We've got your back 15 May, 2019
When it comes to wealth management, we would always argue that you’ll be in a better position if you seek good advice.
When it comes to wealth management, we would always argue that you’ll be in a better position if you seek good advice.
Don’t assume that you’ll be able to work until you’re 70, don’t get tempted by a ‘too good to be true’ pension scam, don’t rely on your current good health continuing into old age and, equally, don’t assume you’re going to benefit from an inheritance.
With an increasing number of us living up to 30 years post-retirement, it’s worth being as well prepared as possible. We can help you to understand if your lifestyle needs can be met in retirement and how the different options of drawing benefits compare.
Once you’ve made the decision about who you’d like to receive your pension on your death, it’s also sensible to consider the tax implications of your decision for those beneficiaries.
We will all die one day and, for this reason, it’s important to nominate who we’d like to receive the benefits of our pension for when that eventuality arrives.
For most of us, our home is our largest asset – so it’s no surprise that it’s something people consider when they are looking towards retirement - perhaps even regarding it as their ‘pension’.
Nikki Ludgrove has been with The Goodman Partnership for nearly 18 months now and works in the paraplanning team. She gets involved with client reports, annual client reviews and provides support to the financial advisers.
With living to 100 years old now an achievable possibility, is there anything we can do to help us along the way?
The majority of people in their 60s are healthy and, in general, enjoying their life. Most are well enough to still be working and, according to research, working can be beneficial to our health.
Graham Hubbard joined The Goodman Partnership as an adviser in 2016 and provides advice in the areas of wealth management and retirement planning, both pre- and post-retirement.
The Financial Conduct Authority (FCA) is consulting on measures to stop up to 100,000 consumers a year losing out on pension income when they access the pension freedoms.
The Goodman Partnership has sold its Employee Benefits division to Goddard Perry Consulting and will continue to grow its long-established personal financial wealth management business.
According to the latest figures from HMRC, in the last quarter of 2018, the amount people withdrew from their pension funds fell to its lowest level since pension freedoms were introduced in 2015.
Divorce can be a battlefield and, often, it is the division of pension wealth which can be used as a weapon. Even in the most ‘civilised’ of proceedings, this can cause a stumbling block.
A ban on cold calling about pensions is now in force and firms who break the rules could face penalties of up to half a million pounds. However, it is likely that many fraudsters may ignore the ban and people should remain vigilant.
Goodman Care Fees Advisers specialises in providing truly independent advice to clients, deputies and attorneys on later life financial planning issues, including how to meet the cost of care fees.
When the Government introduced pension freedoms in April 2015, it was hailed as giving us ‘freedom and choice in pensions’. While ‘freedom’ was at the centre of this plan, it didn’t extend to the State pension.
Kathryn Feck joined The Goodman Partnership in 2015 when it expanded its client services team and her role involves assisting the firm’s advisers.
The prospect of retirement brings a mixture of emotions - excited anticipation coupled with worries about health and whether we'll have the funds to enjoy a stress-free time.
Living a frugal life and saving every penny possible could give you the opportunity to retire years early... but shouldn't we be making memories along the way?
According to the Happy at Home Index published by Rightmove at the end of last year, Tunbridge Wells is the ninth happiest place to live in the UK. We love being based here!
A ban on nuisance calls about pensions has now come into force but people are still being urged to be on their guard.
Andy Kirk was awarded the Later Life Adviser Accreditation and became a full member of SOLLA in December 2013. This meant that, in December last year, he went through - and passed - the full accreditation process again.
Spending extended periods of time together means we might notice that our elderly relatives simply aren’t coping as well as they had been previously.
Senior paraplanner, Richard Searle, says he enjoys the research aspect of his role; helping to find our clients the most appropriate and tax efficient solution for their needs.
At The Goodman Partnership, we have implemented a number of processes and ideas over the last year in anticipation of increased stock market volatility.
