- It's never too late (Non-Habitual Residence (NHR)) - Published Oct 2018 by Raoul Ruiz Martinez
- Are You on Top of GDPR? - Published May 2018 by Raoul Ruiz Martinez
- Financial Fitness - Published Jan 2018 by Raoul Ruiz Martinez
- Six Tough Questions You Need to Ask - Published in Nov 2017 by Raoul Ruiz Martinez
- Plan for a Successful Retirement - Published Oct 2017 by Raoul Ruiz Martinez
- 5-year Plan, 10-year Plan, 30-Year Plan. Do you have yours? - Published August 2017 by Raoul Ruiz Martinez
- The Will Bank Opportunity by John L Douglas - Published in The Journal of the Law Society of Scotland 17th July 2017
- August 2017 - HMRC & Offshore Accounts for UK Residents
- A New Year, A New Start…. January 2017
- Inheritance Tax (IHT) Planning (Part 3) - Published November 2016
- Planning for a Better Future? Forget Trusts. Think Family Investment Companies! - Published Nov 16
- Inheritance Tax Planning (Part 2) - Published August 2016
- BREXIT: What do we know as investors and what are the unknowns? Published in July 2016
- Inheritance Tax Planning (Part 1) - Published in June 2016
- Why is tidy a key word in financial planning? Published May 2016
- The Future of International Financial Planning - Published in March 2016
- Volatility: Global Financial Markets and Tax - Published Feburary 2016
- Financial Information Sharing for 2016 - Published December 2015
Summary of the 2015 Pension Flexibility - Published 5th May 2015
Offshore bonds get £5k tax free savings boost - Published 29th April 2015
How your peers invest clients’ money: Finesco Financial Services Ltd - Published in Professional Advisor 25th March 2015
- TRUSTS : Good Reasons to Never Make a Change - Published March 2015
- Saving....for Ourselves - Today's children will need A £2.4m pension pot.
- Cash is King - Article Published 25th July 2013
- Saving – Don’t Put Off Till Tomorrow What You Can Do Today - Article Published 23rd May 2013
HMRC Statutory Residence Test - 6th April 2013
- QNUPS Article Published 23rd March 2013
- Old New Year - Article Published 24th January 2013
- Retirement and Savings – The Facts on Inflation published November 2012
- Finesco Prsentation on New Pension Rules - A New Generation Begins
HMRC Pension Tax Relief Changes
- Emergency Budget:
- Budget Day: 22 June 2010
- Capital Gains Tax Angles
- Long Term Care
- QROPS: Transferring UK Pensions Overseas
- The State of Pensions
- ISA Changes Affecting You



Saving....for Ourselves - Today's children will need A £2.4m pension pot.
Scottish Widows, one of the largest UK Life offices, recently estimated (December 2012) that today's children will need a £2.4m pension pot to achieve a comfortably and debt free retirement. It is expected that increased longevity will heap extra pension costs onto future generations.
The dramatic speed at which life expectancy is increasing requires radical changes to our thought process, especially on our perceptions of life for our children. Most workers today expect their pension to fund a retirement of up to 20 years; however, increased life expectancy means the current working forces will have to save enough for a retirement, most probably beyond 30 years.
According to the UK Office of National Statistics (ONS), last year over 800,000 babies were born (the figure posted was the highest number of newborns for over 40 years since 1972), obviously without knowing that they will need to save £2.4m into their pension to retire comfortably. They may have to face rising student and mortgage debt and, a major growing concern, care costs for their parents and, ultimately, themselves.
The first challenge to building such a sizeable pension pot is the repayment of student loans and mortgage debt.
Scottish Widows claimed those who attend university are likely to face debts of £73,000. The repayment could, on average, last until they are 52 years of age. Under the new charging system, universities can raise their annual tuition fees to £9,000. As it stands, it would appear that the full cost of a three-year degree course averages at just under £26,000. This is now at an all time high and is likely to continue to rise year on year progressively.
They also stated that mortgage terms are likely to be extended, as people work longer and borrowers average 61 years of age on completion of repayment. This is four years later than their parents and seven years later than their grandparents.
Their opinion on the subject of social care costs is that they are likely to be a major financial concern for this new generation. However, care costs are an existing financial concern to the baby boomers and all generations following. This added pressure will be crucial to all generations’ pension pots.
Scottish Widows concluded that a combination of all of these factors will make it difficult to save the huge pot needed for retirement, despite the fact that this generation can expect to continue working well into their 70’s.
To combat this, saving for retirement must begin when this new generation reach their early to mid-twenties. It is paramount that parents and grandparents encourage their children to start understanding finances and the importance of saving from a young age.
As parents or grandparents we teach children how to brush their teeth to ensure good dental hygiene. We teach them rules of life to keep them safe and alive. We pursue education and culture to enrich their lives. We should also teach them how to structure their finances. Each individual is different. We have an opportunity to construct their financial well-being, as well as our own.
Raoul Ruiz Martinez is a resident and independent consultant for Finesco Financial Services Ltd., Glasgow and advises clients on private financial matters in both the UK and throughout Europe under the MiFID regulation. Finesco Financial Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Some of the services provided are not regulated by the FCA because they are not included within the Financial Services and Markets Act 2000.