Welcome to our September/October 2024 edition of our financial planning magazine.

Autumn Budget Statement

Welcome to our latest issue. On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024. It will be a critical indicator of the government’s approach to managing the economy, aiming to foster an environment conducive to sustainable growth. The outcomes of this Autumn Budget will have far-reaching implications, potentially influencing everything from tax rates and public services to business investment and consumer confidence. As such, it is a pivotal moment that will shape the economic landscape in the months and years ahead. On page 08, we look at what it could mean for your finances.

Estate Planning

As we age or accumulate more wealth, protecting and preserving our assets for future generations becomes increasingly essential. This process, known as Inheritance Tax planning, estate planning or intergenerational wealth planning, involves strategically managing your estate to minimise tax liabilities and ensure that your wealth is passed down to your loved ones in the most tax-efficient manner possible. On page 06, we explain how understanding these nuances is essential in making informed decisions that will benefit you and your loved ones.

Retirement Planning Behaviours

More than three-quarters (78%) of retirees have already dipped into their pension pots by the time they retire, according to recent data[1]. This trend highlights a significant shift in retirement planning behaviours, where immediate financial needs or desires often outweigh the long-term benefits of leaving pension funds untouched. The implications of early withdrawals are multi-faceted and can significantly impact retirees’ financial security. Turn to page 03.

Mothers Balancing Family and Finances

Balancing the many responsibilities of motherhood can be overwhelming, often pushing long-term financial planning onto the back burner. However, effective financial planning is essential for everyone, and as a mother, you face unique challenges that require extra attention. On page 05, we consider some key financial planning steps to help you take control and secure your family’s future.

A complete list of the articles featured in this issue appears on page 02.

Are you ready to secure your financial future?

Whether planning for retirement, investing your money or protecting your wealth, we can assist with every aspect of your financial planning. Contact us today to discuss your specific needs and start building a brighter, more secure future now. Your financial success begins with a single step.

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Personal circumstances differ and not all of this information is applicable to every client and/or their business, this information is general in nature and should not be relied upon without seeking specific professional financial advice.

The Financial Conduct Authority (FCA) does not regulate tax advice, estate planning, trusts or will writing.

The content in this article is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.

Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.

Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.

Pareto Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA).