Supporting your 'Business Wheel'
by Ros Clark, www.coenandclark.co.uk
New year, new start – whilst we will all struggle to lose a few pounds in weight, it doesn’t seem so difficult to lose track of where our money has gone each month! Whilst we are busy juggling children, work and a home life, women’s finances can often go neglected. It is therefore not surprising that women in the UK retire with on average of only a 1/5 of the pension wealth in this country. So what can you do? First of all, take stock and take control. What pensions do you have? Do you have some old pensions that you have no clue about?! If so, dig out the paperwork and ask for advice. If you don’t have any paperwork ask your old employer and contact the pension provider – you probably need to update your address details! Some older pensions come with valuable benefits, so it is worth knowing what they are. You will also want to look at performance and charges. It is your money and you are going to need it in future, you owe it to yourself to look after it. Secondly, check your state pension forecast. You can check your record to see how many years you have and potentially make up a shortfall. Do you have school age children? If so, do you claim child benefit? If not, you could be missing out on state pension credits. And last of all, think about contributing a small amount each month to a pension; there are valuable tax reliefs available. If you are a basic rate taxpayer, for every £80 you contribute the government will top it up by £20 automatically. There is no such thing as free money but that comes a close second! Taking care of your financial future is investing in yourself and your family – starting early is the key but just starting is vital! If I can help you, please reach out.
By Ros Clark
Business Manager I Coen & Clark Financial Planners
Partner Practice of St. James's Place Wealth Management
Direct Dial: 0333 014 7564 https://www.coenandclark.co.uk/