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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more 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/

This show was brought to you by Progressive Media

Hosted on Acast. See acast.com/privacy for more information.