Four out of five workers not saving at levels which are likely to deliver an acceptable standard of living in old age
New research suggests there is a growing tendency among the older generation to use the wealth held in their property to help younger generations become first-time buyers[1]. The research looked at spending and saving levels, as well as attitudes towards funding retirement.
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The best time to retire will depend on a variety of factors, including your health, your financial situation and your personal preferences. If you’re in good health and you have a solid financial foundation, you may be able to enjoy a long and active retirement. On the other hand, if your health is declining or you’re struggling to make ends meet, retiring sooner may be the best option.
The power of compounding returns over decades is potentially enormous if you save consistently and invest in the financial markets. You can start small but get started.
Striving to improve investment practices, and robust transparency standards across the investment chain, are an essential part of ensuring schemes can act as responsible stewards on behalf of millions of UK pensions savers.
A survey shows that families are becoming more comfortable talking about money, and that children are becoming more interested in learning about personal finance.
As food prices continue to soar and petrol costs reach an all-time high in the UK, the rising cost of living is without doubt having an impact on many people’s financial plans, both short and long term.
As the cost-of-living crisis continues to exacerbate pressure on households across the UK, what this research shows are some of the measures that consumers are having to take just to keep their cars on the road.
The cost-of-living crisis is now affecting some pensioners drastically, with more older people starting to return to work amid the ongoing crisis, new research has highlighted[1]. The findings identified economic activity levels among the over-50s are now at their highest since the pandemic began.
The gender pension gap is the percentage difference in income between men’s and women’s pensions and it begins at the very start of a woman’s career.
Big part in our lives
Deciding what your priorities are and understanding what options you have
are key parts of the protection planning process. This helps you ensure that you
have the financial protection most suitable for your circumstances.
Every family is different, but they often play a big part in our lives. It’s important to think about how we can protect them against the unexpected as best we can.
Over time, it is easy to lose touch with pension savings providers as we change jobs, move home and the companies we have worked for change ownership or close down.
All these events over time may make it very difficult to find your valuable pension savings. So that means potentially ending up with a number of different pension pots. If you’re one of the millions of people with multiple pensions, it may be appropriate to consider consolidating your defined contribution pension pots and bring them together.
Even prior to the cost-of-living crisis there have been a number of reasons why this might be the case. For some people, they simply may not be aware of the need to save for retirement. Others may not have enough spare income to put into a pension pot after covering their essential living costs.
Making the wrong decision could cost you heavily in the form of an unwanted tax bill, eventually running out of money in retirement and even a tax credits and benefits overpayment.
So before you do anything, there are things you should consider. Note: this article doesn’t cover pension schemes where the pension you’ll be getting is worked out as a proportion of your pay.
