Review Retirement Plans in Wake of Budget Says Belmayne

Dronfield-based financial planners, Belmayne, are urging savers and investors to reassess their retirement plans in light of last week’s budget.

The independent firm is recommending clients undertake a full review of their long-term financial plan to identify where current investments will generate more taxable income.

Belmayne partner, Ben Smalley, said: “After months of speculation, we can now begin to evaluate how our clients will be affected by the Chancellor’s plans. If you work hard and have saved hard for retirement, they are a bitter pill to swallow. No one wants to think an increasing amount of their retirement fund will be lost in tax, so more planning is now required to work out how long the money will last.”

A number of the measures announced by the Chancellor last week will materially affect savers and investors, including the freeze on tax and national insurance rates, as well as caps introduced to the salary sacrifice scheme and cash ISA allowance.

Ben added: “It is our job as financial planners to ensure the government’s changes don’t derail our clients’ future. It’s not going to be an easy job, but understanding how the new rules affect long-term goals is key. Our tax system is complex, which is why it is imperative to seek advice if you feel you negatively impacted by the recent budget.

“Tax increases compound over time, eroding the value of savings and investments, so swift action is needed. We can’t prevent life changes, or budget changes, but by reevaluating our clients’ financial plans regularly, we can help them map out a future that best suits their circumstances now and aspirations for retirement.”

For more information about Belmayne’s wide range of financial planning services, or to arrange a free initial consultation, telephone (01246) 298181, visit www.belmayne-ifa.com or follow the firm on Facebook.