£130 million “lost” in retirement income because retirees aren’t shopping around Retirement 12/01/2022 If you have a defined contribution (DC) pension, the only way to create a guaranteed income for life is to purchase an annuity. An annuity can create financial security throughout retirement, but research suggests many aren’t getting the income they could be because they’re not shopping around. When you retire, there are several ways you can access your pension to create an income. An annuity is something you purchase with all or part of your pension from an insurance company. It will then pay a set income, either for life or an agreed number of years. In retirement, a lifetime annuity, which will pay an income for the rest of your life, can help to create certainty. However, you shouldn’t purchase an annuity from the first insurance company you come across. Insurance companies will offer different annuity rates, and this will affect how much income you will receive.
7 new year resolutions that could improve your financial wellbeing Lifestyle 05/01/2022 The start of a new year is the perfect time to review your finances. It can help you move towards your goals and feel more secure financially. Taking action to improve your financial wellbeing can support your overall wellbeing now and in the future. Here are seven resolutions you could make to have a positive impact on your finances. 1. Make a budget and keep track of your spending Setting out a budget can seem dull, but having one that clearly sets out all your expenses and goals can help keep you on the right track. Budgeting doesn’t have to mean cutting back but can help you focus on what’s most important to you. That may mean putting money away for your child’s future or for travelling in a few years. Just as important as setting out a budget is reviewing it regularly. 2.
Guide: Building a nest egg – How to create financial security for your children and grandchildren Guides 11/12/2021 As a parent or grandparent, you may be thinking about ways you can build a nest egg for children or grandchildren. It’s a step that can give them financial security as they become independent. According to the Royal Mint’s 2021 Savings Report, 93% of parents say a savings account for their children is important. And more than 8 in 10 have already set up such an account. This guide looks at some of the steps you can take to improve the financial security of your children and grandchildren, including: Opening a savings account Using a Junior ISA Investing on their behalf Making pension contributions. Download Building a nest egg – How to create financial security for your children and grandchildren to learn more. Please contact us if you’d like to discuss building a nest egg for your children or grandchildren.
More people plan to work past traditional retirement age. Here’s what they need to consider Retirement 22/11/2021 Figures suggest that an increasing number of people plan to work past the traditional retirement age. There are a variety of reasons for doing so and it also could help secure your long-term finances. If it’s something you’re thinking about, there are some things you need to consider. Almost half of over-50s expected to be part of the workforce by 2030 According to Legal & General research, the number of over-50s in work has increased by 36% in the last year. The rise has been driven by an increase in the number of people in their 60s living and working for longer. It’s not a trend that’s expected to go away either; by 2030, it’s estimated that almost half (47%) of over-50s will be part of the workforce. Even with the State Pension Age rising, more people are working beyond this point.
Generation X is looking forward to life’s small pleasure in retirement, but are in the dark about the cost Retirement 09/11/2021 How much do you need to save for retirement? It’s an important question, but research suggests that while Generation X is looking forward to the life they’ll have after work, many haven’t thought about the cost. Generation X, defined as those being born between the mid-1960s and the early-1980s, are beginning to approach retirement. While it can still seem some way off, getting plans and finances ready can help you create the lifestyle you want. Understanding what your retirement lifestyle will cost, and how to pay for it, means you can address potential gaps now to keep your plans on track. 33% of Generation X prioritise socialising in retirement Retirement is often associated with big-ticket expenses, from luxury cruises to a holiday home in the UK. Yet, a third of Generation X want to prioritise socialising over big-ticket items, according to Money and Pension Service research.
