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Investing can be a very complicated and confusing process, especially for those who are new to it. There are so many options and strategies out there and it can be difficult to know where to start. Having a clear understanding of what you are hoping to achieve and your current finances is essential before you start to decide how you are to move forward toward your goal. Tony talks about how you can achieve this.   KEY TAKEAWAYS Cash Flow Modelling (CFM) is a powerful tool that can help you take control of your finances and move toward your investment objectives. With CFM you can clearly understand your financial situation, identify any areas where you may be overspending, discover opportunities to save, make more informed decisions about investments and set realistic goals. CFM provides a detailed picture of your investments, debts, income and expenditure. This system creates different scenarios based on future decisions you may make and illustrates the effect they will have on your finances. You will need periodic checks to ensure that your plan is on track and make any necessary alterations. BEST MOMENTS ‘By creating a model of your income and expenditure you can see exactly where your money is going and make informed decisions on how best to manage your resources.’ ‘The process shows your current position relative to your preferred position and your goals by assessing your current and forecast wealth along with income inflows and expenditure outflow.’ ‘A snapshot in time is taken of your finances with calculated rates of growth, income, tax and so on.’   VALUABLE RESOURCES   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST   Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, and Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT   Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn See omnystudio.com/listener for privacy information.

Goals based investing is a great way to make wise financial decisions when you are overwhelmed by the choice in investment options. Tony talks about how to navigate the myriad of investment products available today by clarifying what you are really aiming for in the future.KEY TAKEAWAYS A variety of financial goals such as retirement, home purchases or saving for a child’s education can be specified specifically to make choices on investments. Focus on the long term. You are less likely to make impulsive, short term decisions. Have a disciplined approach to investing to avoid spoiling your progress with spending sprees and costs. When you have a concrete set goal you have increased motivation. Set yourself realistic goals.  BEST MOMENTS‘Goals should be clear, concise, detailed and written down because, remember, unwritten goals are just wishes.’‘In order to achieve all of your goals you will need a plan. Starting from assets you already have available, you will need to determine how much more you will need to accumulate and when you will require it.’‘Decide what you want to achieve. This may seem obvious but it is important to take the time to really think about your goals.’ ‘Give yourself realistic deadlines.’ VALUABLE RESOURCESTony Talks Wealth - https://omny.fm/shows/tony-talks-wealth  Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth  ABOUT THE HOSTTony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.  “Live For Today, Invest For Tomorrow”CONTACTTony’s official website: https://ttwealth.co.uk/Facebook: https://www.facebook.com/TonyThomas.IFA/LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Tony talks about how to make the most of your pension pot so you can get back to dreaming about your retirement and not dreading it. Many people are feeling financial pressure at the moment, and it can be difficult to consider the future, but even with current conditions there are ways you can maximise your pension opportunities.    KEY TAKEAWAYS When offered the opportunity to join a workplace pension it is always a good idea to do so due to the contributions they make.  You also get extra money from the government in your tax payments on any contributions you make.  The state pension will not cover everything.  Keep on track of all your pension plans. It is important to have a retirement lifestyle in mind so you have an idea of how much money you will require.          BEST MOMENTS ‘Your employer's contribution on top of that which at the very least must be equivalent to three percent of your earnings.’  ‘Each time you defer paying into a pension plan you miss out on the extra boost of tax relief from the government.’  ‘It’s important to remember that the state pension won’t be available until your late sixties.’    VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

The key to a robust retirement is having a good idea of the plans that you have for when you reach your chosen age. To keep up your lifestyle in your golden years you need to be sure of your pension and financial situation. Tony talks about what you need to know when working on your future.   KEY TAKEAWAYS Retain a professional Financial Advisor to achieve the retirement that you want. Currently only half of those with assets over £100,000 to £500,000 excluding property are planning to take professional financial advice.         BEST MOMENTS ‘With so much going on in your life, from family and work, to pursuing your passion, retirement planning may not have been your priority, but now you want to make sure your pension and overall financial situation will allow you to keep up your current lifestyle and enjoy your golden years.’ ‘Only 39% of pension holders are planning on taking financial advice when they retire, with 31% planning a do-it-yourself retirement.’ ‘These are just a few of the questions your professional Financial Advisor will be able to help you with.’ VALUABLE RESOURCES   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Tony talks about the erosion that occurs in your savings with the current inflation rates and how you can benefit from tax relief in the coming year.   KEY TAKEAWAYS Tax efficiency is a key consideration when investing because it can make such an enormous difference to your wealth and quality of life. One way to avoid tax is to contribute to an individual savings account (ISA) and take advantage of up to £20,000 tax free with a stocks and shares ISA. A cash ISA allows you to earn interest on your savings without having to pay any tax on interest earned. Junior ISA are for those under 18 without a trust fund account. Up to £9000 can be put in a Junior ISA and can be used for a wide range of purposes such as education or training costs.         BEST MOMENTS ‘The type of investment and tax efficiency that you should be looking at will depend firstly on whether your priority is to save a lump sum for the future or to draw an income today.’  ‘Not only will your investment grow tax efficiently, you’ll also benefit from the potential for capital gains. ‘Another option is a Lifetime ISA or LISA. If you are looking to save for retirement or to buy your first home you may also want to consider opening a LISA. With a LISA you can save up to £4000 in the current tax year. The government will add out to 25% to any savings held in a LISA up to a maximum of £1000 a year.’  ‘If you earn over £100,000 making personal pension contributions can be highly advantageous.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

