For most people over the age of 55, it is now possible to cash in or unlock all of your pension. How you take these benefits will depend on the type of scheme you have and how you want to take benefits. But concerns have been raised that some savers may risk running out of cash if they siphon too much out of their pension pots.
Families left in a precarious situation if the unforeseen were to happen
We all intend that our plans will come good. But making sure that you and your family can cope if you fall ill or die prematurely is something we can too easily put to one side. In particular, a recent study identified that financial protection is something that millions of fathers in the UK, and their families, could benefit from.
Whatever you want to do when you retire, the better prepared you are, the more rewarding it will be. It’s important to assess the key aspects that will influence your retirement, as the decisions you make can have a real impact on your savings. There are some important considerations to think about.
Taking the steps now to prepare yourself for retirement
With increasing numbers of people working past traditional retirement ages, stopping work can seem a long way off, especially for younger people. But it’s the dream of an early retirement that keeps many people going through the daily work grind.
Impact investing without sacrificing returns or profits
For those looking to make the world a better place, but not wanting to sacrifice returns or profits, impact investing aims to support a positive social or environmental impact as well as looking to achieve compelling financial returns at the heart of sustainable investing.
Financial worries don’t just affect our waking hours
Financial fears are creeping into sleeping hours, as new research shows money worries are a top cause of nightmares. Our dreams are how we naturally make sense of all the information and experiences that we unconsciously absorb every day.
For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, people need to think about how to generate extra income from their savings in retirement.
The rules around pensions are continuously changing. To make the most of your retirement, it’s essential to receive regular professional financial advice on how to build up and invest your pension effectively.
Valuable employer contributions encourage people to stay
More people in the UK are saving towards retirement than ever before, according to data from the Office for National Statistics (ONS), with numbers boosted thanks to the Government’s auto-enrolment scheme. Under auto-enrolment, employees are automatically signed up to a workplace pension into which both they and their employers must contribute. Workers can opt out of the scheme if they want to, but the hope is that valuable employer contributions will encourage people to stay. The scheme was introduced in October 2012 to boost the numbers of people planning for retirement and began with the largest employers first, followed by medium-sized, then small employers.
The onwards march of ‘pretirement’ – where people scale back on work or slow their retirement plans down rather than giving up entirely – is continuing, with half (50%) of those retiring this year considering working past State Pension age.
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