Retirement: Thinking of using your pension to pay for your care in old age? Think again

New research has revealed the difficulty many older people will have when the time comes to pay for the cost of care. Most people pay into a pension during their working life to ensure that they have sufficient income when they retire. However, with ever increasing life expectancy more and more people are being forced to use their pension to meet the cost of long-term care. What’s more, with the introduction of Pension Freedom, which allows for unlimited withdrawals from a pension, experts predict that an ever increasing number of people will ...

8 ways you can take advantage of the new pension rules

iStock_000012131210SmallThe proposed changes to pensions, announced in March’s Budget, open up a number of opportunities, both before, during and after retirement. We’ve put our thinking caps on to bring you eight ways you can take advantage of the new rules. 1. £10,500 income each year – tax free! From the 6th April 2015 you will be able to earn £10,500 before you start to pay tax....