Independent Wealth Management

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Increasing ISA Allowances

From 6th April 2017, the personal ISA allowance is increasing to £20000.

Over the years, the amount you can pay into an ISA has been steadily increasing, but this represents a significant increase and means that you now have an even better opportunity to accumulate tax efficient savings and investment.  For couples, the total amount is £40000.

Over the years, many people have been paying into ISAs and have accumulated very large fund values.  Unlike pensions, there is no lifetime limit on the amount that can be accumulated.  For those unable to make pension contributions or approaching their annual or lifetime limits for pension funds, this provides a great way to generate wealth.

ISAs for Retirement

During retirement, an accumulated ISA portfolio offers a very useful way to provide a tax efficient retirement income.  This could supplement your pension income if you have one.  Approaching retirement, growth funds can be switched to income yielding funds.  Unlike pension income, ISA income is currently, entirely free of income tax.

For more information on this and other tax efficient investments, please contact Barry Sears at Professional Wealthcare.

Please note:

This article is intended for guidance only and is not advice.

Remember, it is important that you seek a personal recommendation before choosing a plan that is suitable for your needs.

Investment returns may go down as well as up.

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After a long career dealing with other people’s money (often major six figure sums on a daily basis) I considered myself to be pretty numerate. However, facing retirement the whole pensions jungle filled me with dread as I knew it was a task I would neither relish nor easily absorb. Having taken the decision to get some help I decided I didn’t want my bank involved nor any corporate suit.

From everything I’d read and heard it was clear that I personally needed someone who could guide me through the process, having first understood our needs and to then explain each step simply without all the uniquely incomprehensible language so often encountered in this industry.

I wanted a local Financial Adviser with a good track record and I initially used a website to draw up a shortlist of suitable candidates. Barry stood out as just the kind of bloke we could do business with and, having appointed him last year, we are delighted with his service.

It’s been quite a “journey” sorting it all out these past few months but we now feel we have fully optimised our pension options and at last really enjoy our retirement. We can therefore thoroughly recommend Barry to anyone seeking such a Financial Adviser.

Mr Peter Seabrook-Harris

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