Inflation may be falling, but 2023 looks set to be another difficult year for the British economy. The Spectator’s economics editor Kate Andrews sat down recently with Charlotte Lambeth, director of private clients at Charles Stanley Wealth Managers, and The Spectator’s business editor Martin Vander Weyer, for a special virtual event on Spectator TV.
They discussed how in yet another year of high inflation, low growth and general economic turbulence, you can take control of your wealth and preserve it for the next generation. Following on from that discussion, Rachel Fowler, financial planner with Charles Stanley, answers some of your questions.
How much should I keep in cash?
It’s often sensible to keep back at least six months’ worth of your income need in cash, plus any planned capital spend for the next three to five years.
How to balance retirement income against avoiding inheritance tax
Often spending more can be a great way to reduce an inheritance tax liability, however this needs to be carefully balanced with making sure your income is sustainable and that you will have enough to meet your needs over the course of your lifetime.
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