Earlier this week Ballyhoo launched an updated website for their loyal client Derricks Music, a Swansea-based music and events ticketer and record seller with a shopfront on Oxford Street in Swansea city centre.
Who Are Derricks MusicDerricks Music have worked with Ballyhoo, a Birmingham web design agency, for over a decade to help sell their products online and keep their website up-to-date. This year, Ballyhoo has been working with Derricks Music to bring their website in line with modern web design techniques and introduce new functionality for admins and users.
The Website Project Derricks Music’s website was originally created by Ballyhoo in 2011, and after being live for over 10 years, the website had a well deserved refresh earlier this year. The website needed to be made mobile responsive, and the branding has also received a refresh – removing the old three-dimensional elements and textures , and replacing them with brighter and cleaner elements.
Ballyhoo managing director, Anthony Chaffey, has said, “Derricks Music was one of the first websites I developed and we’ve worked closely with them for so long they’re part of the Ballyhoo family. The site has performed well over many years but was well overdue for an overhaul, so we were delighted to get the opportunity to show what we can do with current techniques and toolsets; and we’re thrilled with the results.”
Is there anything more frustrating than an emergency plumbing repair? It can throw a spanner in your home life, as well as spring an unexpected cost on you.
Some repairs are definitely more urgent than others and need to be fixed straight away. If they’re left, they can have serious short- and long-term consequences.
Here, we cover the most urgent plumbing repairs and why you need to fix them immediately.
A blocked or overflowing toilet
Blocked toilets are no fun. In an instant, one of the most essential items in our home becomes unusable. If it’s overflowing, that’s even worse news.
If your toilet is only experiencing a minor block, you might be able to fix it yourself with a few handy tools. A slow-draining toilet suggests there is a blockage forming, but it hasn’t entirely blocked the pipe. Often, using a plunger can help you to shift a small blockage.
If the water in your toilet has risen and hasn’t gone down at all, you probably have a complete blockage. You can try using a specialist chemical product to break down the blockage, but in serious instances, you might need it fixed professionally.
In order to prevent blocked toilets, we recommend only disposing of toilet tissue in the toilet. Any other items you may use, including sanitary towels or wet wipes, aren’t designed to be flushed down the toilet and can easily cause a blockage. Cleaning your toilet regularly will also prevent waste build-up.
Burst pipes
Burst pipes can be a recipe for disaster. This is a common problem in the colder months because cold water coming from outside can cause your pipes to contract. If there are any weak points, they could burst.
Burst pipes not only affect your heating and plumbing systems but can also cause serious damage to your home. Depending on where the pipe bursts, you could see water damage in your walls, ceilings, and wiring, as well as flooding in your home. That’s why it’s so important to address this straight away.
Your first course of action should be to turn your water off to prevent further leaking and flooding. If your home has already started to flood, get rid of as much water as you can. Heating up the area the pipe has burst in can help because it may have frozen before breaking.
Unless you’re experienced in plumbing maintenance and repair, we recommend seeking a professional plumbing repair at this point. To prevent burst pipes, you can insulate your water tank and pipes. Keep the rooms that hold your water tank or pipes heated – despite it holding their water tank, some people may not warm their loft due to the fact they don’t spend time there, but these cold rooms can cause burst pipes.
Leaky taps and toilets
Many people might consider a leaky tap, toilet, or pipe a nuisance but not an emergency. However, leaky plumbing can cause a number of serious problems, so it’s something you need to fix quickly.
Leaking taps and pipes will not only send your water bill through the roof but they can also cause some serious damage. A constant leak can rust nearby metal, as well as making any wood around it rot away and grow mould. This can then become a real health hazard in your home.
How you address the leak depends on its source. If it’s from the spout of your tap, for example, this could require a washer replacement. If it’s coming from behind or below the handle, however, this means a different part could be to blame. You’ll need to shut off your water supply before fixing your tap. Alternatively, call professional help if you don’t have prior experience in this.
Nobody wants to experience a plumbing emergency, but sometimes, they happen. It’s important to be able to recognise what’s an emergency and what can wait. If you experience any of these three problems, it’s important to address them immediately.
We tend to buy our clothes in line with the four seasons, but what if we could have a timeless wardrobe packed with items we could just throw on any day of the year? That’s where a seasonless wardrobe comes to play.
A seasonless wardrobe is very similar to a capsule or a minimalist one in that it contains between 10 to 100 thoughtfully selected items that can be mixed and matched to suit any type of weather. The concept was first coined in the 1960s alongside the minimalist art form and has now become a lifestyle.
Think of a seasonless wardrobe as a sustainable, easily available collection of timeless items that “spark joy”, as the organising guru Marie Kondo would say. In this guide, you’ll learn how to find joy in your own seasonless wardrobe.
The benefits of a seasonless wardrobe
Why would you want to get rid of the clothes you already have only to own less? Because, as the iconic fashion designer Coco Chanel once said, “less is always more”. This sentiment applies not only to the versatility a seasonless wardrobe enables but also to the host of benefits of this fashion endeavour, including:
Organised closet. Say goodbye to the endless search for that LBD you wore three years ago and hello to a tidier closet that has all your garments in one place.
Seamless transition to each season. You no longer need to rearrange your wardrobe for each season and store your out-of-season clothes somewhere else.
Increased happiness. Who has time to wear clothes that don’t make them happy? With a seasonless wardrobe, you will be brimming with joy and confidence every single day.
Be prepared for any type of weather. Rain, sun, hail, storm, whatever the weather, your thoughtfully curated, seasonless wardrobe has got you covered.
Save time and money. Shopping sprees become a thing of the past, which means you have valuable time and resources on your hands to spend on more important things.
Positive environmental impact. The notion of seasonal shopping for clothes informs our consumer behaviours. But in the fast fashion realm, where high-street retailers produce luxury knock-offs in an instant, the cycle has increased up to 52 seasons, which means that a new collection is produced every week of the year. By choosing longevity over fast fashion, you’re reducing your carbon footprint.
Travel light. When you only own a certain number of items, packing for both short and long trips feels like a walk in the park.
How to create a seasonless wardrobe
Now that you know what the benefits of a seasonless wardrobe are, how do you go about reinventing your closet to reflect your new eco-friendly, clutter-free, joy-inducing fashion approach? From the purge to finding your new statement pieces, here are our top tips to create a seasonless wardrobe.
Define your style
It’s easy to be lured by the seasonal trends, but these garments have a short life span and are likely to be out of style by the time the next collection comes in. As a result, you end up with short-lived pieces which are hard to pair with the rest of your clothes.
Instead, invest in timeless pieces that you absolutely love and are happy to wear again and again. Take a look at your wardrobe and notice which pieces grab your attention and make you feel good – these are the ones you need more of. Do they follow a particular style, such as boho, grunge, business casual, or streetwear?
In order to determine what is your signature look, consider the functionality of your clothes. Do you predominantly wear professional clothes for work, or does your lifestyle allow you to have more freedom in terms of your wardrobe? Is comfort your priority, or do you consider yourself a trend-setter?
These are all important questions to ask yourself when doing your wardrobe analysis, but whatever your definitive style is, you surely can fit it in about 30 garments!
The Purge: Get rid of what you don’t need
Of course, the easiest way to start a seasonless wardrobe would be to ditch all your current clothes and buy everything new. But, unfortunately, that’s not as sustainable, budget-friendly, or fun as going through the whole process.
The most important yet hardest step of this process is purging your old wardrobe. We tend to cling to items with sentimental value. But here is a good rule of thumb: if you haven’t worn something in more than a year – ditch it!
Start by dedicating a ‘keep’, ‘maybe’, and ‘get rid of’ piles and ask yourself the following questions when deciding which goes where:
Is this my style?
Does it fit well?
Will I wear it again?
Is it versatile?
Do I have similar items in my wardrobe?
Does it spark joy?
Aim to keep about 20 to 30 items as a start. Although this might sound difficult, remember that you need to leave space for some new items to enter your wardrobe.