It would be easy to assume that elderly women are healthier than their male counterparts since they tend to live longer – but new research from the University of Exeter shows that this is not the case.
According to a recent poll, it would take a windfall of over half a million pounds before most would call in a financial adviser…
We have recently heard about the deaths of two remarkable people – Harry Leslie Smith and Baroness Trumpington – both examples of a life long lived and lived well.
Partner Andy Smith joined The Goodman Partnership 20 years ago. Today, in addition to his day to day role in retirement planning, as a member of the management team at the firm, he is the compliance officer.
A recent report has revealed that just two per cent of young people aged 18-24 would invest a windfall in a pension, the same proportion that would gamble it in a casino...
With two full members of SOLLA at The Goodman Partnership – Neil Whitaker and Andy Kirk – we are proud to learn that SOLLA is behind one of 12 projects shortlisted in the Innovation for Ageing industry competition.
The latest figures from HMRC reveal that since the pension freedoms were introduced three and a half years ago, nearly £22 billion has been withdrawn from pension plans.
With the Pensions Dashboard planned to be launched next year, pension holders will still need experts to help them decipher the information contained on it - just the same as with the dashboard on a car.
The majority of clients who approach us to discuss their financial plans for retirement are in good health but none of us can be sure of what’s around the corner and our advice will always take this into account.
SOLLA used its 10th Anniversary National Conference in London recently to reveal the introduction of a Later Life Lending Standard, which will be available early next year.
Baroness Altmann told delegates at the SOLLA 10th Anniversary Conference that the fact we are living longer should be great news… but the Government needs a New Deal for 21st century retirement.
As a trustee on a discretionary trust, you’re not only expected to make financial decisions for somebody else, but you may be asked to explain and justify those decisions.
Stuart Foden joined The Goodman Partnership 16 years ago and is now the firm’s Paraplanner Manager.
A recent report from the consumer organisation Which? – Beyond Social Care: Keeping Later Life Positive - shows that only a small number of us are saving for care in later life, despite the high costs faced by many.
Recently The Goodman Partnership hosted a seminar at The Spa Hotel in Tunbridge Wells for local COLPs – those representatives at a law firm who are the Compliance Officer for Legal Practice.
The Goodman Partnership is proud to have recently achieved the Government’s Cyber Essentials PLUS accreditation, having been independently assessed by IASME.
We are delighted to feature this Guest Blog from Close to Hand about the Sandwich Generation; those who are caught between caring for their children and supporting ageing parents.
Not following the associated rules and regulations surrounding workplace pension schemes can potentially mean hefty fines and, recently, we have seen more evidence that TPR will seek out and prosecute firms which aren’t following the rules.
Andy Kirk's role is as an investment specialist, advising clients – mainly at or approaching retirement – who are looking for wealth management as well as those who need advice on funding for care fees.
UK employees are among the most gloomy in the world about their retirement finances, with fewer than one in 10 young workers feeling financially prepared for retirement.
In 50 years’ time, there are likely to be an additional 8.6 million people aged 65 years and over – a population roughly the size of London although, in reality, they will probably be living on the coast.
State pension age is no longer the defining 'retirement moment' at which we stop work; today many people are looking to continue working in retirement, some part-time.
When clients come to us to discuss their financial plans for retirement, we always ask them if they’ve considered taking out a Lasting Power of Attorney (LPA) as not having one can cause many issues when trying to assess funds – particularly for a partner.
A presentation about care funding we took part in recently at Lindfield Christian Care Home has been praised in a report from the Care Quality Commission (CQC) which recognised the home as being ‘outstanding’.
Office Manager, Ian Knipe, who joined The Goodman Partnership in October 2000, has a wide brief at the firm, managing the smooth running of the office. It is a role which encompasses accounts, IT, payroll, client services and compliance.
