Changes present significant opportunities for various individuals
When making contributions to your pension, it’s important to keep in mind that there’s a limit to how much you can contribute each year without incurring additional taxes. This limit is known as the pension Annual Allowance.
Nearly one million pre-retirees considering annuities
Pre-retirees, aged over 55 and still in work, are considering annuities for the first time in preparation for their retirement, according to new research[1]. Nearly one million (990,000) people fall under this category[2]. Of these, 16% are thinking of the product due to improved rates against the backdrop of rising living costs. This is in addition to the 828,000 (14%) of working over-55s who had always planned to purchase an annuity in their retirement[3].
Making decisions in relation to your financial affairs, health and welfare
It is critical to consider the potential consequences of not having a Lasting Power of Attorney (LPA) in place. Many people assume that their loved ones or close relatives will automatically have the authority to make decisions on their behalf. However, this is not the case, and without a LPA, those close to you will not have the legal authority to handle your financial affairs, health decisions and welfare.
Deciding what to do with your pension fund can be a complex decision
Are you approaching retirement age and have a pension fund that you need to decide what to do with? There are several options available to you, but one option is to buy a lifetime annuity. An annuity is a financial product that converts your pension fund into an annual pension.
Many of today’s workers are often left to their own devices to save for life after work
It’s no secret that the traditional approach to retirement planning is becoming increasingly obsolete. While previous generations may have depended on their employers to provide them with a comfortable retirement, many of today’s workers are often left to their own devices to save for their retirement.
Current financial situation, retirement goals, and lifestyle preferences
One of the most important steps in retirement planning is taking a personalised approach that takes into account your current financial situation, retirement goals and lifestyle preferences. It’s never too early or too late to start planning for retirement, and the earlier you start, the more time you have to save and invest for the future.
Grappling with balancing retirement income against the constant erosion caused by inflation
Achieving financial security in retirement takes significant planning and foresight. Many retiree pensioners grapple with balancing their retirement income against the constant erosion caused by inflation. For those relying on a pension, this challenge can make the already complex task of maintaining a comfortable lifestyle seem even more daunting.
6 questions to ask yourself for a secure financial future
The concept of retiring is an attractive prospect for many people. Having the freedom to enjoy life and pursue hobbies or interests without the pressures of a 9-5 working life can be hugely appealing. However, it’s important to make sure that you have your finances planned out in order to make this dream of retirement achievable.
Returning to employment after retiring due to increasing financial pressures
The rising cost of living due to inflation means that retired people must have enough savings to survive. This leaves many retirees in a precarious financial situation, as the value of their existing retirement funds is not keeping up with the rate of inflation. Even if they had saved diligently for their retirement years, the devaluation of their money can drastically reduce their purchasing power. This is leading many people to rethink their retirement plans.
Report highlights the challenges of reduced income and increased vulnerability
As retirement approaches, planning for the future becomes increasingly important. Many retirees who are currently living on a fixed income are being impacted by inflation, which can negatively impact their ability to make ends meet.
