RSR Wealth Management

RSR Wealth Management Highly-professional financial planning service that always puts the interests of clients first.

How much savings you would need if you were suddenly without a source of income? Many online sources state that ideally ...
25/07/2021

How much savings you would need if you were suddenly without a source of income? Many online sources state that ideally you should always have a rainy day fund of at least 3 months.

If you think about it you might need more than that. For example; If you left your job today, how long could it be until till you get another? The Office of national statistics state the current average unemployment length is 2.5 months meaning that some people are unemployed longer than 2.5 months.

Or what happens if you are self employed and have a long term illness or injury that prevents you from working?

According to a report in the guardian “The figures showed that two-thirds (67%) of patients received treatments within 18 weeks in May” Which means you could be 4.5 months without income.

What can you do to mitigate this?
• If you don't have already, start a rainy day fund!

• Frequently review it to see if it does cover you and your family if you had a sudden loss of income.

• Explore income protection insurance, it can cover you if you’re unable to work due to an accident or illness for a long period.

Coronavirus has impacted almost every facet of our lives. As the government continues to ease lockdown restrictions, man...
22/07/2021

Coronavirus has impacted almost every facet of our lives. As the government continues to ease lockdown restrictions, many advisers and their clients are considering the longer-term implications that COVID-19 will have. One of these factors is likely to be whether Inheritance Tax will increase.

Quick Facts:

- The Inheritance Tax rate currently stands at 40% which equates to £5.3billion a year…

- In 1969 “Estate Duty” (inheritance tax predecessor) was set at 85%

Utilising traditional methods such as gifts and trusts often means that investors need to wait at least seven years to gain relief from Inheritance Tax. This delay could pose problems if rates were to increase to anything like 1969’s estate duty. Many beneficiaries could be hit with substantial bills if the asset had not been held for long–enough to qualify.

What can you do if you are concerned about IHT?

• Firstly, we advise you to review the current value of your estate.

• If your estate is more than £350,000 and you are worried about the amount of tax you may pay, then seek financial advice you will be surprised how .

• Utilise your gift allowance A.S.A.P, you can currently gift £3,000 a year tax free.

• Use your Wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child).

• Make a Will, this will allow you to control who receives your assets. If you do not make a will, the government will decide how your assets are distributed under rules of intestacy, which will likely not be the most tax efficient way.

Sequence risk is the danger that the timing of withdrawals from a retirement account will have a negative impact on the ...
16/07/2021

Sequence risk is the danger that the timing of withdrawals from a retirement account will have a negative impact on the overall rate of return available to a investor. This can have a significant impact on a retiree who depends on the income from a lifetime of investing and is no longer contributing new capital that could offset losses.

How can you mitigate this risk? 📉

Create a Emergency Fund. Having a rainy day/emergency fund to cover you until the market recovers could help you prevent having to take money out of your pension pot when the market is unfavourable.

Diversify your investment income. 🌐

“Don’t put all your eggs in one basket.” 🥚 look at other sources of investment to provide you income as well as your pension. Such as Rental properties, Dividend Stocks, & International stock markets

Continue working part-time.🛠️

If the market is unfavourable in early retirement, you could continue working part-time to limit your reliance on taking money from your pension pot.

Get advice pre & post retirement. 💬

It is always important to try and seek advice pre-retirement as there are plenty of options to cover when planning your retirement. However it is also vitally important that post retirement you seek frequent financial advice. This way you can react better to things that affect your retirement plans. As we are living longer it is vital that we look how we can stretch our retirement nest egg further, so in our later years we can still live comfortably.

To contact us please visit:
https://rsr-wm.co.uk/contact

If you are moving to the UK, having a somewhere to live is essential. Once you’ve decided where to live, there are two m...
07/07/2021

If you are moving to the UK, having a somewhere to live is essential. Once you’ve decided where to live, there are two main options on how to get a home: renting or buying.

When buying a property it is difficult to know where to begin, what type of property can I afford? what type of taxes do I have to pay? What are my options if I have to return to my home country?

To help we offer a comprehensive range of mortgages, from across the marketplace, which lenders make available to mortgage intermediaries to meet an array of needs and criteria. These include the employed and self-employed, Help-to-Buy, buy-to-let, self-builds, holiday homes in the UK and abroad, as well as expat’s.

To find out more about the mortgage services we provide please visit our website or contact us:
https://rsr-wm.co.uk/advice-and-services/banking-and-mortgages/mortgages

https://rsr-wm.co.uk/contact

Do you need to access the money potentially or are you certain you will not need it until after age 55? What is your ta...
05/07/2021

Do you need to access the money potentially or are you certain you will not need it until after age 55? What is your tax situation? Do you have other investments and pensions?

By looking at your aims and objectives, your financial and personal situation we can help you answer that question yourself – it might be the answer is you should be putting into both!