Once you’re done with this task, lift your spirit by doing your bit for the environment or someone else. Your unwanted clothes don’t have to end up in the tip. Instead, find a creative way to dispose of them – donate them to a friend or a charity, or upcycle them into other items, such as totes, dresses, decorations, and tank tops.
Choose your colour scheme
Hot pink might be your go-to summer colour, but it wouldn’t work as well in the winter, for example. And if you have 10+ seasonal nuances in your wardrobe, it means that your collection of clothes is non-cohesive.
To combat this issue, choose a palette that features no more than 10 colours that can be worn any day, any season. Blacks, greys, whites, navy, royal blue, as well as nudes, are some staple colours that go with pretty much anything.
And if you really love vibrant or season-specific colours, treat yourself to two to three statement pieces in those colours. Remember, to create a seasonless wardrobe, you need to do things strategically while having fun!
It’s all about layering
You might be wondering how your wardrobe can be weatherproof if you only have a small number of clothes. The answer is layering.
Layering lets you put on several items of clothing on top of each other in a comfortable and fashionable way. This method ensures that you can easily add a pair of tights, chunky women’s boots, a sweater, and a jacket to your favourite floral dress for the autumn and just as quickly strip it down to a pair of sandals and cool sunglasses in the spring.
This means that you need to invest in basic items so that you can accommodate layerability. High-neck sweaters, white shirts, and basic tees are great for that.
Choose quality over quantity
When transitioning to a seasonless wardrobe, you also need to shift your mindset from impulse shopping to intentional shopping. It’s best to have an ongoing list of a few staple items that you need to add to your wardrobe. Decide on the exact tailoring, colour, and style of the garment so that you don’t give in to the temptation to buy something from the sale rack that you then wouldn’t be able to style.
Don’t rush into buying new clothes. Instead, give yourself a few weeks to find an item that best fits your needs and is also sustainable. When you have a seasonless wardrobe, it’s really important to have clothes that are made to last. These are usually made from durable materials by slow fashion brands. Local and independent brands offer garments that use recycled materials, operate on a fair trade agreement, and have a sustainable supply chain – these will make your shopping experience worth your time and money.
Declutter regularly
To close the life cycle of your seasonless wardrobe, you should declutter it regularly. That way, you won’t end up with too many pieces at once, and you’ll be able to make space for new, exciting garments to enter you closer.
As a rule of thumb, once you reach your desired number of items, every time you buy a new piece of clothing, get rid of an old one by donating it or upcycling it.
Having a seasonless wardrobe is becoming more and more popular as eco-awareness is on the rise. Fashion brands are also responding to the new lifestyle change by creating versatile items that can be worn not only through all the seasons but also from day to night. Try and see for yourself how free you’ll feel!
Angelic Diamonds has launched a new online platform that offers a breakdown of the UK’s most popular wedding destinations.
With many couples looking to combine their dream wedding with an exotic holiday, and now that travel restrictions are being eased, a destination wedding holds more allure than ever.
There’s also the tempting price point; Angelic Diamonds has revealed that 26 of the British public’s favourite overseas wedding destinations cost less, on average, than tying the knot in the UK.
On their new interactive platform, Angelic Diamonds has crunched the numbers to reveal the average costs of weddings in 29 romantic locations. This also includes the additional costs of flights and accommodation. To calculate the costs for each destination, Angelic Diamonds used Skyscanner to gather flight costs (based on one week during the most popular wedding month, September, for two people). Then, they used Trivago to find the average accommodation costs (based on one week in September for two people and considering the five top-rated hotels).
The fun and engaging online platform also includes a breakdown of the destinations that are the UK’s favourite places to exchange vows. The most popular places were revealed using a scouring system. This was based on the average number of monthly Google searches relating to destination weddings in each country, and the number of Instagram hashtags relating to destination weddings in each location.
On top of all this, the interactive is a one-stop destination for anyone curious about what it might be like to tie the knot abroad. From traditional Swedish wedding traditions to the paperwork you’ll need to get married in Turkey, there is a wealth of information to dive into!
