Greater responsibility on individuals to plan for financial security in old age
Deciding what to do with your pension pot is one of the most important decisions you will ever make for your future. The ‘pension freedom’ changes of April 2015 represented a complete shake-up of the UK’s pensions system, giving people much more control over their pension savings than before.
At the time of writing this article, the UK Government is still in negotiations with the European Union over the terms of its planned withdrawal on 29 March 2019.
Successful saving and investing is arguably a lot like exercise – no pain, no gain. As is the case when undertaking a new fitness regime, if you properly commit yourself and stick to it, the eventual outcomes can be very rewarding.
Unforeseen life events and circumstances can potentially impact your finances in a number of ways. Believe it or not, you have an estate. In fact, nearly everyone does.
Making sacrifices for home ownership over retirement
Millennials are chasing the home ownership dream at the potential cost of a lower income in retirement, new research[1] shows. Over a third (35%) of millennials say they prioritise saving for a deposit on a home instead of their retirement. Nearly a fifth (19%) say buying a house is the main reason they don’t save more into their pension, while 10% say student debt stops them saving into a pension. One in 11 (9%) admits that frequently changing jobs affects their ability to make regular pension contributions.
