Retirement & Pensions

Divorce & dealing with the pension splits

October 29, 2021

There were 90,871 divorces in England & Wales in 2018 and 6,873 in Scotland, although divorce rates as a proportion of marriages are at their lowest rate in nearly 50 years. Of course, 2020 could buck that trend as we’re spending far more time together under one roof, working, playing and perhaps arguing. So if the worst happens in a marriage, what happens to our pensions? There are three methods by which pension benefits are taken into account on divorce, each with their own considerations.

Category: Financial Planning, Retirement & Pensions

The number’s up when it comes to state pension age changes

October 16, 2021

The state pension age is currently 66 years old, and it will rise to 67 between 2026 and 2028. There have been several changes to pension ages in recent years, causing confusion and anger. Knowledge is power, so it’s important to know what you’re entitled to, and when.

Category: Retirement & Pensions

How to spot and avoid a pension scam

September 18, 2021

Scammers targeted pension pots large and small, with individual losses ranging from under £1,000 to as much as £500,000. The average victim was described as a man in his 50s – but this could happen to anyone, so what can you do to avoid it happening to you?

Category: Financial News & Events, Retirement & Pensions

Preparation is the secret to a happy retirement

July 23, 2021

Not surprisingly, I’m a big believer in planning. That’s especially true when it comes to the golden years of our retirement. But will those years really be golden, or more like copper?! I am in the fortunate position to have met and shared the retirement plans of thousands of couples over my 26 years as […]

Category: Retirement & Pensions

Thousands of women may be receiving too little state pension

April 19, 2021

Thousands of married women who reached state pension age before 6 April 2016 have been underpaid their state pension for more than two decades. Documents revealed in the budget last month highlighted that approximately 200,000 pensioners have potentially been underpaid up to £3bn between them in state pension entitlement, with individuals entitled to an average pay out of £13,500 to make up the shortfall.

Category: Retirement & Pensions

How much is enough for you to retire?

April 1, 2021

  I am often asked, usually as a passing comment when people know what I do: how much do I need for retirement? Although it’s a simple question, the answer is complex. However, the clever folks at Fidelity have done some research, and their views can act as a useful barometer for your pension planning. […]

Category: Retirement & Pensions

A better tomorrow depends on saving today

February 12, 2021

How much is enough for you to retire? What’s your number? None of us are getting any younger and time flies faster as we age, so it’s important to plan ahead for retirement, a period of our life that could last 40 years. My wife gets frustrated with me when I spend more time planning […]

Category: Retirement & Pensions, Saving & Investing

Time is your financial future friend

October 30, 2020

Three significant events recently had me thinking about how quickly time passes.

In April 1988, the first Boeing 747-400 flight took place. The second event was the 30th anniversary of East and West Germany unifying. Finally, when Apple launched the iPhone 12, it took me back to June 2007 when the first iPhone was released.

Such events are good reminders that while our attention is often on our present worries, like paying the bills and simply getting by, life marches on. Sometimes, we have to make decisions now to give ourselves a better future. Financially, that means investing. So what would have happened If I had invested during these milestones?

Category: Financial Planning, Retirement & Pensions, Saving & Investing

Minimum Pension Ages

October 2, 2020

The many changes to the state pension age has caused confusion and anger among thousands of people approaching retirement over the years.  From December 2018 both men and women have, for the first time, a state pension age of 65, and now both men and women’s state pension ages will increase together.  In October 2020 the state pension increases to 66 and will gradually rise to age 67 between 2026 and 2028. 

Category: Retirement & Pensions

Preparation is the secret to a happy retirement

July 24, 2020

Not surprisingly, I’m a big believer in planning. That’s especially true when it comes to the golden years of our retirement. But will those years really be golden, or more like copper?! I am in the fortunate position to have met and shared the retirement plans of thousands of couples over my 25 years as […]

Category: Retirement & Pensions

Rumours of pension tax relief cuts are not going away

February 24, 2020

In the run up to most Budgets it is common to hear rumours suggesting some form of cut to pensions tax relief, however, this year it seems more likely than usual. Discover how to maximise higher rate relief before the tax year end.

Category: Retirement & Pensions

Early retirement with a defined benefit pension

November 3, 2019

A defined benefit pension is the gold standard of pensions, the scheme promises you a guaranteed income at your agreed retirement age for the rest of your life, the amount of income you receive will rise in line with inflation and the amount you receive is based on the number of years you were a member of the scheme and your pensionable salary.

These schemes offer benefits, which for the majority of cases mean that they are best left alone until your scheme retirement date, however, if you wanted to retire early, should you take benefits early?

Category: Retirement & Pensions

The taxing decision of pension withdrawals

November 1, 2019

A reader recently emailed in with a question about his and his wife’s SIPP pension. The question surrounded the readers’ wife, who is a nontax payer now, and is likely to remain a nontax payer. Find out how this could affect your own pension withdrawals.

Category: Retirement & Pensions

How to save £1million for your retirement

October 4, 2019

How much do you need to save for retirement? The answer to this question is probably, more than you think. Many financial experts would start with £1 million, which is likely to provide you with a taxable income of around £40,000pa. So how much do you need to earn & save in order to reach this target?

Category: Retirement & Pensions, Saving & Investing

Workplace Pensions – What you need to know

September 19, 2019

If you are employed your employer should have in place a workplace pension scheme, which is most likely a personal pension. The rules say there are three types of employee to consider for a workplace pension depending on your age and income, find out more.

Category: Financial News & Events, Retirement & Pensions

How to save for retirement when you’re starting late

July 11, 2019

We’ve now got auto-enrolment helping most of us save for retirement. But what if you’re in your 40s or older, and don’t have much of a pension pot built up yet? Read this article to find out more about how to get organised and save for your retirement.

Category: Retirement & Pensions, Saving & Investing

How much should you be saving in your pension?

June 21, 2019

Running out of money in retirement is a scary thought, as we age we feel more fragile and venerable, a secure pension income during our retirement years gives us peace of mind, but how much should you be saving?

Category: Retirement & Pensions

Important pension changes this month which will affect you

May 2, 2019

Do you remember that you were automatically enrolled in your employers’ workplace pension scheme some time ago?  Well, the payments which are made into this scheme are increasing this month, so you’ll see a change in your payslip, but it’s not all bad news.

Category: Financial News & Events, Retirement & Pensions

When can I retire? The question everyone asks

March 27, 2019

This week I’m answering a reader’s question, and it’s one that many of us ask ourselves as we get older: can I afford to retire, and if so what do I do next?

Category: Financial Planning, Retirement & Pensions

Make the most of your state pension by ensuring there are no gaps in your NI contributions

February 19, 2019

Now is a great time to ensure you fill in any gaps in your national insurance history, to ensure you obtain the full state pension.  At present anyone who receives state pension after April 2016 have until April 2023 to fill in any gaps. Find out how.

Category: Money Management, Retirement & Pensions