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Retirement & Pensions

 
 
Divorce & dealing with the pension splits

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

 
Preparation is the secret to a happy retirement

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

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?

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

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

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

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

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

 
Early retirement with a defined benefit pension

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

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

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