Chitty Chitty Bang Bang at Priory Centre, St Neots
At Beacon, we are proud supporters of the arts and recently supported a production of Chitty Chitty Bang Bang by VAMPS, an amateur dramatic society based in St Neots, running from 9-12 November 2023. Formed in 1961, the group stages a popular musical or variety show each Spring and Autumn, and is a staple of the local arts scene.
Tony Larkins – MD of Beacon Wealth Management – test drives Chitty Chitty Bang Bang in St Neots city centre!
Charity Quiz for The Property Angels Foundation
Kimbolton Fireworks 2023
Fireworks at Kimbolton Castle 2023
We were very proud to once again sponsor the fantastic annual Fireworks display at Kimbolton Castle, organised by the Kimbolton School Parents Association.
Each and every year this display brings over 9,000 people to Kimbolton to enjoy one of the very best displays in the region by the brilliant Titanium Fireworks, who themselves have ties to Kimbolton.
Congratulations and well done Lily, our competition winner in collaboration with Black Cat Radio, who won the chance to go up on stage and start the display!
Thank you again to all the teams who worked so hard to put the night together, and to Funk Odyssey for their fantastic performance too.
Beacon has been selected for the Top 100 for New Model Adviser 2023
We are very proud to announce that Beacon Wealth Management has been honoured with the Citywire New Model Adviser Top 100 award for 2023. This marks the eleventh consecutive time we have received this recognition, and is testament to the hard work of our staff and the care we take with our clients.
“We want to highlight how some of the best firms in the country are thinking about offering value to clients,” explained Charles Walmsley, Editor of Citywire. “Whether it is changes to fees and disclosure in light of the consumer duty or the adoption of artificial intelligence, all these firms have interesting stories about how they are delivering financial advice in 2023.”
Citywire said of Beacon Wealth Management:
“Like all advice businesses, Beacon Wealth Management has been grappling with the FCA’s consumer duty this year. The firm has introduced three new service levels, with fresh terms for each one. In order to improve and confirm client understanding, the firm has changed its suitability reports; a new feature checks that clients understand the fees they pay and the service they can expect.
The firm, which is co-owned by managing director Tony Larkins and his wife Karen, plays an active role in the local community. As well as sponsoring events including Kimbolton’s fireworks and a local cricket match, Beacon raised £11,492 for Sue Ryder St John’s Hospice.”
What Defines You?
Your upbringing and circumstances are not what define you. It’s your choices and the decisions you make that define who you are.
There are circumstances early on in life that shape you, from where you grow up and go to school, to the friends, partners, further education, and jobs you have that shape you in later life.
Life may not always be easy but each action, reaction, or non-action helps to define you as the person you are now.
Your actions and circumstances have got you this far, but where will life take you in the future?
When planning for your retirement, just like the rest of your life, it’s determined by a series of decisions and actions. Some things will be out of your control. By the time you retire, the State Income amount will likely not be enough for what you need.
Therefore, you’ll need to take action to secure the pension fund that suits your lifestyle, whether that be from pension contributions, investment decisions, savings, or property portfolios. You must also decide on things such as long-term care costs, your Will, Power of Attorney, and Inheritance Tax planning (if required).
Preparing for the future isn’t something you have to do alone, however. Our expert financial planners have the most up-to-date advice to create a bespoke plan tailored to your needs now, and what you want for your future.
At Beacon, we work around you with virtual or face-to-face meetings, whichever suits you best. Plus, you can access your plan every step of the way using our online portal.
Whether you want to travel the world or finally sit back and relax, knowing that your loved ones are taken care of, the perfect plan is waiting for you.
Start planning for your retirement now, so that you can focus on living the life you want and being the person you want to be.
If you would like to speak with one of our pension experts, please call us on 01480 869466 For a free initial, no obligation chat.
Future fees may apply.
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Wealthy Concerns
Surprisingly, interest rates didn’t rise in September, with a vote being 5:4 to keep them as they are. Inflation remains a concern for everyone, no matter their financial situation, it has seen a fall and I predict October will see another big fall. Things aren’t fixed overnight and for those with low to average levels of income given the current economic situation, it’s likely that money is extremely tight and savings depleted.
The same is now true of those who would ordinarily consider themselves financially comfortable. Their income, whilst still sufficient, perhaps doesn’t leave as much at the end of the month, and dipping into savings is becoming more frequent than before.
Individuals who perhaps consider themselves as ‘wealthy’ or fall into the high-net-worth category aren’t exempt from economic hardship either. The impact on investment returns has been a blow to those using them to provide extra or total income.
So where does this leave future incomes? Despite no one being able to predict the future with total certainty, it now looks as if we may have reached the top of the rising interest rates, and inflation and mortgage rates are slowly coming down.
Pensions are a hot topic right now, especially for those with large pensions that need immediate action. In April this year, the Government changed lifetime allowances (LTA’s).
From April 2024, the LTA will be abolished. The amount you can take from your pension tax-free won’t change, because it’s capped. However, there’s a strong possibility that new Governments could reintroduce the LTA, so the window for action may be quite small.
Hopefully, the stock markets will start improving soon, but it could still be worth reviewing your funds now. They should be reviewed regularly anyway, not just at review time.
If you have a large pension, speak to one of our Chartered and Certified experts to find out what protections are in place and explore your best options.
Due to the various nuances that can lead to poor decision-making, some with no possible reversal, it’s always better to seek the help of professionals rather than tackle it alone.
