Income Drawdown: Higher income now available, but should you take it?

Available now stampThe announcement just before Christmas, by Chancellor George Osborne, that the maximum income available from Income Drawdown plans would be increased, took many people by surprise; the fact that HMRC are implementing the new limit from late March 2013 is perhaps even more surprising, as many industry experts thought it would take far longer for the change to be made. Rising living costs, falling gilt yields and Annuity rate reductions mean the increase in ...

Retirement: New survey confirms many people will work to age 70

A new survey has confirmed what many people have previously feared, that they will have to work longer before they retire. The research, conducted by the Association of Consulting Actuaries (ACA), found that over 50% of small and medium sized companies expect that by 2028, 25% of their workers to retire at age 70 or over, with working past the age of 68 becoming the norm. Dramatic changes are also expected sooner, with two thirds of companies expecting people to retire at 67, or later, by the end of this decade....