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Now that more shops are open 🛒 and more holiday destinations are being added to the green list ✈️, we thought we would s...
04/07/2021

Now that more shops are open 🛒 and more holiday destinations are being added to the green list ✈️, we thought we would share three tips to ensure you spend your money wisely. 💵

Life before the coronavirus now seems like a very distant memory, such has been the effect of the pandemic. Little wonde...
28/06/2021

Life before the coronavirus now seems like a very distant memory, such has been the effect of the pandemic. Little wonder, then, that so many felt unprepared for it, not just emotionally and mentally, but also financially.

The first line of defence 🛡️ against financial troubles is to build a rainy-day fund ☂️ that ensures you can cover your regular payments for a while – even if your income falls. But longer-term defences in the form of financial protection are needed too.

One option is insurance, with income protection 💰 right at the top of the list. These policies are designed to help you cover regular commitments such as mortgage repayments, rent, bills and other household essentials if you’re unable to work because of illness or an accident.

If the cost of income protection is a concern, there are ways of getting it down. For example, policies can be arranged to cover a fixed period of time rather than the rest of your working life. With around 95% of income protection claims ending within five years, shorter policies would still cover most people’s requirements while significantly reducing the cost.

The most obvious answer is an Individual Savings Account (ISA), but not the only answer. A £20k ISA allowance is availab...
25/06/2021

The most obvious answer is an Individual Savings Account (ISA), but not the only answer. A £20k ISA allowance is available to all adult UK residents and for children the limit is now £9k per annum. Investing in an ISA allows your money to grow free from any tax implications and is often overlooked when it comes to retirement planning. Your retirement pot will go a lot further if you do not have to pay on all of the income!

It is also important to think about whether there are any other unused tax allowances that could be made use of. Particularly useful when financial planning for a married couple or civil partnership is the ability to transfer assets without giving rise to a tax liability. In addition, couples should think about who falls into the lowest income tax bracket and consider investing in their name to maximise any income tax relief on interest for example.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

This quote, from the former first lady of the USA Eleanor Roosevelt, is a good reminder that you can procrastinate and ...
25/06/2021

This quote, from the former first lady of the USA Eleanor Roosevelt, is a good reminder that you can procrastinate and think about doing something or you can actually use that time to plan on doing it.

Having hopes and dreams is great, but having plans to achieve them is better. If you find you're spending a lot of time thinking about doing something, turn it into a plan.

St. James's Place is taking several urgent actions to tackle climate change. The most recent is a pledge to disclose its...
22/06/2021

St. James's Place is taking several urgent actions to tackle climate change. The most recent is a pledge to disclose its climate-related risks in 2021 – a year earlier than required by the UK’s green finance strategy.

Investors face a pressing need to tackle the mounting human cost of climate breakdown. In 2018, more than 60 million people suffered the effects of extreme weather. In 2019, climate shifts contributed to 15 disasters that each caused at least $1 billion in damage.

Without urgent action, all these effects will amplify quickly. But promoting a sustainable, low-carbon economy brings many investment opportunities, too. The UK’s green finance strategy aims to help the financial system harness these opportunities.

There has been a huge shift towards awareness of climate change among clients of St. James's Place, therefore they have decided to be proactive and act. In 2020, 82% of UK independent financial advisers reported an increase in enquiries from clients on climate change investment, and 46% of prospective clients said the environment was as important to them as returns.

If you are interested in learning how you can invest your money in a environmentally conscious way please visit our website or get in touch.

Junior ISAs are a great way to put money away for a child’s future. The tax advantages and flexibility they provide make...
07/06/2021

Junior ISAs are a great way to put money away for a child’s future. The tax advantages and flexibility they provide make them the first option for most savers. Any returns are free from Income Tax and Capital Gains Tax.

The value of starting early.

Investing just £150 per month from your child’s birth till they are 18 will give your child a substantial fund to assist with university life or a generous pot building for their first house deposit.

Setting aside funds from the early years means that even modest amounts invested on a regular basis will benefit from the effects of compound growth and reduce the risk of investing more significant amounts at the wrong time or during periods of market volatility.

To learn more about JISA’s visit our advice page Guide to Junior ISAs: https://rsr-wm.co.uk/advice-and-services/investment-planning/junior-isas

04/06/2021

Better health, more flexible working and longer life expectancy means that there has never been a better time to retire. But it can be complicated, especially as pensions have changed so much.

Under Pension Freedoms rules, everyone over the age of 55 can choose how and when they take benefits from their pension pot.

This ranges from taking the whole fund at once, to taking lump sums as required, or drawing a regular income.

Given the number of options available and the need to ensure they are working as tax-efficiently as possible in combination to achieve your financial goals, the years leading up to retirement are unquestionably a key period of life in which to seek financial advice.

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