Everyone has different circumstances and different expectations.
No matter how far away you are from retiring, it’s important to plan for the future. It’s hard to know exactly how much you’ll need because everyone has different circumstances and different expectations. Today you have new pension freedoms to decide when and how you retire.
It’s all about the planning, now and in the future.
The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 commencing 6 April 2028.
Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?
Whether you are already approaching retirement age, or that’s a long way in the future, time flies and it’s important to know your pension is going to provide the lifestyle you want once you stop working. 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.
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.
Financial security in retirement can never be taken for granted.
Life changes when you retire – and so does how you spend your money. Whatever your plans, it’s important to keep on top of things and think about the lifestyle you want. It’s also worth noting the average life expectancy at age 65 years is 18.6 years for men and 21.0 years for women..
A year lost for saving and a year added for spending.
An increasing number of people have been forced into early retirement due to the economic impact of the coronavirus (COVID-19), with many worried about how they’ll make ends meet in the future. Because of the pandemic, we are currently in a challenging economic period – and the global economy has taken over ten years to recover from the shock of the last financial crisis..
Options to improve your financial wellbeing in later life.
Half of Britons aged 55 and over (51%) admit they know little about the pension freedom rules introduced in April 2015, according to research. A further one in ten (10%) over-55s say they know nothing at all about the changes, which represented a complete shake-up of the UK’s pensions system five years ago.
Do you know how much money you will need in retirement? What about how much you already have saved? Do you know what kind of income that might provide? Unfortunately the answer is ‘no’ for some people.
What you can do to reduce a future financial shortfall.
A lot has been made of the gender pay gap, but what’s not so well known is how this can affect women in retirement. Unsurprisingly, women often don’t fare as well as men when it comes to the savings they’ve built up for a healthy and economically stable retirement.