Richard Cook. The Investment and Retirement Coach

17/09/2024

Whats your vision for retirement? You need to know as without that vision you cant develop a plan to ensure that your assets can support the vision

05/09/2024

Big day. Back to college at 80 plus. Pershore College. Level 2 Certificate in Counselling Skills. Building additional skills to help clients make a confident transition to retirement.

24/12/2023

Get Up To A 10x INCREASE In Revenue With Just ONE Discovery Call

23/06/2023

https://youtu.be/ZkWoTCEArmA
If you are earning £100,000 or more you should know that HMRC are rubbing their hands together with glee! To find out why and how to stop them watch my short video.

If you've hit £100k in earnings you'll need to know how to avoid paying 60% of every pound over and above that figure, to HMRC. Contact me to find out how. ...

19/02/2023

Hot off the Grill! The Beefy Boys are doing a Truck Stop at Sherdons | April 8th high noon to 6:00pm.

If you don’t know much about the Beefy Boys, check out their website https://thebeefyboys.com and their page https://www.facebook.com/TheBeefyBoys/ and you’ll see why we’re excited about having these local legends at Sherdons.

So how about legendary food, something to wash it down in our newly re furbished clubhouse and outdoor dining area, some good old fashioned fun playing Pirate Adventure Golf with friends and family or a free go in our Trackman range?

It’s going to be a great day, so look out for more news over the next few weeks.

07/03/2022

With the financial year-end looming, I have put some thoughts together on tax planning for you.

Some tax year planning thoughts With only four weeks to go before the end of the tax year, I thought it would be useful to let you have some year-end tax planning thoughts. Pension planning If you are over 50 and a higher rate tax-payer either with invested capital or an excess of income over expend

25/02/2022

Are you worried about what the Ukrainian conflict will do to your hard earned investments?

I have today issued a briefing to members of my Investment and Retirement Guidance Club.

If you would like a copy just message me or pop your contact details in the comments.

Thanks, Richard

21/05/2021

Are you a small business? 💼

If you’re looking to support TIC+ in providing to children and young people living in then it’s easier than ever to donate 💰

Through Work for Good small businesses can donate to their chosen charity through their sales.

Even a little can help us make a HUGE difference.

Find out more 👉 www.workforgood.co.uk

21/05/2021

Let’s get one thing clear, it’s your money and your future. No one will take as much interest in it and pay it as much attention as you.

So where do you start? If you don’t know what you expect or want your retirement to look like how can you expect anyone to get you there and then keep you on track?

If you are more than 10 years away from retirement this is not too difficult. You should have a ball-park idea of when you would like to retire, the lifestyle you would like in retirement, and what it is likely to cost you. Most reasonably competent financial advisers should be able to help you draw up a game plan, guide you through the implementation process and set up an investment strategy. Make sure they are looking at the full picture and are not just selling an expensive pension plan.

The real issue arises when you get to what I call “The Retirement Risk Zone”. That is the five or so years before you retire or perhaps just start the slowing down process. That is when it is essential that you start to take all this seriously, look at the retirement lifestyle you want and work out what it will cost. If this is you, you might want to read my recent blog: http://ow.ly/whxb50EQi8n

14/04/2021

This is good news particularly for clients in retirement (drawdown) who have chosen to listen to my guidance and whose primary investment strategy is to invest in dividend-focused funds to support all, or a significant part of, their income withdrawals. My recent blog gives further guidance on this, read it here: https://www.theinvestmentandretirementcoach.co.uk/category/featured/

08/03/2021

In a pre-budget announcement MPs called on the Government to overhaul the "entire approach to pension tax relief". They are concerned that the current system unfairly incentivises higher rate taxpayers.

They say:-

"Now is surely the time to address the imbalance of benefits and tax breaks available to the wealthy, whilst ensuring the poorer pensioners are protected from further financial difficulty".

The Chancellor may find it difficult to ignore the views of MPs which would save the Treasury more than £20billion a year and could be popular with the bulk of the electorate.

If you are a higher rate taxpayer not already exploiting the current favourable tax regime you are missing a major opportunity that may not be there for long.

The rules are complex but broadly speaking the employed can contribute up to 100% of their earnings annually, less any existing contributions, and can go back three years to sweep up any unused relief.

Only last week I guided one client through the process of achieving a gross investment in his pension plan of £18750 at a net cost, after tax relief, of just £7500. Admittedly a special set of circumstances but it just shows what is possible. The money was previously sat in a Cash ISA earning next to nothing.

This particularly relevant to anyone approaching, or over, age 50. As you can access your pension fund at age 55 you are no longer having to tie your money up forever in order to benefit from the tax relief.