In this episode Tony talks about the difference between individuals' personal plans towards retirement and some of the extra challenges previous generations of savers never had to worry about.   KEY TAKEAWAYS Life expectancy is longer than ever before which means you need your money to last much longer.  More companies are moving away from Defined Benefit Pensions which guarantee you a certain amount of money in your retirement. Defined Contribution Plans are much more subject to the ups and downs of the market. A mixture of various investments further individualises many peoples approach to retirement planning. Six tips to consider using if you have a Money purchase Pension or Defined Contribution Pension are ; use pay rises as an excuse to pay more. Pay in more when a regular spend ends. Maximise any possible employer contributions. Invest any lump sums you receive. Put off breaking into your pension pot. Be cautious about your investment choices.         BEST MOMENTS ‘One question I get asked every single day is how much money will I actually need when I eventually retire?’  ‘Some people are unprepared for retirement due to high debt levels at the end of their working lives, or because they were not saving enough during their lifetime.’ ‘Being aware of the options available to you can help you prepare for your future in an effective way.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Tony talks about the requirements of withdrawing your pension and the five things you need to carefully consider before doing so. Currently you can access your pension from the age of 55, changing soon to 57 unless you have a protected pension age, so if you are approaching these birthdays it's worth checking out Tony’s advice.   KEY TAKEAWAYS Pension Freedoms. Consider your pensions accessibility arrangements. Savings Requirements. How much will you need each month to maintain your lifestyle? Future costs. You need to consider care needs and inheritance planning. Health and Life Expectancy of both you and your partner.  Obtain professional advice to make sense of the complications of the financial decisions of retirement.          BEST MOMENTS ‘There’s a lot to think about when you withdraw money from your pensions because it’s a huge decision as it has major implications on how long that money lasts for throughout your retirement.’ ‘We often vastly underestimated this but evidence shows that we are mostly living longer.’ ‘How long will I need my money to last? How long do I want to keep working? How much tax might I pay?’     VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

With many people living longer expectations of retirement are being reshaped and there is no longer a one size fits all approach to retirement planning. Tony talks about the many choices and options available to you in your retirement bearing these changes in mind.    KEY TAKEAWAYS It's important to consider loved ones over the course of one's retirement.  Find out if your pension will cover your finances throughout your retirement or if you should be investing your savings.  Do not leave your retirement planning too late.  Find out how much you need to save for your retirement, how do you save on tax efficiently and how do pensions work.   BEST MOMENTS ‘To different people, retirement means different things. Retirement offers the gift of time to do the things that matter most.’ ‘At this point do you feel confident about retirement? Pensions can seem complex and overwhelming for many.’ ‘What happens when we’ve left the nine to five behind? Whatever retirement looks like to you it's important to make the right plans now.’ VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Many savers believe that inflation will have no impact on their savings or even leave them better off. In this episode Tony spells out the real effect that inflation can have on your savings and what to do about it.   KEY TAKEAWAYS The total cost of saver inaction, if inflation continues over the next five years, could amount to 18 billion pounds. Work out how much of your savings you need to put aside for easy access emergency funds.  Get the best interest rate you can on your savings. Remember, though, that those rates offered can drop dramatically over time, so always keep an eye and be prepared to switch when necessary. Think about investing your money or topping up your pension to beat inflation.         BEST MOMENTS ‘More than half of all cash savers don’t understand what impact inflation will have on the real value of their cash savings over time.’  ‘As a rule of thumb, aim to cover your essential expenses for between three to six months.’ ‘The key thing to remember is that investing is for the long term.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Investing is one of the most important things you can do to secure your financial future. Tony shares the10 principles that should be applied when choosing and managing your investments.      KEY TAKEAWAYS Set investment goals. Plan on living a long time and saving more for it. Cash is rarely king, inflation can erode your purchasing power. Start early and reinvest investment income. Be realistic about your objectives and what you can achieve when it comes to choosing risk. Market volatility is normal. Timing the market is difficult. Stay long term. Diversify your investments.  Review your portfolio regularly. If it seems too good to be true, it usually will be.         BEST MOMENTS ‘You have the peace of mind in knowing that you have everything you need to do to invest with confidence.’  ‘The higher the potential return the higher the risk involved.’ ‘Promises of high returns with little or no risk are always too good to be true.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