Neil Dutta of Angelic Diamonds explained the inspiration for the project:
“After so long without a holiday and without being able to enjoy the wedding of their dreams, our customers are all so excited to plan something wonderful for their big day. Destination weddings have been talked about a lot recently, and that gave us the idea to create this platform. As well as wanting to offer advice and make the process a little easier for our customers, we want to help inject the fun back into wedding planning. After all, every couple deserves something special after such a difficult period.”
Angelic Diamonds encourages couples to visit their website to explore the Weddings Around the World interactive.
A successful pilot has led to the full launch of SizeFinder – an AI chatbot designed to help customers find perfect-fitting clothes A fashion chatbot designed to help shoppers find clothes that guarantee a perfect fit is set for an official launch following an enormously successful trial period.
SizeFinder – which uses Artificial Intelligence (AI) technology to provide fashion advice for customers – was piloted by London startup Viko Ai in recent months. The results were both exciting and encouraging – helping to reduce customer clothes returns by a staggering 46% on average (or 60% in some instances). The AI tool works by aligning product-specific sizing data (known as tech packs) with the shopper’s own measurements and preferences.
SizeFinder offers guidance for buyers on how to take accurate measurements, but can also use customers’ previously-purchased clothes to make recommendations. Despite strong demand, online retail has been hampered by high return rates – with clothing and footwear affected most of all. Young fashion website ASOS just recently announced the departure of its chief executive – a move attributed in part to an increase in returns.
“Poor fit” is cited as the most common reason for customers returning clothing in the current market – so Viko Ai conducted a study to analyse why so many shoppers are failing to order the right sizes first time around. Based on a study of 1,000 online shoppers, Viko Ai deduced that people either ignore size charts or regard these guidance documents as inaccurate and/or unreliable.
One example is the Barbour size chart on John Lewis’ website, which is accompanied by the message: “actual measurements may vary slightly by style”.
Viko Ai’s founder Toby Hobson said that SizeFinder had been launched to offer personalised fashion advice that would reduce the rate of returns across the retail sector. He stated: “Merchants like to complain about returns, but if they don’t offer accurate, easily accessible information, what do they expect? ”
A SizeFinder demo is available online now, with the full launch to follow.
Let your light so shine before men, that they may see your good works.
What do searchlights do? We’ve all seen films set in prisons, or prisoner-of-war camps, where escapees are fleeing the powerful beams, desperate not to be spotted, or during the Blitz where they criss-cross the dark skies to seek out enemy planes. The point is, no-one – fugitive or Luftwaffe pilot – wishes to be seen. For visibility would often lead to a most unpleasant outcome.
In a metaphorical sense we still have a searchlight – the most powerful searchlight ever invented – but these days being illuminated by that most powerful beam isn’t something to be avoided at all costs – it’s to be sought after.
Especially if you’re interested in a non-exec role.
The searchlight, of course, is Google.
The first thing companies do when looking at you as a potential non-exec is to seek information, and we all know where they look to compile that information. It therefore makes sense to enhance your searchability as much as you can. Let them see what you’ve done, how you’ve helped companies scale up or sell their business. But up till now, it’s not been guaranteed that the search beams will highlight all the information that’s out there and that you want them to see.
Imagine you’re an escaped convict (in a film, by the way!) and that searchlight is scouring the expanse of long grass beyond the prison compound. Would you:
a) remain hidden deep in the grass
b) stand up and wave your arms about?
Now imagine you’re interested in a non-exec role (in real life now!) and you know you have a track record of success that would be of interest to companies seeking exactly such expertise. Would you:
c) do little to increase your profile on Google
d) take advantage of a product that guarantees you are searchable and prominent for key search terms on Google?
Although a) and c) are (literally and metaphorically) the same answer, it’s clear that the scenarios are completely different, and what’s sensible in one case is folly in the other. Similarly, with b) and d).
To put it bluntly, you’d be a fool to choose b) and c).
Imagine the d) option, though! Every success you’ve been involved in; your finest articles; the value you’ve added to the businesses you’ve worked with – all guaranteed to shine in Google search. A search for “Non-Exec in the North West”, for instance, returns YOU at the top of the page.