If you would like to know more just use this link to book a "no cost" Zoom meeting and we will quickly find out whether it is for you.http://ow.ly/uoYU50DQ1s2

05/02/2021

Could you wipe out your 40% tax liability for 2020/2021? Find out if you qualify.

Let’s cut straight to the chase. This is not for everyone. It is only worth exploring further if you can answer “YES” to ALL of the following questions:

Do you pay higher rate tax on earned income?
Are you age 50 or over?
Do you already have medium-term investments/savings?
Do you expect to revert to paying only basic rate tax at some time in the next 10 years?

This is totally legal, known to HMRC, and not tax avoidance. It utilises the pension tax changes introduced in 2015.

If you are over 50, a higher rate tax-payer, and have savings/investments this is a “no brainer”. Why would you not claim back all the tax you have paid at 40% and then in a few years (or even immediately if you are over 55) withdraw 25% tax-free and the balance when you only pay tax at 20%?

A post of this nature is not the right place to go into details as there are a number of issues which need to be considered. If you are interested we can set up a short Zoom conversation to find out if it is for you. Don't worry if you have an existing adviser. Implementation can either be through him/her or via one of the one-line platforms such as Hargreaves Lansdown. You can schedule your call with me here: http://ow.ly/rwFf50Dq1zW

15/01/2021

Divorce is such an emotional time and people have so much to think about that they just can't focus on pensions or for that matter other financial issues. Legal advice is expensive and adding financial adviser fees to the mix is just impossible for many.

Research from Legal and General found that more than a quarter of women (28%) are giving up pension rights on divorce, this is just not right.

Read my blog on this subject here: http://ow.ly/6hec50D6dKI

06/01/2021

Hargreaves Lansdown issued an update on this on the Threadneedle European Select Fund on the 14th Dec.

There is a change in the management structure which HL refer to as "disappointing". Having said that the fund remains on the Wealth Shortlist and the new management team is both experienced and well resourced.

There are four European Funds on the Wealth Shortlist all of which deserve their place and I can see no reason to suggest that any switches are necessary.

The Threadneedle European Select Fund will remain my preference for new investors looking for exposure to Europe.

If you are looking for greater diversification read my full blog on the subject here: https://www.theinvestmentandretirementcoach.co.uk/

22/12/2020

6 TIPS TO KEEP YOUR PENSION PLANNING ON POINT FOR 2021
New Year Resolutions? What better time to have a look at your pension planning and see how well you are doing particularly after all the 2020 Covid issues? My latest blog will help you keep your pension planning on track in 2021. Read it here: http://ow.ly/foaW50CQV7l

New Year Resolutions? What better time to have a look at your pension planning and see how well you are doing particularly after all the 2020 Covid issues? Give yourself a mark out of 10 on each of the following points. 7 or more and you are doing ok but could still improve. Less than 7 […]

25/11/2020

Are you thinking that your pension plan may provide a solution to temporary financial problems caused by Coronavirus? You may be right but there are some huge mistakes to be avoided and it may be worthwhile taking some advice/guidance before taking action. There are 5 huge mistakes to avoid, to find out what they are click here to read my latest blog: http://ow.ly/aXgE50CthbB

03/11/2020

£500 Cash-back offer – pension transfers
Until 10th January 2021, Hargreaves Lansdown is offering cashback of up to £500 as an incentive to transfer all those old plans to their award-winning Self Invested Personal Pension Plan.
Read my Blog and find out more here: https://www.theinvestmentandretirementcoach.co.uk/500-cash-back-offer-pension-transfers-dont-miss-out/

02/11/2020

Don't you hate the thought of being on a never-ending NHS waiting list?

As much as we love our NHS and their committed staff, it doesn’t look as if it is going to get better any time soon. So, what can be done about it? All is not lost even if you are close to, or in, retirement.

This is not my area of expertise so I have sourced the expert in private medical care James Weaver, to say a few words about the options which may be available to you and what to do if you would like to know more. Read the full blog here: https://www.theinvestmentandretirementcoach.co.uk/dont-you-hate-the-thought-of-being-on-a-never-ending-nhs-waiting-list/

21/10/2020

Don't you hate having to keep track of all those old pension plans?
And do you know what charges are being deducted and whether the underlying investments are performing well?
Even more annoying is that the adviser who set up the plan many years ago could still be receiving commission which is being deducted from your plan.

But it is not all bad news. Since 2017 early exit fees for over 55s have been capped at 1% and many providers have removed exit fees entirely so transfers now make much more sense.

Pension plans are no different from many other products. Over recent years technology has reduced costs, increased functionality, and made products more user friendly.

A pension plan taken out 10 or 15 years ago is about as effective as a 10 or 15-year-old mobile phone.

