Six reasons why more over-60s are choosing to rent

According to a report from The Centre for Ageing Better, more than a third of over-60s could be choosing to rent, rather than owning their home, by 2040. In January 2018, over 414,000 people aged 60+ lived in privately rented properties. In 2007, that figure stood at 254,000, signalling an increase of almost two fifths (39%) over a decade. But, what are the reasons for renting, rather than owning, in later life, and could it be the right choice for you 1. You’ve never owned a home before For those ...

The similarities and differences between SIPPs and SSASs

The difference between a SIPP and SSAS is simple, right? One describes the way you drink wine, and the other describes the attitude your teenager has, which drove you to the bottle in the first place. Sadly, we’re not here to talk about wine, or parenting tips for that matter, but pensions (that’s where our expertise lie, after all!) So, let’s look at the details. First, what do SIPP and SSAS stand for? Before we get into the details, let’s start with the basics; SIPP: Self-Invested Personal Pension SSAS: Small Self-Administered Scheme Second, what ...

What would further interest rate rises mean for you?

Following last year’s Bank of England (BoE) base rate increase, experts predict as many as four more rises over the next two years. Whilst it is thought that any rises will be gradual, that could still lead to an overall increase of 1%. That might not sound like much, and in the grand scheme of things, it won’t be for the many people who take precautions and protect themselves against it. However, research shows that more than half (57%) of people have no idea what effect further rate rises would ...

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 ...

Stay-at-home mums missing out on pension equality

According to analysis by Royal London, as many as 50,000 stay-at-home mothers could be missing out on thousands in retirement income, due to changes made to the way Child Benefits work five years ago. What is happening? The change has meant that, in couples where one person earns over £50,000, the other is ineligible for Child Benefits, even if they are a stay-at-home parent. However, for stay-at-home parents, there’s more to Child Benefits than just money; they are also entitled to National Insurance credits, which are required to claim ...

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 ...

Q&A – What does the pension contribution increase mean for you?

 What is the contributions increase? Workplace Pensions are a form of Defined Contribution scheme. This means that the percentage of your earnings that both you and your employer add to your pension fund is unlikely to fluctuate from month to month. Until April, the minimum contributions for both you and your employer were 1% of your qualifying earnings. This has now increased to 2% for employers and 3% for you. A further rise is due in April 2019 which will see employers contribute 3% and your share will hit 5%. Who is ...

Annuities fall in popularity, but could they still be the right choice?

Annuities have undoubtedly fallen out of favour among new retirees, as 75% fewer people are choosing to buy one when they retire, since 2015’s Pension Freedoms reform. (Source: Association of British Insurers ABI) But is that truly because the new options are better? Not according to reviews from the Financial Conduct Authority (FCA), who believe this drop could be due to the marketing of pension products, rather than individual suitability. What do Annuities offer? Naturally, Annuities are more suitable for some people than others, and whether you ...

Power of Attorney: Five steps to put your future decisions into the right hands

What happens if you are unable to make decisions about your care, finances and health? It can be a scary thing to think about, but by planning now, you will benefit from increased confidence and the knowledge that those issues are in trusted hands, should the time come. That’s where Lifetime Power of Attorney (LPA) comes in. LPA gives the people or person named, the power, to make decisions on your behalf, in situations where you are unable to make them yourself. This could be due to mental or physical incapacity. Setting up ...

Fed up of low interest rates? Make your money work for you

Where do you keep your money? In a savings account, ISA or maybe in a box under your bed? No matter where you keep your savings, if the interest rate is below inflation (which almost all of them currently are) then the buying power of your savings will gradually decrease. Your savings are losing value. Why interest rates matter 65% of UK adults do not know the definition of an interest rate, according to research from Money Supermarket. Meanwhile, 57% do not know the current Bank of England (BoE) base rate ...
Older Posts »