What advice would you pass onto the next generation? Family Image

What advice would you pass onto the next generation?

As parents and grandparents, we all hope the values and knowledge we hold dear can somehow be passed on to our children and grandchildren. We’d all like to be able to offer advice to them helping them make the right financial decisions for their future, including saving enough in their private pension. Here are a few thoughts that might just help.

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Baby Boomers planning for retirement?

Are baby boomers planning for retirement?

Living through decades of increasing prosperity has undoubtedly given baby boomers a lot of advantages, but they can also face several challenges. Today, many feel pressured into working past their normal retirement date, often because of the number of demands being made on their finances by their families. If they are unable to work, they can have concerns about outliving their retirement savings.

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Five ways to prepare for retirement

5 ways to plan for retirement

Retirement planning is a complex process. As your retirement date draws nearer, it’s sensible to think about some key issues that will help get you off to the best possible start for the next stage in your life. Follow our simple tips below to give yourself peace of mind and, the best possible opportunity to make your pension plan work for you.

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Retired couple working out

How much do you need to retire?

After years of hard work and paying in, a comfortable retirement is probably the light at the end of the tunnel.

40% of over-55s, however, are worried that their money will run out. (1)

Moneywise.co.uk – April 2018

It’s worth taking some time to make some retirement decisions and figure out how much you are going to need – and if you’re on track to build up the pension fund needed to provide this.

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Pension Income Drawdown Explained

The benefits of income drawdown

As your retirement planning starts to take place, there are several options to think about to make sure you get the most from your pension savings. ‘Pension freedom’ now offers a range of choices, such as income drawdown. You may have heard about the 25% tax-free lump sum you could take out of your pension at age 55; you might even be enjoying it already! Since 2015, however, there have been extra options available for you when considering your next steps.

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Inheritance tax - time for an overhaul?

Inheritance Tax – Time For An Overhaul?

If ever there is a UK tax that needed a major overhaul, then Inheritance Tax (IHT) must be a top candidate. Many families will be delighted to hear that the Chancellor, Philip Hammond, has written to the Office of Tax Simplification (OTS) asking them to reform IHT “to ensure that the system is fit for purpose and makes the experience as smooth as possible”

Mr Philip Hammond in his letter asked the OTS to look at the technical and administrative issues with Inheritance Tax, the process of submitting returns and paying the tax. Mr Hammond also called for a review of the problems surrounding estate planning, and whether the current framework causes ‘distortions’ to taxpayers’ decisions regarding investments and transfers.

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More women are working into their 70s

More Women Are Working Into Their 70s

In yet another sign that retirement is becoming an increasingly fluid concept, figures from the Office for National Statistics show that the number of women working past the age of 70 has doubled in the last four years.

The abolition of the compulsory retirement age in 2011 has meant that many more workers, men and women, are choosing to work on past their normal retirement date. For some, it’s the desire to keep physically and mentally active into their later years, for others the freedom to work for longer provides a welcome boost to their retirement income. With increased life expectancy, many more people are set to live active lives well into their eighties.

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Retirement planning - Investing Income for retirement

Investing for Income in Retirement

Today, savers reaching retirement have more choices than ever before about how they use their pension pots to fund their retirement.

Instead of simply using their pension money to buy an annuity that provides a guaranteed income for life, many choose to invest throughout their retirement years. The challenge this brings is to deliver a continuing income, while ensuring they don’t run out of funds later in life.

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Millions of people are relying on just £7k in retirement

Millions Relying On Just £7k In Retirement

According to research carried out for the Pensions Policy Institute, many pensioners are relying on their state pension for three-quarters of their income. It can come as a shock to many that their state pension entitlement increased to £164.35 per week from April 2018, but only for those who have a complete record of National Insurance contributions, meaning that some people will receive less. On top of that, the government announced last July that the state pension age would be increased to 68 between 2037 and 2039.

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