In the vast majority of cases, with a modern plan, you will get better investment choices, more flexibility, lower costs and access to on-line valuations so that you can keep a close check on how things are going. Bringing all those old plans together means you will have just one account and only need to deal with one provider. How good is that?

You will however need to check whether you will lose any valuable guarantees or benefits by transferring. Some plans could provide you with an income of 2 or 3 times as much as you would get if you transferred so that is something which you may need my help to check.

This article is not personal advice but if you would like support and guidance from someone with more than 40 years pension experience why not book a free 30-minute Zoom chat to find out more. You could go to a regulated financial adviser but you will find transfer fees which could be as high as 3% of the funds transferred and many will want you to sign up for ongoing advice at a cost of around 1% per annum.

If you are prepared to pay just a little attention, are happy using on-line providers, and can make decisions, there is every chance you don't need to pay a regulated adviser ever again. This is your money, you worked hard for it and it will work hard for you if you are prepared to give it a chance.
Book your zoom call here: https://calendly.com/rhcook/30min

07/10/2020

How much is it safe to withdraw from your pension pot?

One of the biggest challenges, when the time comes for us to make this decision (age 55 onwards), is the lack of an easy “rule of thumb” to provide guidance.

The benchmark most used by advisers is the “4% rule”. That suggests that withdrawals of 4% per annum are, on average, likely to be sustainable throughout life. However other studies suggest that a 3% withdrawal rate is a better answer.

My issue with both of those studies is that none of us are the same and I rarely come across anyone who expects linear spending patterns in retirement. Most of us have great plans for the early years of retirement, which require an income stream which would not be sustainable forever, followed by a dip as we get older, and, for some, a surge later as we need more care.

The challenge, therefore, is how to manage a retirement pot, and the required withdrawals, over the rest of our lifetimes.
I feel very strongly that managing that pot, and the withdrawal strategy, is our responsibility and is not something which can, or should be, totally delegated to a financial adviser. You may be fortunate and have a relationship with an adviser who is a talented and genuine lifestyle financial adviser, but they are rare. What is more common is the adviser who is so concerned by the regulatory and compliance aspects of being an adviser that clients are put into neat boxes which can be easily audited rather than being treated as an individual. If you have been recommended to use a risk-rated investment fund that is probably the category your adviser fits into. You may be charged for personal service but that is not what you will be getting.

If you would like to feel more confident in your retirement planning, are open to learning how to use all the guidance and information available to you, and are prepared to make decisions for yourself once you have the right level of knowledge/ information, I am sure you would benefit from and enjoy a complimentary 30-minute Zoom conversation whether or not we decide to have an ongoing business relationship. Just use this link to book your slot.
This is your money and your future both of which deserve your attention.

28/09/2020

Scary Investment Times - again.

With the FTSE 100 Index below 6000 (at the time of writing), Covid-19 cases are rising and more redundancies seem inevitable regardless of help from the Chancellor, find out what you think I should do by reading my latest blog here
There are some basic principles which have stood the test of time for both me and my clients over thirty years as a financial adviser and 8 years as an investment and retirement coach. https://www.theinvestmentandretirementcoach.co.uk/scary-investment-times-again/

21/09/2020

Millions leave their retirement planning to the "last minute". Is that you?

What that means is that millions are facing a retirement full of doubt and uncertainty rather than confidence.

Of course the earlier you start planning for retirement the better, but even when you are in your 50's, paying attention, getting some advice/guidance, and consolidating old pension plans can have a dramatic impact on retirement lifestyles.

Read my blog to find out more or send a quick message so we can discuss any concerns you have about retirement planning. https://www.theinvestmentandretirementcoach.co.uk/millions-leave-their-retirement-planning-to-the-last-minute-is-that-you/

25/08/2020

When the Wealth 50 list was replaced by the Wealth Shortlist approx 20 new funds were introduced. Many of those were in Sectors not popular with my clients but some of the new funds are worthy of serious consideration. In some cases, my research indicates that the new fund(s) may be a better alternative to the funds which were on the Wealth 50 list and are in existing portfolios. In other cases, the decision is not at all straightforward and whilst the new fund might be used for a new investment there is not sufficient justification to switch out of an existing fund.

I am hoping to put together a webinar to take clients through my research process but in the meantime am noting below some preliminary thoughts. As always, I must stress that this is general guidance and not personal advice. Every client’s circumstances are different, and I encourage you to do your own research wherever possible.