It’s a passport to NED success!
Let’s be realistic: if you aren’t searchable online, you stand little or no chance of passing a critical part of any company’s due diligence.
The UK is awash with stunning destinations. However, finding equally stunning accommodation can be difficult. Alongside the 4,000 something strong army of Olympians which descended upon London in 2012, another big arrival was occurring. Airbnb, owned by American billionaire Brian Chesky, has enabled so many people to veer away from the standard hotel room, choosing instead an individual experience in a unique destination. Here, with Flogas, who sell gas bbqs, we take a look at some of the UK’s quirkiest, off-grid Airbnb destinations.
Number 1: Shepherd’s Hut, Snowdonia
If you were looking to escape with just you and your beau, then we can’t think of any better place to do it than here. Clogau Shepherd’s Hut in Snowdonia National Park is a one-bedroom cabin, complete with outdoor hot tub and access to a private beach. Watch the stars cascade through the night sky and the sun rise in the morning, in arguably one of the most romantic settings Wales has to offer. Situated only five minutes from the seaside town of Barmouth, despite the evident privacy, you aren’t too far from amenities. However, the cabin does have a full kitchen and log burner, meaning you don’t have to leave the comfort of your own seclusion!
Number 2: Yurt, Madeley
Located in the Ironbridge Gorge Heritage site, this four-person yurt combines luxury with privacy. An indoor fireplace, an exterior pizza oven, hot-tub, and brick surround campfire would almost convince you that you were staying in a Disney inspired fantasy. The host, who offers up various meal alternatives delivered right to the yurt, including Thai curry, tagine, and a breakfast hamper, describes the location as ‘a rustic space set under a canopy of woodland trees.’ The area, which lies in the shadows of the bridge built in 1781, offers unlimited alternatives in the way of things to do, so you’ll never find yourself unimpressed!
Number 3: Serendipity, Scarborough
It would be utter serendipity that you would stumble across these shepherd’s huts by chance. Nestled in the middle of the Scarborough countryside, in close proximity to Dalby forest, these luxurious cabins are situated in the centre of a working farm. With green pastures for miles and what has been suggested is, ‘the comfiest bed people have ever slept in’, lie back and take everything in, all thanks to the panoramic view offered up the clever positioning of the cabin. The welcoming hosts also deliver a breakfast hamper at your convenience, so you don’t need to worry about packing the bacon butties.
Number 4: The Oaks Studio Pod, Fortwilliam
Situated at the foot of Ben Nevis, the UK’s highest mountain, if you are prepared to make the journey north, you won’t be disappointed with what you’ll find. The pod is approximately two miles from the foot of the summit and a mile and a half from the town centre of Fort William. A full-size doubled bed, kitchen facilities, television, and WiFi is certainly enough mod cons to trick you into thinking you haven’t left the city centre The picturesque view over Loch Linnhe is a stark reminder that you are frequenting perhaps one of the UK’s best hidden gems. It exists as the perfect choice for anyone looking to tackle one, if not a handful of the Munros.
Number 5: The Wee Whisky Barrel, Findhorn
Not much says Scotland like an ageing whisky barrel. Therefore, if you were to truly immerse yourself in the land of the thistle’s true culture, then staying in one does just that. Findhorn is an ecovillage, and one of the UK’s largest intentional communities. Within Findhorn lies a big barrel and a ‘wee’ barrel. They are fully fitted with double and single beds, and offer the opportunity to immerse yourself in a truly unique experience — the owners have mentioned you may feel just like ‘a hobbit living in the Shire’. Only a ten-minute walk from the barrel and you’ll find yourself in the middle of the beautiful Moray sand dunes.
Number 6: Gorestown Glamping, Dungannon
This two-bed glamping pod in Moy, approximately an hour from the capital, Belfast, defines off-grid luxury. Classic meets modern in this shepherd’s hut that features an inbuilt cinema and surround sound entertainment system. Gaze out onto the five-acre fishing lake with confidence that you aren’t contributing to carbon emissions during your stay in this solar powered lodge.
