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Elmfield Financial Planning

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29/05/2024

Can I Retire early?

Many people dream of retiring early. The thought of enjoying more time for travel, family, and passion projects is certainly appealing. However, “early retirement” has undergone a significant generational change.

In previous decades, men often retired earlier than women. There were “send off” ceremonies with one main employer (which workers had spent a lifetime serving). In 2024, however, men and women largely retire at the same age...

Many people dream of retiring early. The thought of enjoying more time for travel, family, and passion projects is certainly appealing. However, “early

23/05/2024

Get the most out of the 2024-25 tax year

The new tax year (2024-25) started on 6 April 2024. This brings a fresh opportunity to get the most out of your allowances and put more hard-earned money back into your pocket. Below, we discuss some key changes to know about in the new tax year, offering ideas about how to maximise your financial position...

The new tax year (2024-25) started on 6 April 2024. This brings a fresh opportunity to get the most out of your allowances and put more hard-earned money back

16/05/2024

Investor biases: 5 ways to protect your investments from yourself

Many great stories and sagas build on the theme of an “inner battle” within the self. Great investors also experience this reality. Various “biases” try to pull them towards irrational decisions with their investments. Yet, how can you conquer the irrational assumptions, beliefs and temptations which may lead you to act contrary to your own best interests?...

Many great stories and sagas build on the theme of an “inner battle” within the self. Great investors also experience this reality. Various “biases” try to pull

10/05/2024

The 2024 Spring Budget: How does it affect you?

The Spring Budget of 2024 brought a range of key changes which bear upon UK households (not least the “headline” measure to cut National Insurance).

Below, our Padiham financial advisers elaborate on our recent Budget Special newsletter to explain, in more detail, how readers’ financial plans may be impacted...

The Spring Budget of 2024 brought a range of key changes which bear upon UK households (not least the “headline” measure to cut National Insurance). Below, our

29/02/2024

Stealth taxes and how they affect your money

A stealth tax is a clever way for the government to raise money from taxpayers without overtly calling it a “tax rise”. A direct tax rise – e.g. increasing the Basic Rate from 20% to, say, 25% – risks drawing a lot of negative headlines and potential punishment at the polls during the next election. By contrast, a stealth tax often passes unnoticed by taxpayers in the form of small adjustments or “freezes” to existing taxes and allowances...

A stealth tax is a clever way for the government to raise money from taxpayers without overtly calling it a “tax rise”. A direct tax rise – e.g. increasing the

23/02/2024

Act now to maximise the 2023-24 tax year

Are you set to keep as much income as possible in 2024? With the end of the financial (tax) year looming in April, January is a great time to get your affairs in order – avoiding the last-minute panic that can arrive in February and March...

Are you set to keep as much income as possible in 2024? With the end of the financial (tax) year looming in April, January is a great time to get your affairs

15/02/2024

How to invest: a short guide

Investing can, admittedly, be an intimidating topic for many newcomers. The jargon can be confusing and the volume of information can be overwhelming. Fortunately, learning to invest does not need to be this way. By grasping the essentials of how to build a portfolio, you can empower yourself to make better decisions and build a robust long-term strategy...

Investing can, admittedly, be an intimidating topic for many newcomers. The jargon can be confusing and the volume of information can be overwhelming.

09/02/2024

The State Pension: how much will I get in 2024?

In the 2023 Autumn Statement, Chancellor Hunt announced that the State Pension would receive an 8.5% increase in April 2024. By doing so, he confirmed the continuation of the “triple lock” system (which was suspended in the 2022-23 tax year), much to the relief of many pensioners. However, what will pensioners get from the State Pension in April 2024 and what might lie ahead as we approach the next general election?...

In the 2023 Autumn Statement, Chancellor Hunt announced that the State Pension would receive an 8.5% increase in April 2024. By doing so, he confirmed the

30/11/2023

Inheriting some money? 4 crucial tips to consider

A lot of attention is given to people who want to build a financial plan for their estate. Yet what about those who potentially stand to inherit it (the “beneficiaries”)? Receiving a large sum of money and/or valuable assets could be transformative to your finances if used prudently. However, without planning, an inheritance can also lead to complex, costly pitfalls.

Below, our Burnley financial planners offer 4 tips for beneficiaries to consider when preparing to receive a future inheritance...

A lot of attention is given to people who want to build a financial plan for their estate. Yet what about those who potentially stand to inherit it (the

22/11/2023

Investing a cash pile: the duration dilemma

Suppose you suddenly find yourself with a cash windfall – possibly from an inheritance or from selling your stake in a business. If you want to invest the money, how should you do this? In particular, is it best to invest everything at once; or, “drip feed” it gradually into a portfolio?

There are pros and cons to each approach which need to be considered carefully. Your decision may be affected by your investment time horizon, your risk tolerance and your wider financial planning goals...

Suppose you suddenly find yourself with a cash windfall – possibly from an inheritance or from selling your stake in a business. If you want to invest the money

17/11/2023

How to decide when to retire

Indeed, there is no single form of retirement. It can look different from person to person.

Below, our financial planners in Padiham offer some ideas to consider, based on our experience, when trying to figure out your retirement date...

When, exactly, should you start that next exciting stage of life – retirement? This is a very personal, often complex decision influenced by many factors.

09/11/2023

0% credit cards – are they a good idea?

What is a 0% credit card and how does it work? Are they a good idea and can they have a legitimate place within a broader financial plan? Financial planners tend to encourage clients away from credit cards because the interest payments can be very punitive – eroding your income and undermining your progress towards your goals...

What is a 0% credit card and how does it work? Are they a good idea and can they have a legitimate place within a broader financial plan? Financial planners

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Ribble Court, 1 Mead Way
Padiham
BB127NG

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