11 Financial ideas for managing your money

Approaching retirement can be both exciting and daunting. It marks a new chapter in life where financial stability and security become paramount. Crafting a robust retirement income plan is essential for ensuring a comfortable and fulfilling retirement.

Inheritance Tax (IT) is a tax that you pay on your estate that you pass to your beneficiaries upon death.

A Lifetime ISA helps your investments grow tax free and with no tax liability on income and gains, it is certainly an option to consider when looking to buy your first home.

Having decent level of savings is important for your future and your loved ones. However, with low interest savings rates, investing is a better option to generate a level of income can not only support your current lifestyle but also build on top of your savings.

A Stocks and Shares ISA helps your investments grow tax free and with no tax liability on income and gains, it is certainly a wise option to minimise and save taxes.

Investing in your future is important and more important is to determine if you will have enough money left. Decision to start thinking about investing in your future only comes after realisation and we look at some reasons why you may be wrong in thinking you may have enough.

Diversification can be very simple and at the same time very complex to understand. It can have a big impact on a portfolio to reduce risk whilst not eliminating completely.

REITs are companies which own income producing properties and are a great way to make money over long term. They aim to selectively develop, invest, improve or redevelop properties with a view to generate regular cash flows and distribute this back to its investors.

Inflation is a measure of overall increases in prices of products and services over time. At the very least, you should consider protecting your savings from inflation. A higher inflation means you are paying more than you were in the past for the same product or service.

One of the first steps to choosing the right manager for your wealth is knowing the right questions to ask. And knowing the right answers to see if they measure up to your financial goals.

Markets continue to fluctuate. Technology continues to disrupt. The ambitions you have for your wealth never waver, but your wealth management needs change with the dynamic world we live in. Perspectives from CFA Institute research on high-net-worth investors.

One of the first steps to choosing the right manager for your wealth is knowing the right questions to ask. And knowing the right answers to see if they measure up to your financial goals.