Tag: Retirement
Tax It To The Max
Saving into a pension is one of the most tax-efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make.
Pension Consolidation & New Freedoms
By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement.
Pensions on Divorce
If you’re going through a divorce, dividing up any pensions you have will usually be one of the largest financial decisions you need to make. Agreeing financial arrangements in your divorce can seem daunting; there are so many misconceptions and myths as to what each party is entitled to that it gets confusing.
Retirement Matters
Perhaps the most common investment advice is to stay invested. But with markets being so volatile, the ease of sticking to that advice has been sorely tested in 2020. Even though we’ve seen global markets bounce sharply from their March lows, understandably there will still be those investing for retirement who remain worried and wonder what the best approach is for the remainder of the year and beyond.
COVID19 Effects on Retirement Planning
The coronavirus (COVID-19) is having a widespread impact across all aspects of financial life, including retirement plans. The current global stock market turbulence, as a consequence of COVID-19, will no doubt be concerning for individuals whose pension savings are invested partly or fully during these volatile market conditions...
New Pensions Freedoms
The pension freedoms, introduced on 6 April 2015, have given retirees a whole host of new options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings...
A Long Life Needs a Smart Retirement Plan
Your 50s are a crunch time when saving for your retirement. If you’ve already set a retirement savings target but have been neglecting it, you probably can’t afford to delay your planning any longer – and it could well be time for a careful review...
Pension Scammers
Don’t let scammers enjoy your hard-earned pension proceeds. Anyone can be the victim of a pension scam, no matter how savvy they think they are. It’s important that everyone can spot the warning signs...
What’s Your Magic Number?
Retiring is a huge life event. And the very concept of retirement is changing with phased retirement becoming more common. The way we access our pension is now a lot more flexible, and it’s no secret that in the UK we’re living longer than ever before which means we need to make the right choices...
State Pension Deferral
A significant number of people working past the State Pension age could be paying unnecessary tax on their State Pension, according to new research [1]. This is because they failed to take up the option of deferring their State Pension until they stopped work. As a result, their entire State Pensionis being taxed, in some cases at 40%.
Retirement Income
‘Will I be able to afford the retirement lifestyle I want?’is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life...
Pension Freedoms
Although each generation will likely face different challenges and opportunities, achieving retirement readiness will require actions common to us all. We all know that our ageing population and increased life expectancy are putting a strain on government finances...
Funding your Golden Years
Pensions have the reputation of being confusing, but they needn’t be. Private pensions are usually used by people who don’t have access to a workplace pension scheme, but you can also have one if you are employed or not working. They work in much the same way as workplace pension schemes, but...
Pensions Shake Up
For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, people need to think about how to generate extra income from their savings in retirement...
The Pension Countdown has Begun
When you are at the point of retiring, the new pension freedoms have opened up all sorts of alternative strategies to taking your pension benefits. The very concept of retirement is changing...
To Transfer or not to Transfer
More than 100,000 people transferred out of Defined Benefit (DB) pensions in 2017/18. A DB pension scheme is one where the amount you’re paid is based on how many years you’ve worked for your employer and the salary you’ve earned...
Taking Your Pension
Under the new flexible pension freedoms rules, you can now mix and match various options, using different parts of one pension pot or using separate or combined pots...
How to Make the Most of your Retirement
Even if retirement isn’t far away, there are steps you could take to increase your eventual retirement income. This applies both to your state pension entitlement as well as to any personal or workplace pension pots...
Making Solid Financial Resolutions
The new year is the perfect time to overhaul your life for the better, and one excellent place to start is by making solid financial resolutions that can help get you closer to your money goals, whether it’s increasing your retirement savings or setting enough money aside for a down payment on a house...
Savings Black Hole?
Millions of Britons could see their savings shrink, as they don’t know how to shield them from the threat of rising inflation. Currently, UK savers are hoarding over £60 billion in cash for long-term savings and investments, which stands to be eroded by £1.5 billion this year, as a result of higher inflation...