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From April 6th the ISA limit is rising to £10,200 a year for everyone. What does investing in a stocks and shares ISA involve?
Are you thinking of investing in an ISA this year? With interest rates on savings accounts so low and all of us (not just those who are aged 50 or over) able to invest up to £10,200 into an ISA after April 6th, it could be a bumper year for stocks and shares ISAs. Stocks and shares ISAs are popular in part because they have a tax efficient wrapper. But it's what's underneath the wrapper that's important and ISAs that look very similar on the surface can be quite different in reality.
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If you’ve got a problem and you’d like some advice, why not contact a money expert?
Whether you want to find out how to get the best mortgage, are worried about your debts, have an elderly parent who needs care or don’t see eye-to-eye with your partner over money, one of SavvyWoman’s panel of experts can help.
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Top Tips : Research by Standard Life shows that around half of married men fail to buy a pension income (called an annuity) that will provide for their wife after they die. How can you make sure you don't lose out?
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Make sure you have money in your own retirement fund that you can live on. If you're married or living with your partner, talk about how much you each need to live on and what would happen to your finances if you or your partner were to die. Women are likely to live longer than men, so if your husband or partner buys an annuity that will only pay out while he's alive, would that leave you with enough to live on?
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Don't convert your pension pot into a pensions income from the pensions company you've saved with. It's the easiest option, but you could get more from your fund by shopping around. It's especially important if you've got a health or medical problem as some annuity providers will give you a much higher income for the rest of your life.
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The principle of shopping around (called the 'open market option' in the jargon) applies to buying your pension income as it does to mortgages or a bank account etc. The difference is that that, in most circumstances, you buy a pensions income for life so you can't swap to a better deal after a few years.
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Think about whether you want your pensions income to rise in line with inflation or to stay the same. Even with (relatively) low inflation, it will make quite a dent in the amount you receive after 15 or 20 years.
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