According to a recent report from the FCA, in all areas of the UK, greater proportions of retirees rely on the State Pension than those 45 and over approaching retirement expect to do
Some middle-aged people are stuck in the ‘sandwich generation’, supporting children while, at the same time, caring for elderly parents. Others are even in the 'club sandwich' with grandchildren depending on them too.
The Pension Scams Industry Group (PSIG), the voluntary body set up to combat pension scams, has updated its code of practice: Combating Pension Scams - A Code of Good Practice.
At the moment, only 63 per cent of people seek professional advice on covering care costs – which is a worryingly low figure, particularly when one considers that 24 per cent (or one in four) self-funders run out of money and need state support.
Clients and, indeed, potential clients, often ask us about our investment strategy. It’s quite a tricky thing to outline, because every client is different and, at the end of the day, nobody has a crystal ball which predicts the direction of the worldwide economy. We wish we did.
When it comes your pension investments, we can help lead you through the legislative frameworks to minimise the effects of paying unnecessary tax.
We were delighted to support the fantastic first ever Crazy Jeans soap box race on Saturday 16 June in Dunorlan Park, Tunbridge Wells.
Our tribute to the England World Cup team 2018.
While the employer itself is our client, we regard engaging with their staff and getting them onboard with the service we are providing is essential.
While pension freedoms have undoubtedly given people more flexibility and choice when it comes to planning for their retirement – recent evidence also shows that the number of people being scammed since their introduction three years ago has grown.
Simon Pockett is yet another long-standing team member at The Goodman Partnership, having been with the firm for over ten years now.
Unlike our cars, we can’t replace ourselves when we get a bit too old or rusty – so it makes sense to talk to a professional and see how we can potentially reach old age in the best financial state.
The Pensions Regulator has made it very clear that when it comes to workplace pension schemes, non-compliance will be investigated.
While we’ve been busy telling our clients about pension freedoms and what it means for them for a while now, new research shows that there is still a lack of awareness out there among those approaching retirement about these changes.
We know that, for many people, planning for their retirement isn’t very high on their agenda. One would tend to assume that’s because they are too busy enjoying life to start worrying about the future… However, new statistics from the Institute for Fiscal Studies (IFS) paint a different picture. The figures show that many of us just assume we won’t live that long…
Share incentive schemes is one particular employee benefit which, currently, is offered by more than 10,000 UK companies to their employees and which benefit from government tax concessions.
All businesses that employ at least one person are legally required to operate a workplace pension scheme. However, simply putting one in place isn’t enough; The Pensions Regulator (TPR) requires that it is set up to meet its rules, monitored regularly and delivers good outcomes for members.
Jada Kwong joined The Goodman Partnership in 2013 and is now our senior client services co-ordinator. She says that her role – although always in client services – has evolved over the years.
In addition to advising individuals on wealth management, we can also advise people who have been appointed as an attorney, a deputy or a trustee.
By early summer we should be seeing a ban on pensions cold calling - which has led to many people at or near retirement falling victim to fraud and being scammed by criminals out of millions of pounds.
If you’re an employer that has already set up a Workplace Pension Scheme for your staff, then you need to be aware that the minimum contributions are increasing from next month (April 2018).
According to a new survey of 1,000 people, carried out for the Care Quality Commission (CQC), choosing adult social care in England is one of the biggest sources of stress today, compared with other key life events.
We find out more about The Goodman Partnership's longest-serving Partner, Neil Whitaker.
'Pension freedoms' was described as the most radical change to private pensions for many years - but what has it meant for those approaching retirement and their families?
Here at The Goodman Partnership, we’re one of only four IFA firms in London and the South East to have two full SOLLA members, which underlines our commitment to provide quality advice to later life clients.
If somebody suggests an investment scheme which seems too good to be true, it probably is... Here at The Goodman Partnership, we only use regulated investment arrangements.
This year more people than ever will live to be 100 years old. As we are living longer, the demand for care and care home places is increasing.
The Goodman Partnership team has grown recently with the appointment of Nikki Ludgrove who joined at the beginning of this year.