Number 7: Let’s Go Hydro Boathouse, Carrryduff
Northern Ireland’s latest popular attraction, Let’s Go Hydro, is the definition of fun, regardless of age. Modelled on BBC hit series Total Wipeout, the water park allows you to take part in aqua rugby, an assault course, and a whole host of water sports. Thankfully, if this doesn’t sound like your thing, you won’t be left deserted. The resort’s stunning boathouse has a rooftop terrace with a wrap-around balcony, meaning you can kick back and assume the rays while the kids do their own thing. Luxury hasn’t been left on the exterior, however. Enter, and you are greeted by two full size bedrooms, one of which is a master, and brand-new kitchen/diner. Of course, the pièce de résistance, although, is the hot tub, ensuring relaxation is guaranteed.
Why follow the crowd and go to a mundane hotel room, when you can clear your head, get outdoors, and explore everything the UK has to offer in regard to a unique experience, and location?
A good credit score can help consumers with many financial roles, and in particular, offers higher rates of approval and better interest rates on loans and credit cards. However, many credit builders wind up adopting certain credit practices based on popular myths about credit card usage, rather than reality. Here are 3 well-known credit card myths that should be debunked before deciding to apply for a credit card. Myth 1: Shutting Down a Credit Card is a Terrible Move
Most people are hesitant to close their credit card because they are afraid of their utilisation rate and credit line plummeting. These two factors undoubtedly have a significant impact on one’s credit score, but there may be times when a cardholder needs to cancel their credit card. The truth of the matter: It is not always a bad idea to permanently close a credit card — in fact, some situations may necessitate it. A credit card service provider that charges an annual rate, and is no longer being used, may be too expensive to maintain. However, the impact is variable, and there is a way to mitigate it. It is important to maintain an older line of credit, as well as a mix of credit types and a good utilisation rate. If the credit card under consideration isn’t someone’s only card, oldest card, or holding revolving debt (which would need to be transferred to a different card), it won’t have as much of an impact if it’s closed. Myth 2: Using the Minimum Monthly Balance is Fine in a Case of Financial Pressure
There is a widespread belief that in times of financial hardship, paying the due minimum monthly balance is acceptable. As appealing as it may sound, doing so will only result in large bills, which is one of the primary causes of high interest rates. The truth of the matter: When debts are owed to a credit service provider, regardless of financial situation, it’s best to deposit the maximum amount possible for each statement. According to experts, credit users who pay their bills on time save between 10% and 30% on interest rates each year. When there is an unsettled debt, many financial factors tend to resurface in the human mind, and this condition rarely allows for breathing space for that individual. So, regardless of the financial burden, paying off credit card bills as soon as possible is the best course of action to avoid future debt. Myth 3: Applying for a credit card has a negative impact on credit score
While applying for a credit card does have an immediate, minor negative impact on credit score, over time it’s possible that a new card will actually improve the cardholder’s credit. The truth of the matter: A credit card’s recommended utilisation ratio is at least 30% of total credit. If someone has two credit cards with a combined limit of £1,000, the minimum amount of cash that should be in both accounts is £300. For someone who already has credit card debts higher than 40% of their credit limit, adding to the total credit limit is one way to improve their credit utilisation rate. Conclusion
Credit cards are an important part of financial life, but it is not without myths. Knowing about these myths gives people an advantage over others when applying for new credit cards and using them to their maximum effect.
Creating a diversified portfolio that includes strategic investments in globally emerging or developed markets, ETFs, equities, etc., can supplement your financial journey. After all, wealth means more than just simple savings waiting to be matured. With Citigold Wealth Management, the services go beyond providing only traditional banking. They offer a suite of thoughtfully curated wealth management, premier banking services and a dedicated team of wealth advisors to complement your wealth-building journey. With the holistic and tailored approach, you can manage your finances and securities flexibly and smartly without any hassle and achieve your investment objectives.
