Government’s bid to ensure ‘pension age equalisation’
On 3 October, campaigners lost a significant legal battle against the Government’s handling of the rise in women’s State Pension age. Up until 2010, women received their State Pensions at the age of 60, but that has been increasing since then.
How much will you need to save to afford a comfortable retirement?
There is a widespread and common-sense-based perception, backed to some extent by evidence, that planning and preparing for later life is associated with increased well-being in older age. Despite this, it’s concerning that some people at mid-life have not thought much about their later life nor taken fundamental future-oriented actions, such as engaging in financial planning or writing a Will.
Critical gap in consumer awareness
Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research[1].
Make sure your pension savings don’t get left behind
The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. Even if you have not had that many jobs, you may still have a number of different pensions to keep track of.
Taking the reins and having more control over your pension pot
Saving for retirement is one of our greatest financial priorities, especially as life expectancy is growing and retirements are likely to last longer.
Winners and losers under the new State Pension
The number of people qualifying for the full new State Pension following its introduction in April 2016 reveal almost two in five pensioners (365,290 people, or 38% of claimants) receive less than £150 a week, while a further 62% receive more than £150 a week – of these, 282,447 are receiving a new State Pension[1].
Pension changes brought a whole new range of options to consider
Unadvised retirees who are now able to dip into their pension are having to return to work to cope with juggling their finances, according to a new report[1].
How much should you try to save to have a comfortable retirement?
The number of people saving enough for a comfortable retirement has hit its highest ever level, with almost three in five Britons (59%) now saving adequately for the future[1]. This is a significant improvement from the 55% proportion recorded 12 months ago, suggesting this April’s auto-enrolment step-up had an immediate positive impact on saving habits.
Almost half of UK employees expect to work beyond the age of 65
When you picture yourself in your golden years, are you sitting on a beach, hitting the golf course, or working behind a desk? Not ready to give up working and retire? For those who find adjusting to retirement difficult, the transition can be made smoother by working. For many, working provides more than a salary. It provides happiness and purpose, and staying in the working world can provide many lifestyle benefits, in addition to financial gains.
Turning pensions into money you can use
Today, you’ve got a number of options and permutations available when it comes to what to do with your pension in retirement. But lots of choice can also mean increased confusion.