Saving More In Retirement

Making the most of your time and retirement funds

Analysis of HMRC data* highlighted the fact that pensioners are continuing to save for their future and to increase their retirement funds in later life. The latest HMRC statistics reveal that the average value of an ISA held by someone aged over 65 now stands at £47,000. This an increase of £4,500 compared to the previous year. The extra money is being used alongside their personal pension when extra expenses come around.

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Shop around before you drawdown

Shop around before you drawdown: your current pension provider might not be your best option.

Once you approach retirement age, a key decision to make is how to make use of your pension income drawdown. However, your current pension provider may not be offering you the best drawdown deal – and this could be costing you money. Here are three key questions to consider, to help you decide whether your current pension provider is best for you.

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5 new tax year resolutions you could make

5 New Year tax resolutions you could make for retirement planning

As the new tax year approaches, now is a perfect time to think about making your finances work for you, especially when it comes to planning your retirement. The concept of the financial year isn’t just limited to accountants or financial advisers. It affects us all, as savings such as ISAs and personal pensions have limits on how much you can invest per year. Other deadlines also depend on this calendar – which is why this is the busiest time of year, as many tax breaks cannot be carried forward to future years.

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Auto enrolment pension contribution increase

What will the increase in auto-enrolment contributions mean for you?

Auto-enrolment has been in place for some years now. With so many people not saving enough in their private pension funds, the auto-enrolment initiative was introduced to encourage people to save for their retirement and not rely on a state pension. From April this year, there will be an extra increase in automatic pension contributions: a minimum of 5% will be taken from people’s salary if you are over 22 years old and earn over £10,000 per annum.

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5 tips for retirement planning

5 things to consider as you approach retirement

1.) Check your State Pension

As a first step in your retirement planning, it’s simple to check how much state pension you are entitled to. You can do this easily on here. The amount you receive depends on how many ‘qualifying years’ you have earned – how long you have been paying National Insurance contributions. If you have 35 full years, then this will qualify you for the maximum amount of guaranteed income. If you have gaps, you may be able to pay to fill in these missing years.

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Should your pension fund always grow?

Should my pension fund always grow as I pay into it?

The workplace pension is something that many people take for granted. You contribute towards it whenever you are paid, your employer might add their own contributions, and you will also be paying into your state pension. You might even have an additional private pension fund you are paying into. However, this is no guarantee that your pension is growing as you expected it to, especially if you have lost track.

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