Category: Retirement

3 things to think about if you want to relocate in retirement

31.08.2021
Are you thinking about relocating when you retire? If you are, you’re not alone. Millions of over-50s are planning to move away from their current home as a direct result of the pandemic. It can be an exciting way to kickstart retirement, yet there are things you need to think carefully about first. According to Legal & General, 3 million people aged over 50, the equivalent of 12%, now plan to relocate in retirement after a year of...
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Is £26,000 the secret to a happy retirement?

30.06.2021
How much do you need to live the retirement lifestyle you want? It’s a question that’s on the mind of many people as they near their retirement date. Now research suggests that couples need an income of £26,000 to live comfortably, but if you want some luxurious extras, that needs to rise to £41,000. Which? surveyed nearly 7,000 retirees to understand what they spend their money on and how it impacts the lifestyle they lead. The responses...
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What to consider if you’re worried about retiring with debt

30.06.2021
When you think about retiring, you probably imagine you won’t have any debt. While retirees may have traditionally cleared their credit cards and paid off the mortgage, those nearing retirement today are facing more challenges. Nearing your planned retirement age with debt can be worrisome, but it doesn’t mean you have to cancel all your plans. Changes to work and lifestyles mean it’s now far more common to have debt later in...
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Retiring in 2021? Planning is key as two-thirds risk depleting their pension savings

23.06.2021
If you’re planning to retire this year, do you know how long your pension will last? Your pension savings will have an impact on the lifestyle you can afford and your financial security later in life. Yet, research indicates that two-thirds of retirees risk running out of money. According to a Standard Life report, the average person retiring in 2021 is 60 and has a pension value of £366,000. However, a third have less than £100,000 in their...
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Equity release: As property values soar, could your home help fund your later life?

25.05.2021
Across the UK, private property is worth more than £6 trillion, according to an Equity Release Council (ERC) report. Property prices have soared in the last decade, but homes often don’t play a role in later-life planning as the wealth is locked away. Equity release is one option more retirees are considering. In 2020, homeowners accessed more than £3.89 billion of property wealth through equity release. It can be a useful way to fund plans in...
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Job market changes present retirement challenges for young workers

13.04.2021
The world of work is changing, and it means young workers today need to be more engaged with their pension than ever to build a secure retirement. A rising State Pension Age, frequent job switches and more options for individuals to manage their own pensions present new challenges for 20-somethings. It wasn’t too long ago that a job for life was the norm. Half of people in their 60s say they spent over 20 years with the same employer, according...
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Pension Lifetime Allowance is frozen until 2026: Will it mean your retirement tax bill soars?

13.04.2021
While the chancellor didn’t announce personal tax rises in this year’s budget, a freeze on allowances could mean your tax bill unexpectedly increases. High earners and those with defined benefit (DB) pensions could now find they exceed the Lifetime Allowance, as it will remain frozen until 2026. The Lifetime Allowance is the amount you can tax-efficiently save into a pension. It was expected to rise in line with inflation, but the allowance...
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How many pensions will you have at retirement?

02.12.2020
When we reach retirement age, we use a pension to create an income. But changes to working habits could make it far more complicated for today’s workers. As a result, actively managing pensions now is important. Employees today are likely to swap jobs frequently, to suit their lifestyle and career goals. It’s a trend that can help workers balance work and personal life, and further their career prospects. However, each position is likely to...
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Retiring abroad: What does Brexit mean for your plans?

04.11.2020
For many, retiring abroad is a dream. Enjoying your golden years in a sunnier country and experiencing a new culture certainly has an appeal. But with many retirement hotspots in Europe, Brexit could derail some plans and make moving to a new country far more difficult. Almost half are reconsidering retiring abroad due to Brexit The UK voted to leave the EU back in 2016, but it’s been a slow process and there’s still a lot of uncertainty about...
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Why a desire to keep active is driving flexible retirement goals

04.11.2020
Brits planning for retirement are shunning a transitional ‘cliff-edge’ approach. Instead, as life expectancy increases, we’re more likely to view retirement as a transition. While it presents an opportunity to pay into a pension for longer, it comes with challenges too. Being prepared for retirement is crucial, whether you hope to transition into a new lifestyle or not. Keeping active is at the heart of the flexible retirement trend Research...
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