So when is the right time to retire? There's no one size fits all answer to this question, because it very much depends on your personal circumstances. However, there are a few things to consider that may help you to decide when the time is right for you. Tony details what information and circumstances you should be looking out for to know the right time has arrived.   KEY TAKEAWAYS Do you have enough saved up to provide for yourself in retirement? If not, you may need to work longer to ensure a comfortable retirement. Good health means you will be able to enjoy a longer retirement, however poor health will mean retiring sooner in order to enjoy your retirement while you are still in good health. Inflation is an important factor to consider for retirement. Rising prices can quickly begin to eat into your savings.  Consider when you want to retire and what kind of lifestyle you want after retirement. One way to find out if you have sufficient finance to create a suitable lifestyle after retirement is to create a retirement cash flow. This shows how much income you can expect to receive from various sources.   BEST MOMENTS ‘Do you enjoy your job or work? If not, you may be ready to retire sooner. On the other hand, if you love your job or what you do, you may want to keep working even after you reach retirement age.’ ‘Inflation can also cause your living expenses to go up and this can lead to a reduction in your standard of living. Clearly high inflation can make it harder to save for your retirement.’ ‘What is your attitude to investment risk because when it comes to investing there is always some element of risk involved. It’s important to understand your own attitude towards risk before making any investment decisions.’    VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   The TT Wealth July & August Newsletter Bundle This podcast was brought to you by Progressive Media, for more information on how to start, grow and monetise your podcast head over to the training at https://bit.ly/poa3073 ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ Book a Call: https://calendly.com/ttwealth/30min?month=2022-07 See omnystudio.com/listener for privacy information.

When investing, market volatility can often cause rash decisions that can often be unnecessary and harm your long term outlook while trying to achieve short term peace of mind. This is why it's important to take a 10 year or more view to enable cool-headed rational responses to sharp financial movement in either direction.   KEY TAKEAWAYS Trying to second guess events and make bets on them rarely pays off and deters many from investing.  A safe option for risk averse investors to undertake is to save regular amounts which enables the avoidance of trying to second guess market movements. This is Pound Cost Averaging. Rather than a single, risky lump sum investment you drip feed investments over a longer period effectively reducing the risk of loss by minimising the size of the investment at any one time. Any negative event will not influence large amounts of your money.         BEST MOMENTS ‘Do you invest it all at once or bit by bit and will soaring inflation, rising interest rates and further supply chain disruptions or fuel market volatility impact on your lump sum investments?’ ‘Past performance is not a guide to what might happen in the future and the value of your investments may go down as well as up.’ ‘As an individual investor it is likely that you will find it almost impossible to make money through market timing. Even professionals struggle to do this.’    VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   The TT Wealth July & August Newsletter Bundle This podcast was brought to you by Progressive Media, for more information on how to start, grow and monetise your podcast head over to the training at https://bit.ly/poa3073 ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow” CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ Book a Call: https://calendly.com/ttwealth/30min?month=2022-07 See omnystudio.com/listener for privacy information.

Tony explains the six key principles to ensuring your financial prosperity for a secure future. Understanding your targets, preferred investment types and tolerated risk level is essential before you embark on a well rounded investment plan, but what should you keep in mind as you move forward towards your goals?   KEY TAKEAWAYS   Have a strategy and stick to it. Think twice before putting all of your money in cash. Diversify and consider your investments as a whole. Invest as early as you can. Resist activity bias, the urge to do something in a crisis. There is no substitute for a strategy that is tailored specifically for you.        BEST MOMENTS   ‘If you are new to investing, knowing where to start can be a daunting task. The reality is that people should start saving and investing as early as possible.’ ‘Investors and retirees looking for reassurance during challenging stock market times can take heart in these time tested investment principles.’ ‘Every single investors needs are different. A professional financial advisor can help you take the emotion out of investing and provide an objective view.’   VALUABLE RESOURCES   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST   Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT   Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

