Balancing your time and money
The average value of an ISA held by someone aged over 65 is £47,000, an increase of £4,500 on the previous year*. This data highlights that many pensioners are continuing to save for their future.
HMRC data suggests many pensioners are putting aside money to cover unforeseen costs and to buy more expensive one-off items, as opposed to relying on their day-to-day income.
Habit of a lifetime
Breaking the saving habit is tricky for some it seems, as some over-65s are continuing to save through fear of running out of money. Whilst this is a good idea in many cases, some over-65s could be living unnecessarily frugal lives as a result.
Balancing act
It’s a fine balancing act ensuring that you plan for your future without forgetting to live in the present. We’re here to help you achieve the right balance.
*HMRC, April 2019
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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