‘I’m a finance expert - do this 1 easy thing ahead of Rachel Reeves’ budget’
# ‘I’m a finance expert - do this 1 easy thing ahead of Rachel Reeves’ budget’
As the nation anticipates Rachel Reeves' upcoming budget announcement, financial experts are urging individuals to act now to protect their savings. Specifically, there is one straightforward step that can be taken to enhance personal finances before any changes take effect.
Expert advice suggests that people should consider moving their funds into easy-access savings accounts that currently offer competitive interest rates. Ms. Purkess noted that "Easy-access savings accounts are paying around 4.5% at the top end." This move could help maximize returns on savings, especially in uncertain economic times ahead of the budget.
In addition to exploring high-yield savings options, individuals should also be mindful of the implications of withdrawing tax-free cash from pensions. Ms. Purkess pointed out that "Taking tax-free cash from your pension unnecessarily can reduce the benefits of compound growth, potentially costing tens of thousands by retirement." This is vital information for savers who may be tempted to access their pension funds prematurely.
Those looking to secure their financial future should remain proactive and informed, seizing the opportunity to make adjustments ahead of potential tax changes or new policies from the government.