Tag: Retirement
State Pension Awareness
In April 2024, the state pension rose by 8.5% to £11,502.40 a year for post-2016 retirees. However, according to new research, one in seven (14%) retirees receive less money from the state pension than expected. This highlights the need for more information about the payments people can expect to receive from the government later in life.
Tean’s Client Success Story Published in Financial Times Adviser
Our Chartered and Independent Financial Adviser, Tean Hatt was interviewed by the Financial Times Adviser’s senior reporter Alina Khan earlier this month about a recent client case that has highlighted a wider issue for older women and the state pension. The resulting story was front page news in this national newspaper aimed at the financial services industry. This news outlet is renowned for its focus on financial advice and engaging thought leadership pieces that profoundly impact both advisers and clients across the UK.
Enhancing Pension Contributions For A Brighter Future
Contributing additional amounts to your pension stands to benefit you significantly in the long term. We explore in our blog different ways you can enhance your pension savings for a brighter future.
Are you aware of the changes to the State Pension?
The State Pension is set to increase commencing on 6 April 2024 due to a mechanism known as the ‘Triple Lock’. Chancellor Jeremy Hunt has announced an increase of 8.5%, which pensioners will welcome.
The perils of trying to time the market
The common adage 'buy low, sell high' might seem like a fool proof strategy for maximising investment returns. However, the reality is far more complex than simply trying to predict market fluctuations. Timing the market involves anticipating its highs and lows to buy when prices are at their lowest and sell when they peak.
Missing out on unclaimed money that could be in your pocket?
According to recent research, higher rate and additional rate taxpayers in the UK leave millions of pounds of pension tax relief unclaimed yearly. This amounts to a staggering total of £1.3 billion over a five-year period. This unclaimed money could be in your pocket instead!
Normal Minimum Pension Age Update – what you need to know
A significant change is on the horizon that may affect when you can access your pension money. We’ll guide you through this change and its potential implications, so you can confidently prepare for retirement.
Taking a personalised approach
No matter what stage of life you’re in, it’s never too early or late to start planning for your retirement. By taking a personalised approach, you can develop a retirement plan that will work for you throughout your life.
Retirement planning for every life stage.
No matter what stage of life you’re in, it’s never too early or late to start planning for your retirement. By taking a personalised approach, you can develop a retirement plan that will work for you throughout your life.
Getting Set for Retirement
Welcome to our Guide to Getting Set for Retirement. As you approach the last five years before your retirement, there will be a lot of things to consider. You’ll need to think about your finances, your health, your housing situation and your plans for the future to live comfortably in retirement. In recent years, the changes to pensions legislation have created greater freedom and choice over how pension assets can be used. However, with freedom and choice comes complexity.
Getting ready to retire?
Have you ever wondered what you need to consider as you approach retirement? Whatever your concept of what is a good pension pot, one certainty is that relying on the State Pension alone will not give you a good enough pension to live on comfortably through your retirement.
How Much Do I Need To Save To Retire?
The question, ‘Have I saved enough to retire?’ is a dicult one. It requires a lot of information about you, your family, your income needs in retirement, and an understanding of the various financial vehicles available for saving and investing before it can be answered definitively.
Change to The State Pension Triple Lock
The earnings benchmark of the State Pension triple lock will be temporarily set aside for next year. The Department for Work and Pensions (DWP) confirmed on 7 September that the State Pension triple lock rule will not be applied for the 2022/23 financial year over concerns of the potential costs involved.
Time for pensions to contribute towards building a better world
As we have been witnessing in recent years and months, climate changes are occurring in every region and globally. A new landmark report from the United Nations on the state of climate science has highlighted modern society’s continued dependence on fossil fuels, which is warming the world at a pace that is unprecedented in the past 2,000 years...
How to Trace Multiple Old Pension Pots
Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else.
The Retirement Clinic
If you are approaching retirement age, it’s important to know your pension is going to finance your plans. Pension legislation is extremely complex and it’s not realistic to expect everyone to understand it completely. But, since we all hope to retire one day, it is important to get to grips with some of the basics.
Live The Life You Want
The current life expectancy in the United Kingdom[1] in 2017 to 2019 was 79.4 years for males and 83.1 years for females, while you can access your pension savings from the age of 55, and the State Pension age is currently 66.
Investing for Life’s Journey
Whatever age you are, wherever you are on life’s journey, it’s human nature to live in the moment and cope with whatever challenges life throws at you. Selecting the most appropriate investments to align with your values and life goals requires undertaking the right planning to accumulate wealth over the long term.
Pension Consolidation
One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your pension the next. Today you have new pension freedoms to decide when and how you retire.
Take 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.