We know that rising inflation and increases in taxes are set to leave millions worse off in 2022 and beyond. Households are already grappling with the worst cost of living crisis in a generation. Budgets have been further squeezed by a raft of price and tax rises, and inflation is the highest it has been for 30 years. Tony offers ten tips to help you manage through this difficult period.   KEY TAKEAWAYS   Save money on your energy bills. If you are finding budgeting for energy bills difficult consult your energy provider or a debt advice charity. Check out how to cut your energy use. Try using a petrol price checker site to ensure you always buy your fuel from the cheapest source. Change your driving style to avoid hard acceleration and high speeds to reduce your consumption. Plan your meals for a week and stick to it to avoid unnecessary impulse purchases. Check if you would save money if switching to a water meter. You can pay a lower Council Tax if you live alone and if you are in receipt of certain benefits or on a low income you can gain a reduction of up to 100%. Review your bank statements and credit card bills to ensure you are aware of all your outgoings and cut out unnecessary spending. Draw up a monthly budget. If you are paying high interest rates on your cards or loans then consolidate.        BEST MOMENTS   ‘The government website which is simply “Energy Advice” has tips on how to keep your energy bills down so that’s worth checking out.’ ‘You can use The Consumer Council For Waters calculator and if you are on certain benefits and have a large family or someone with a particular medical condition you may qualify for the Water Sure Scheme, which caps water bills.’ ‘Check if your are entitled to state benefits. Billions of pounds of state benefits go unclaimed each year and you could be missing out. The national charity “Turn 2 Us” has a free and confidential benefits calculator on its website.’   VALUABLE RESOURCES   Government Energy Saving Advice https://www.simpleenergyadvice.org.uk/   Fuel Price Checker https://www.petrolprices.com/   Water Sure Scheme https://www.citizensadvice.org.uk/consumer/water/water-supply/problems-with-paying-your-water-bill/watersure-scheme-help-with-paying-water-bills/   Turn 2 Us Benefits Calculator https://benefits-calculator.turn2us.org.uk/   Money Helper Budget Planner https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST   Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT   Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

For very many couples divorce is a sad outcome, emotionally and financially. However, there are many things you can do to make the process easier should this unfortunate situation occur.   KEY TAKEAWAYS Since April 2022 a ‘no fault’ divorce came into effect in England and Wales. This finally removes a need for blame as a basis for divorce. The respondent to a divorce is also no longer able to contest it. Seek legal and separate financial advice immediately. A Financial Consultant can consolidate all your finances so any legal decisions on advice can be taken with accurate information. Cancel any financial commitments in joint names immediately including credit cards, joint accounts, loans and even overdrafts. In England, Wales and Northern Ireland the total value of the pensions you have each built up is taken into account excluding the basic state pension. In Scotland only the pensions you have accrued during your marriage or civil partnership are applied.         BEST MOMENTS ‘Keeping a level head to negotiate a fair financial settlement is absolutely vital.’   ‘You will need to draw up a list of assets that are first and second homes, pension pots, investments, value of any businesses etc, etc.’   ‘Normally anything built up before you were married or after your date of separation does not count.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

There are many factors that can influence when someone decides to retire, which Tony will explore in more detail in this episode. For some, it might be based on health reasons, while others may want to take advantage of government benefits or simply enjoy a more relaxed lifestyle. However one of the most common factors that determines when people choose to retire is definitely their age. So with that in mind, what is the most popular age to retire early?   KEY TAKEAWAYS The most popular age currently to choose to retire is 60. More than half of early retirees report a boost to their mental wellbeing, however nearly half report a drop in their financial situation. Financial factors such as a career based company pension, paying off a mortgage or substantial savings convince someone to embrace early retirement.         BEST MOMENTS ‘Another key factor is wanting to enjoy more freedom and 1 in 4 of us are planning to celebrate our 60th birthdays by leaving work behind.’ ‘Women are the most likely to have felt a negative financial impact from retiring early.’ ‘Money worries are one of the biggest factors resulting in people returning to work.’    VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit   ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

