Henson Crisp taking care of your future, offering specilaist retirement advice in Peterborough and London

Financial Advice - FAQ

Read the answers to some of our most commonly asked questions.

The reasons behind investing and saving can be different. Some people save so that they have cash for emergencies and not for the future, or for specific events such as a special holiday. Investing is always about the future and is generally longer term . There is also the fact that there are no risks associated with saving, whilst there are with investing in the stock market. Investing does offer potentially higher returns but you have to take the risk of loss into account.

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In order to retire at 66 with a pension pot of £270,000, this giving a pension of about £9,000 a year, you would need to start saving about £400 a month at the age of 40. Delaying your retirement to 70 would reduce the amount to around £350. Such figures are however subject to change, this depending on the % rate of annual returns.

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There are six basic types of investments, Stocks, Bonds, Investment Funds, Bank Products, property and Annuities. Choosing the right ones to make up your portfolio is something that you could well need the help of a Financial Adviser with.

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There are many ways of making your money work harder. You could play the stock market, but remember day trading is not for the faint hearted. Other investment routes are to trade commodities or cryptocurrencies to name but a few. However, the best advice must be to seek advice as these are very specialist types of investment.

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This is rule is all about how an individual should split their income. Basically, 20% needs to be saved for emergencies and your retirement, 30% on luxuries or wants and 50% on basic needs, like housing costs.

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Data shows that most people start investing in their 30's, however this very much depends on their individual circumstances. It is best to start investing, in one way or another, just as soon as your circumstances allow.

At the time of writing, the best investments in 2019 are Certificates of deposit, Money market accounts, Treasury securities, Government bonds, inflation linked bond funds, Short-term corporate bond funds, Dividend-paying stocks and High-yield savings account.

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The first thing that needs attention is the construction of an Emergency fund, there always being those unexpected expenses for example, if the boiler needs replacing or the car repairing. The next target should be to get yourself free of personal debt. Of course, at 40, you should have been saving for your retirement for some years. Now is the time to start if you have not, or where you have a fund, to re-evaluate it against your retirement goals, and also consider making regular savings into an ISA for money which you may need in 5 to 10 years.

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Before making any decisions, you first need to set your needs and goals. Bearing these in mind you can then create an investment plan, this being a good time to seek the advice of a financial adviser. They will ensure that your portfolio is diverse enough, so that your risks are spread. You should also be aware of the need for an emergency fund and make your plans with this in mind.

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Independent Financial advice costs around .75% of your portfolio per year. Bearing this in mind, people want to know if this money is well spent. Based on research carried out, a good financial adviser could increase returns by nearly 4%, this more than covering the adviser's fees, in addition your financial planner can help you set specific objectives they should also meet with you annually to ensure everything is on track. enquiries@hensoncrisp.com to arrange an initial consultation for free to find out just how much value we can add.

In a constantly changing financial and political world, the value of financial advice and the difference it can make to your wealth is indispensable. Taking advice early in your professional life can aide the accrual of wealth later and with regular reviews can help produce an ever-evolving plan for you and your family both now and into the future. Creation of goals and management of savings are important.

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There is no right or wrong amount to have in a pension pot, rather you need to ask yourself, what lifestyle do you wish to enjoy in retirement? With increased pension freedoms, the manner in which we approach our pension pot has also changed, gone are the days of simply purchasing an annuity, you are now free to choose how much, and how often you wish to taken from your pot. Then there is what happens to our pension in the event of death and with potential changes to the age in which we will be able to access our state pensions in future, the need for effective financial planning in retirement has only increased. Contact enquiries@hensoncrisp.com to arrange a meeting and we produce a cashflow model depicting exactly how far your pension and other savings will stretch into retirement and what can be done to enhance your standard of living during this time.

This area of investment is one that causes concern for many, but history shows is something that has benefitted many when successful. In order to attain a monthly income, there are various methods, wrappers and funds that can aide and in turn increase tax efficiency. Do the returns result in a Capital gains tax liability and what is the correct amount to withdraw so to not face losing a substantial amount to tax are issues that must be considered.

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Retirement can be taken at 55, potentially even younger in some circumstances! In doing so though what effect would this have on any defined contribution or defined benefit schemes? Can you start receiving your state pension also? How much more would you need in your pension pot to start your retirement early? These are all necessary questions that we can help answer.

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Get in touch

If you would like further information or to book a free no obligation meeting, please get in touch.

01733 355120 / 02036 377140
enquiries@hensoncrisp.com




Henson Crisp Limited

Telephone: 01733 355120 / 02036 377140
Email: enquiries@hensoncrisp.com

Registered Office:
Ground Floor Bank House, The Lawns, 33 Thorpe Road, Peterborough, PE3 6AB.
Registered in England, No. 06266686

Offices in both Peterborough and London.
Financial Advice for individuals and companies.

Site Disclaimers

No investment decision should be taken based on the content of this site. Always take full individual advice first.

Henson Crisp Limited cannot be held responsible for the accuracy of the content of external websites.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK.

Regulatory Statement

Henson Crisp provides Independent Financial Advice.

Henson Crisp Limited is authorised and regulated by the Financial Conduct Authority (register.fca.org.uk/). Financial Services Register No: 469175

Our alternative dispute resolution provider is the Financial Ombudsman Service.
Their website is financial-ombudsman.org.uk