Category: Retirement

5 steps the self-employed should take to prepare for retirement

02.10.2020

More people are becoming self-employed and it’s a step that’s been linked to improved wellbeing. But it can mean your financial security falls, particularly when looking ahead to retirement. For self-employed workers, it’s important to take steps that can ensure your financial security in the long term. According to research from the Institute of Fiscal Studies, wellbeing improves markedly upon entering self-employment. Job satisfaction was...

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5 things to consider if property is part of your retirement plan

08.09.2020

Figures suggest that many people are planning for property to play at least some role in their retirement income. With property prices and rental yields rising, it’s easy to see why you may think that property can offer security throughout retirement. However, there are some things to consider first. Research from the Office for National Statistics (ONS) conducted between April 2018 and March 2020 unsurprisingly found that property as a...

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Older borrowers facing challenges securing mortgages

08.09.2020

If you’re in retirement and have mortgage debt, research indicates it can be far more challenging to secure a mortgage. You may be forced to pay higher interest rates without a new deal, placing further pressure on your finances. It’s not uncommon to still be paying off a mortgage after retirement. And as the average age of first-time buyers is gradually rising, it’s a trend that’s expected to continue. In fact, in 2018, around a fifth of...

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Does market volatility affect your pension choices?

08.09.2020

If you’re retiring this year, you may be worried about what the market volatility caused by Covid-19 means for your options. The good news is that Pension Freedoms, introduced in 2015, means you can choose how and when you access your retirement savings. Market volatility may have affected the value of your pension but that doesn’t mean your overall plans have to be adjusted. However, it’s important that you understand the impact it could...

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Retirement planning as a couple: Balancing different goals

21.08.2020

Planning for retirement should be an exciting time in your life. You’re able to give up work and focus on the things you enjoy. But what if your aspirations and financial expectations don’t line up with your partner’s? Creating a balance can help both of you feel fulfilled in the next stage of your life. It’s not uncommon to find that partners have conflicting views of what they want retirement to look like. While you’re both working,...

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Has Covid-19 affected your retirement plans?

07.07.2020

The impact of Covid-19 has affected savings and investments, something that can be a particular concern for those nearing retirement. If your finances have been impacted, you may be considering changing retirement plans, but it’s important to consider your circumstances and the long-term effects, rather than focussing on headline figures. In recent months, investments have experienced significant volatility, falling sharply in March before...

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5 ways you can reduce tax liability in retirement

07.07.2020

When you retire, there are a lot of financial decisions that need to be made as you start accessing the savings and investments you’ve built up. It’s natural to have lots of questions about your financial security at this point, such as: How much income will I receive from my pension? How long will my savings last for? How should I access my pension? But one important question is often overlooked: How much tax will I pay? How and...

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What’s the purpose of your retirement?

13.02.2020

Purpose in life gives you a sense of direction and provides meaning. Having a purpose can improve your wellbeing throughout life, and it’s no different when you’re in retirement. Understanding what your purpose is can make the next chapter of your life more fulfilling. One of the key elements of financial planning is marrying together your financial means with your goals. Why is purpose so important at retirement? For many of us, our...

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Can you afford to retire before State Pension age?

10.09.2019

When do you want to retire? Are you dreaming of giving up work before you start collecting your State Pension? With news that the State Pension age is rising and suggestions the government needs to raise it quicker, it’s a question more workers may be thinking about. With 15th September marking Pension Awareness Day, now is the perfect time to consider whether your pension contributions are aligned with your plans. The sooner you start planning...

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4 things to consider when managing pension investments in retirement

10.09.2019

Since 2015, retirees have had far more control over their pensions. Rather than purchasing an Annuity, more are choosing to leave their pension invested. This has benefits and can help you build a flexible income, but there are things to keep in mind too. Figures from HM Revenue and Customs (HMRC) revealed that in the second quarter of 2019, retirees withdrew £2.75 billion from their pension flexibly. It represents the greatest amount withdrawn...

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