In the last in his series on estate planning Tony explains the use of Lifetime Transfers to decrease the eventual tax liability left to your inheritors by giving away funds before your passing. However, there are still liabilities payable depending on when you pass.   KEY TAKEAWAYS   Inheritance tax exemptions can be achieved by means of making certain exempt transfers which apply in a number of cases, including wedding gifts, life insurance premiums, gifts to your family and charitable giving. If appropriate, you can transfer some of your assets while you're alive. Gifts to a spouse, for example, are fully exempt so are not subject to inheritance tax. Where a potentially exempt transfer fails to satisfy the conditions to remain exempt, because the person who made the gift died within seven years, it’s value will form part of their estate. For survival for between three and seven years, taper relief at the following rates are available ; in the first three years, there is no reduction, and between three and four years, there's a 20% reduction. Within four to five years it's 40% and five to six years its 60%. Between six and seven years is 80%.        BEST MOMENTS   ‘Potentially exempt transfers are lifetime gifts made to a individuals which includes gifts to bare trusts.’ ‘The inheritance tax due on the potentially exempt transfers is deducted from the total inheritance tax bill and the estate is liable for the balance.’ ‘The inheritance tax difference can be calculated and covered by a level or decreasing policy written in an appropriate trust.’   VALUABLE RESOURCES   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit   ABOUT THE HOST   Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT   Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

In this episode Tony continues further on his estate planning series with an explanation of the lasting power of attorney (LPA). These agreements allow individuals to make decisions that can effect them in the unfortunate event that they are incapacitated from making those decisions themselves.     KEY TAKEAWAYS An individual can create an LPA covering all their affairs or just their health and welfare.  At the point the appointed attorney believes their donor is losing their mental capacity they must apply to The Office of Public Guardian to register the LPA to attain continuing authority. A code of practice applies to holders of LPAs including the requirement to keep the grantee's funds separate from their own or anyone else’s. There are strict limits on the gifts that attorneys can make on the donors behalf.         BEST MOMENTS ‘It's possible to appoint the same or different attorneys in respect of each lasting power of attorney and both versions contain safeguards against possible misuse.’ ‘Applications for a lasting power of attorney must be accompanied by a certificate confirming the granter understands what they are doing completed by a solicitor or medical practitioner.’ ‘Instructions relate to things the attorney should or shouldn’t do when making decisions. For example, not selling the donor's home unless a doctor states the donor can no longer live independently or a particular dietary requirement could be examples.’    VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit   ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Tony continues his series on estate planning with the consideration of making a will. Talking about your death with relatives and professionals is a difficult conversation to have, but it is vital if your wishes are to be respected and enacted upon your passing.    KEY TAKEAWAYS Unmarried couples have no right to any of the estate if there is no will.  A will is essential to mitigate a potential inheritance tax liability. Where a person dies without a will the distribution of the assets is subject to statutory rules called intestacy. A consequence of intestacy is the estate may have to include benefits to children as well as a spouse or civil partner. Separated spouses still not yet divorced continue to have rights to the deceased estate. If the deceased has no surviving relatives the property goes to the crown. Relatives will usually be expected to be executors and may be unsuited to the role. Jointly owned properties and possessions can be a way of protecting your spouse, allowing them to have access to joint bank accounts, for instance, before the estate is settled.         BEST MOMENTS ‘The beneficiaries of the deceased person that they may want to benefit from the estate may be disinherited.’  ‘An unmarried partner doesn’t automatically inherit anything and may need to go to court to claim for a share of the deceased assets.’  ‘There may also be liabilities that may need to be included and taken into account and may include mortgages, could be credit card balances, could be bank overdrafts, could be loans or indeed equity release.’ ‘There is also something called a partial intestacy. This can sometimes happen even when there is a will in place, for example, when a will is not valid or when it is valid but the beneficiaries die before the testator.’   VALUABLE RESOURCES Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit   ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

Tony continues with his series on inheritance and safeguarding your estate for your family with this episode on why wills and power of attorney agreements can be vital.     KEY TAKEAWAYS If you don’t create a will in readiness for your passing your estate could be inherited by someone you had not envisioned taking over your wealth and assets. The Health and Welfare Lasting Power of Attorney allows you to appoint an attorney to make decisions about matters such as your medical care, where you live, your daily routine such as what you eat and what you wear, whom you have contact with and whether you have life sustaining treatment only if you have given express permission.  The Property and Financial Affairs Lasting Power of Attorney gives your attorney the power to do things such as buy and sell your property, pay your bills, collect your pension or benefits, and manage your bank accounts. Only 13% of adults have written a living will which is used to provide advanced decisions on refusing medical treatments if you become terminally ill or lose the ability to make decisions for yourself.           BEST MOMENTS ‘Worryingly 3 in 5 UK adults have not written a will and that’s research carried out by Canada Life.’ ‘What we need to remember is that a will can provide peace of mind that not only will the correct beneficiaries benefit from an estate distribution, but also that it is done as efficiently as possible at such a difficult time.’ ‘A will can help reduce the amount of Inheritance Tax that might be payable on the value of a property and monies that you leave behind.’   VALUABLE RESOURCES Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth     ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.