Reasons to Apply for Citigold Wealth Management Investing to build your wealth may sound easy but finding the right opportunities that help minimise risks and get potential returns can be tricky. Well-thought out financial decisions can potentially inflate your wealth. If you run on a busy schedule, keeping track of global markets and securities can be difficult. With Citigold’s services, rest assured that managing your wealth will be convenient. With a wide suite of flexible services and benefits, Citigold Wealth Management aims to help you monitor your wealth goals effortlessly.
A diversified portfolio that includes smart investments can enhance your financial journey. With Citigold’s multi-currency investment solutions, you can make your choices aligned to your financial requirements. Additionally, Citigold helps you invest online through various sophisticated digital tools.
Advisory
Citigold offers a personalised wealth management approach, so you can tailor your wealth journey as per your life goals. With Citi’s flexible solutions and a team of specialists you can get assistance in streamlining your investment portfolio.
Dedicated Relationship Manager
A dedicated Relationship Manager is assigned to you who will guide and assist you in planning your financial strategy. They can help you when you have any queries regarding wealth-building opportunities, products, and more.
Market Tips and Insights
Mega trends in various sectors have the potential to impact global markets across the world. Being up-to-date with every such news, may yield desired outcomes. As a Citigold Wealth Management client, you will receive a regular selection of reports and market updates, specially compiled by our Citi analyst team.
Exciting Privileges
To make life wholesome from all aspects, Citigold offers you a host of exciting global lifestyle privileges and benefits. Enjoy the promotions on luxury brands, once-in-a-lifetime experiences at iconic destinations, and more. Conclusion
With Citigold’s comprehensive range of services, creating a diversified portfolio can be easy, and managing wealth can be effortless. Visit the Citigold website to know more about the features and apply for a Citigold account to efficiently manage your wealth. DisclaimerThe content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citi UK website for accuracy or completeness of the information presented in the article.
Perhaps you’ve recently taken the leap and started a solo venture. Or maybe you’ve been self-employed for years, but never gave much thought to your retirement plan. Whatever the case may be, if you operate a single-member business, you should strongly consider starting a Solo 401k retirement plan.
In this article, we will outline the benefits of a Solo 401k plan and what to look for in a plan provider.
Why Should I Start a Solo 401k Retirement Plan?
There’s no telling what the future holds, but effective retirement planning is crucial to being prepared for your later years. A Solo 401k plan is the best option available for self-employed individuals for the following reasons:
Contributions. If you are self-employed, you are seen as two distinct people within your company, at least as far as contributions to your retirement plan are concerned. As an employee, you can contribute as much as $19,500 every year to your plan. Additionally, as an employer you can contribute up to $37,500 every year. All told, you can invest up to $57,000 per year toward your plan.
Taxes. It’s always good to have options. With a Solo 401k plan, you are afforded options when it comes to how your contributions are taxed. The “Roth” Solo 401k option enables you to contribute after-tax dollars to your fund. This means that when you are ready to start making withdrawals in your retirement, you will not need to pay any further taxes on the money. However, you also have the option to make “Traditional” contributions to your retirement fund. These are essentially the opposite of “Roth” contributions, as your money is taxed as you make withdrawals, not as you make contributions.
Loans. It goes without saying, but being out on your own in business is hard work. You don’t have a big company backing you if a tragedy should occur or if something goes wrong. For this reason, a Solo 401k enables you to take out loans of up to $50,000 when needed.
Solo 401k Providers
At this point, you may be convinced that a Solo 401k is the perfect plan for you. But how do you pick between all of the available Solo 401k providers? While you may have needs which are specific to your business and industry, some general things you’ll want to look for in a provider include:
Transparent Fees and Costs. Search for a plan provider who doesn’t impose extra fees and costs to manage your retirement fund. You have enough expenses in your life, you shouldn’t have to pay extra for your retirement plan.
Excellent Customer Service. When you have questions, your provider should be able to provide answers. Additionally, you’ll likely want to work with a provider who can service your questions through phone, email, and chat options.
Intuitive Plan Management. If you need to make changes or modify your plan, you shouldn’t have to spend hours navigating the platform. It should be easy to find what you need, make the changes you want, and move on.
