News

Retirement is one of the most significant challenges we will face in our lives. The landscape has undergone substantial changes over the past generation.

The recent FCA Thematic Review on retirement income highlights a simple truth: delivering income in a tax-efficient way can make a big difference to your long-term wealth. But tax planning isn’t just for retirement—it’s just as important in the years leading up to it.

A common question we hear is: “Why should I pay a regular fee for financial planning? What do I really get for this?”

Over the last 30 years, financial advice has evolved—from selling products, to investment specialists, to today’s holistic financial planning.

We are pleased to announce the successful completion of a management buyout (MBO), with existing directors Ashton Chritchlow and Jamie Jacobs now becoming the majority shareholders of Ifamax Wealth Management, marking a significant milestone in our firm’s journey. 

As an employee, life is relatively straightforward — you work, you get paid, and your employer takes care of things like pensions and tax deductions. For business owners, it’s a very different story.

Investment risk is about more than just numbers on a screen; it’s about behaviour. History is full of examples of market bubbles, from the tulip mania of the 1600s to the dot-com boom in the late 1990s.

When most people think about financial planning, they imagine numbers, budgets, and spreadsheets. But at Ifamax Wealth Management, we believe true financial wellbeing is just as much about mindset as it is about money.

Estate planning means different things to different people. Some might ask, “Does it matter to me personally?” Others are more concerned about ensuring their beneficiaries receive the maximum from their estate. For many, estate planning isn’t something they feel the need to worry about—until it’s too late.

Building a business takes time. The early years are often the most challenging — juggling cash flow, securing clients, and wearing multiple hats. Even when your company becomes established, you continue to face ongoing pressures, including managing a team, adapting to market shifts, and constantly thinking ahead. 

It’s easy to put off pension planning, especially when retirement feels a long way off. However, the longer it’s delayed, the harder it becomes to retire on your terms.

One of the most frequently asked questions is: When is the best time to seek financial advice? Often, it’s triggered by a significant life event – an inheritance, approaching retirement, divorce, or a change in employment. But there’s rarely a perfect time. 

It’s worth reflecting on how the job market has changed over the past few decades. Thirty or forty years ago, many people stayed with one employer for life, often with access to a defined benefit pension scheme that provided a guaranteed income in retirement. 

Inheritance Tax (IHT) is often described as a voluntary tax, not because it isn’t compulsory, but because so much liability can be mitigated with proper planning. Yet, despite this, HMRC collected £7.5 billion in IHT receipts in 2023/24, up from £2.22 billion in 2000/01, according to Statista and HMRC.

Planning for Your Family’s Future

Who inherits your pension when you die? For many people, the answer is unclear — and often wrong.

Pensions might appear straightforward, but neglecting the details can cost you dearly over time. From missing out on valuable tax relief to losing track of old pension pots or failing to plan for death benefits, the consequences of poor pension planning can quietly erode your retirement wealth.

Pensions are not just a tool for securing your retirement—they are also one of the most effective ways to reduce your tax liability. Whether employed, self-employed, or running your own limited company, understanding how pension contributions impact your tax planning can unlock immediate financial benefits while building your long-term wealth.

According to the Federation of Small Businesses, as of early 2024, there were 5.45 million small businesses in the UK (0–49 employees), with approximately 4.1 million of these having no employees. This highlights the scale of the self-employed population.

Planning for retirement has never been more important—or more complex. Today’s workers are likely to have multiple employers throughout their careers, so keeping track of various pension pots can become daunting.

Downsizing your home is a powerful financial planning strategy that can help you achieve a comfortable and sustainable retirement. While pensions, investments, and rental properties are common ways to fund retirement, selling your existing home and moving to a smaller or more affordable property is often overlooked.

When markets become volatile, investments often take centre stage. But true financial planning goes far beyond investments alone. Over the past 30 years, the financial planning profession has shifted from selling products to managing investments to focusing on each client’s unique goals and values.

So how do investing and financial planning relate—and why is it important to understand the difference?

If you’re wondering how global politics could affect your financial plans, the return of Donald Trump to the political spotlight is a good place to start.