Happy new tax year. While it is unlikely that many champagne corks were popped, 6 April was a landmark for anyone who wants to take a fresh look at their finances.
“This is often a good time to take stock,” says Sarah Coles, a personal finance analyst at Hargreaves Lansdown. “Revisit things like savings, investments and pensions at least once a year to make sure they still reflect your needs.”
Here’s how to prepare yourself for the (tax) year ahead.
Pensions
Now is as good a time as any to take stock of pension savings in old and new schemes to see what they are worth, and the projections of what you will get when you retire.
The Money Advice Service, and many pension providers, have online calculators. Put in a target income on retirement, contributions and current pots, to estimate how much more you need to contribute before you retire.
If someone is considering changing the levels of risk in how their pension is invested – to either try to make their money work harder, or to take a more conservative approach amid changing markets – then age is key. Younger investors…