Please call our experts on 01480 869466 or email us at info@beaconwealth.co.uk for a free initial, no obligation chat.
Fees may apply. Registered and regulated by the FCA No. 526604.
How Much Time Do You Have?
How fast would you travel if you had one hour to travel 60 miles? Answer: 60mph
How fast would you need to travel if you left 10 minutes later? Answer: 72mph
How fast would you need to travel if you left 20 minutes later? Answer: 90mph
How much would you save into a pension if you started now? Answer: Well, that depends on your retirement plans…
According to the Pension and Savings Lifetime Association there are three categories for pension income: minimum, moderate, and comfortable.
Since your pension fund is designed to be your income for when you retire, having a clear savings plan is always the best option. The sooner you start saving into your pension, the longer it has to grow. The better the plan, the more achievable it is.
Not everybody knows exactly when they will retire and that’s okay. The starting point should be to figure out how much you want to retire on. Then look at your current situation, and create a plan to realistically achieve this goal.
Hopefully, you have pension funds already, and know whether or not you are on track. Remember, the investment strategy of five years ago is different to now, so it’s possible that your plans may need to change.
It’s important to review whether you’re in the right pension and/or right funds, and to see if your funds have been affected by the past few years’ lack of growth. If you’re unsure if your pension is on track to achieve your goals or have questions you don’t know the answers to don’t panic. This is what a financial adviser is for.
For some, meeting with a financial adviser may be outside their comfort zone. This may be down to various reasons, but your financial adviser is not here to judge.
They will help you to make the most appropriate decisions for your pension and will assist you on your journey to retirement.
If you would like to speak with one of our pension experts, please call us on 01480 869466 For a free initial, no obligation chat.
Future fees may apply.
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Investment Monthly Round-Up
You can view our Investment Monthly Round-Up for July, written by our Senior Investment Manager, Nicholas Carr, by clicking here
Womens Pensions
When saving in a pension early, the money paid in has the longest time to grow, which for most is beneficial as starting salaries are not typically high. Then contributions made in later years are often of higher value when salaries have increased with career length. However, according to Scottish Widows, this is not the case for everybody. Their ‘Women and Retirement Report’ (2022) shows that women have a significantly lower average pension fund than men: £260,000 versus £137,000.
Women need a pension just as much as men, especially as they live longer on average, yet their final pot is much lower than required. So, you may be asking, why is this the case? Well, research shows that women typically face a triple whammy of pension contribution reductions: Child care, later life care, and divorce.
Firstly, child care is often considered a contributor to the widening pension gap as traditionally it is women who take career breaks, sometimes for years, to raise children. This is not the case for all women but for many, it has an invariable impact on pension savings. Unfortunately, for many this reduction in contributions is not just a short-term gap that they can try to close later on. Depending on home-life circumstances, some women can’t return to full-time work or find they have fewer opportunities to climb their career ladders.
Secondly, later-life care has a similar effect. Again, this may not be the case for every woman, but as noted with child care, they are more likely to make work sacrifices to undertake a caring role. Thus, caring for an elderly parent can also mean reduced hours, reduced pay, or sometimes stop working altogether.
Individually, these breaks can affect the final pot value, even more so if taking both types of care leave or if it is a single-earner household.
Thirdly, an issue that is gaining more attention is that divorce may cause women to experience further pension inequality. When couples divorce, their assets get split but pensions are often overlooked, traded, and in many circumstances not valued at their ‘true’ value. When valuing a pension it is not as simple as looking at its current worth, it needs to be looked at in comparison to the partners.
Make sure you aim to contribute as much as possible, for as long as possible into your pension, starting right from the earliest opportunity. Especially, if you’ve had or are likely to have employment breaks. Experts are working to close this gap, so if you have any concerns about your pension, speak to a chartered or certified IFA, even better if you can speak to advanced pension specialists.
You can read more of our helpful articles at News & Useful Articles
Care Fees Planning
Care Fees Planning
It has been reported that one in seven people are expected to need care. Anyone involved in the funding of long-term care will know just how expensive it is.
The Office of National Statistics (ONS) now states that women need 2.9 years of care and men 2.2 years. This means that the cost could be anywhere from around £150k to £300k on average. Indeed, some could cost less, but some could also cost more.
The majority of the population don’t appear to have made provisions for care fees instead of relying on their home to cover the costs… Private and state pensions will help towards this, but these are often relied on by the partner who may well find themselves leaving their home and moving in with their child. Which, probably may not be the circumstances that either party would have chosen to happen.
The Government was due to bring in a cap for costs but has so far failed to do so. Thus, it remains that an individual needs total assets of less than £23,250 (including your home) before they can be fully funded by the local authority.
Sorting assets for care payment typically rests with the person holding power of attorney. Though, it is not unheard of for children to assist with this. At Beacon, we have several highly qualified experts who specialise in this area that can assist you.
Our planning not only involves the best way of providing the provisions for funding care costs, but it will also find the best options for other things such as avoiding Inheritance Tax (IHT).
Usually, by the time people require care the seven-year rule for gifting is far too late, and even the two-year rule can sometimes be touch and go. So, we strive to ensure the best possible options for your situation.
If you have concerns about funding your care or the care of a loved one, I would suggest that you start planning sooner rather than later.
To speak with our experts, please call us on 01480 869466 for a free initial, no obligation chat.
Future fees may apply.
For more news and useful articles, please click here News and Useful Articles