North America. Until now there has not been an American fund in the Wealth 50 list which has consistently outperformed the index so clients have used the L&G US Index Tracker. The Baillie Gifford American Fund, included in the Wealth Shortlist, has consistently outperformed the Index and a switch could be considered. Some clients may, however, be cautious in investing in a fund with such a stellar recent performance record.
Read the full blog here: https://www.theinvestmentandretirementcoach.co.uk/hargreaves-lansdown-wealth-shortlist-update/

29/07/2020

Recent research by wealth manager Bancroft Wealth found that most investors pay more than they need to for advice and that fees based on a percentage of funds under management are unfair.

Only 12% of investors feel that percentage-based fees are the fairest way to charge for advice and yet that is the fee model used by the vast majority of advisers.

Do you know how your fees are calculated and are you satisfied that they are truly value for money?
Read my full blog on the subject here: https://www.theinvestmentandretirementcoach.co.uk/inancial-advice-fees-too-expensive-and-unfair/

14/07/2020

Summer Economic Update. Good news but who is going to pay for it?

Taxing the much loved 25% pension commencement lump sum may well be in the Chancellor’s sights.

Job schemes, stamp changes, VAT reductions – all good news about spending and stimulus but how is it going to be paid for? Let’s enjoy our moment in the sun but make sure we are well prepared when the time comes to pay for it.
One of the tax perks which may well be under threat is the much loved 25% tax-free pension commencement lump sum – available to many of us from age 55 even if we don’t start to draw a pension.

If you are over 55 with a substantial pension fund (over £200,000) you should be thinking about accessing that lump sum whilst it remains tax-free.

You could use a financial adviser to organise this for you but it could get quite complex and involve you in some hefty fees. Using one of the non-advice on-line financial platforms could be far more user-friendly and cost-effective.

If you would like to know where to start just use this link to book a quick, no-cost Zoom chat and I will put you on the right track. https://calendly.com/rhcook/30-minute-exploratory-meeting-clone

08/07/2020

The new Wealth Shortlist builds on the previous Wealth 50 list with more funds, increased transparency and improved fund updates.

This change was essential after the debacle of leaving the Woodford Funds on the Wealth 150 list long after they should have been removed. Read my blog on this subject here: https://www.theinvestmentandretirementcoach.co.uk/introducing-the-hargreaves-lansdown-wealth-shortlist/

30/06/2020

The Coronavirus pandemic has forced a widespread rethink of retirement plans according to an Aegon survey, particularly for the over 55 age group, the self- employed, and those already drawing from their pension funds.

The Pension Freedoms introduced in 2015 have really come into their own with 20% of those over 55 dipping into or considering dipping into, their pension funds for a variety of reasons.

Withdrawing money from your pension fund through a financial adviser can involve substantial fees. Some on-line platforms such as Hargreaves Lansdown will not charge you a fee. However, there is a danger is that, without some professional guidance, big and expensive mistakes can be made.

If you are using one of the on-line platforms the guidance service we offer falls short of personal advice but will put you in the position to make good, informed, decisions for yourself. After all, this is your money and you should understand the advantages and disadvantage of whatever course of action you are considering without having to pay expensive fees.

So, is this a good time to reconsider your retirement plans, Coronavirus or no Coronavirus? If so, the best starting point is a short Zoom meeting when we can talk about your aims and objectives and how to put in place a plan which will help you look forward to retirement with confidence.

26/06/2020

POCKET MONEY APPS
For many families, it now seems old fashioned to hand over some shiny coins to your child each week to be deposited into a piggy bank. These days many parents have turned to apps to pay their children pocket money and keep track of where they are spending it.

In the UK the most popular ones are GoHenry, Osper and RoosterMoney, each of which will charge you for the service. The apps allow you to transfer the pocket money to your children electronically, and they can then spend the money by using a debit card. Read my full blog on the subject here: https://www.theinvestmentandretirementcoach.co.uk/pocket-money-apps-what-are-they-and-which-is-the-best/

16/06/2020

For many people, the transfer value of their final salary pension benefits will exceed the value of their house. No wonder therefore that, despite all the barriers to transfer erected by the Financial Conduct Authority, there remains considerable demand for transfer guidance/advice.

New guidance from the FCA which comes into force in Oct will make transfers far more difficult and expensive to facilitate and may well prevent many people from achieving important personal and financial aims and objectives which can only be achieved by way of a final salary pension transfer. Read my full blog on this subject here: https://www.theinvestmentandretirementcoach.co.uk/final-salary-pension-transfers-october-deadline/

08/06/2020

BRILLIANT MAY, BUT WHAT DOES JUNE HAVE IN STORE?
Wall to wall sunshine, Covid-19 cases falling, lockdown easing, world stock markets posting a good recovery, live sport returning. No wonder we are all feeling better.

So why do I feel so nervous about what June has in store? To find out ready my blog here: https://www.theinvestmentandretirementcoach.co.uk/brilliant-may-but-what-does-june-have-in-store/