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Money mindset: Shaking up how you think about finances could boost wellbeing

Money has a huge impact on our wellbeing. Whether we have “enough” is often the focus when facing money challenges, but a new report suggests that our mindset and relationship with money could have a far bigger influence on wellbeing.

Past research has linked financial concerns with poor wellbeing. The latest research from Aegon notes this as well. It found those with money worries experienced:

Read more: Money mindset: Shaking up how you think about finances could boost wellbeing

Should you defer your State Pension? It could reduce your tax liability

There’s often a lot of talk about the State Pension Age rising and the impact it could have on retirement plans. But, in certain circumstances, delaying your State Pension payments could pay off.

The State Pension Age is currently 65, but is gradually increasing and will reach 67 by 2028. You can use the government’s State Pension Age checker to see when you’ll be able to claim the State Pension. Remember, the State Pension Age is under review, so it could rise if your retirement is still some way off.

Read more: Should you defer your State Pension? It could reduce your tax liability

How inflation can reduce your pension and what you can do about it

When you think of risks to your retirement, do you include inflation? It can have a huge impact on your income throughout retirement. Yet, it’s often overlooked when creating a retirement plan.

Inflation refers to the rising cost of living. Day-to-day, it’s not something that you notice. However, over a longer timeframe, such as your retirement, the price of goods and services creeping up has an impact. It can mean your income and assets don’t go as far.

Read more: How inflation can reduce your pension and what you can do about it

Why you should review your financial protection when taking out a mortgage

Financial protection is often something you’re prompted to think about when buying your first home. It’s an important step to take as you make a large financial commitment. However, it’s just as important to regularly review the level of protection you have. When taking out a new mortgage product, whether it’s your first mortgage, you’re moving home or simply remortgaging, it’s the ideal time to reconsider your financial protection.

Read more: Why you should review your financial protection when taking out a mortgage

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