoil, we have to carry on running Gibson Lamb too. It’s our business year end on 31st March so I’ve been getting the accounts in order, and one of our crucial (and obligatory) insurances – Professional Indemnity – comes up for renewal on 31st March as well.
I’ve just been out to post a tax year end letter and go for a jog in the sunshine, with the former being urgent work as far as I’m concerned and the latter my ‘out the house exercise’. Did I make a strategic error there, combining the two?
Boris has announced the inevitable shutdown, so I’ve collected a few bits from the office to make my home set up slightly better but I’m lucky to have a pretty good configuration already. I will miss my standing desk though, so need to work on a way to replicate it in a home environment.
I was pottering around the M25 on Tuesday morning when the nice man on Radio 4 explained that National Savings rates were being reduced dramatically from May 2020.
Yesterday’s budget took place on a Monday for the first time since 1962 and was delivered by ‘Fiscal Phil’ who seemed in a jovial mood. Here is our usual summary of the main changes that relate to individuals. As with every Budget, the devil is often in the detail. As more details come to light we will let you know.
With the UK’s deficit coming down and the government getting better at collecting tax, there was some room for manoeuvre. The reception in this morning’s papers is generally positive.
Life expectancy is always an important topic in the world of pensions and financial planning.
Considering how long we might live is an important assumption to make when creating a long-term financial plan. For the purpose of retirement planning, you need to be confident that you won’t run out of money before you run out of life.
Choosing a residential care home for an elderly parent, relative or friend can be an emotional decision and when you finally make a choice, you expect the care home to treat you fairly as a consumer.
It was interesting to read that following a year-long market study, the Competition & Markets Authority (CMA) is consulting on new advice to help care homes meet their consumer law obligations.
The study concluded that there is a risk care home residents are being treated unfairly, with some residential care homes potentially breaching consumer law.
Financial planning doesn’t have to be daunting. Framed the right way, it can be incredibly intuitive. When working with our clients we find out three important things from them:
- What do you have?
- What do you want?
- When do you want it?
Sound financial planning is tailored to the individual. You will know when you’ve found a good financial adviser because before they event start thinking about investment options, tax or estate planning, they will ensure they have a sound understanding of your answers to these three questions.
Now whilst I do not read every financial publication, I do like to scan the headlines in case anything of interest appears.
Our business is over 40 years old and our many of our clients have known us for a very long time; indeed it could be said we’ve matured together over the years. In practical terms this means quite a reasonable proportion of the work we do on a daily basis is helping people in the run up to one of their most important lifetime financial decisions, namely retirement.