Seven questions about giving money away in retirement, answered

Research from Prudential has shown that many retirees could be helping with the living costs of up to three generations. But how are they doing it and are there more efficient ways to help loved ones financially, when you leave working life behind? Let’s break it down… 1. How are other retirees spending their money? According to the ‘Class of 2018’ study, 31% of those planning to retire in 2018 will continue to give money to loved ones. The average retiree expects to give away a total of £4,300 each year, ...

The three stages of retiring on your own terms

What age do you picture yourself retiring? Are you looking forward to an early retirement which allows you to spend time with your family and cross off some of the things you’ve always wanted to do? If not, what’s stopping you? According to a report from Scottish Widows, 10 million (20%) of UK adults expect that they will have to work until they are forced to stop due to physical health problems. A further three million (6%) believe that they will not be able to retire at all and ...

Retirement planning: What matters to you?

Your retirement priorities will be different to the next person’s, but that’s not to say that there aren’t similarities in the things that we’re looking for when we finish working. Research from Scottish Widows has shown that the most-cited priorities for those planning their retirement finances are: Income (41%) Flexibility (40%) Passing on benefits (10%) Having control over investments (9%) Finding out what’s important Knowing what you want when you stop working comes easier to some than others. If you find yourself struggling, consider: What kind of lifestyle you ...

DINKYs, DINOs and now SKIs; which group do you belong to?

As humans, we’ve been putting each other into boxes since the beginning of time. And, even though we live in an age when labels are falling out of favour, there is one area where we cannot escape being put into groups with similarly-minded people; Finance. There are a variety of acronyms for people at different stages of life and with varying financial priorities. But, where do you fit in and does that change how you should handle your money? SINK (single income no kids) SINKS are usually young adults, though it is of ...