What is a Safe Withdrawal Rate from your Pension?
The concept of a safe withdrawal rate is a common ‘rule of thumb’ in retirement planning, used to determine how much you can withdraw from your retirement savings each year without running out of money. The safe withdrawal rate helps retirees manage the risk of outliving their assets, balancing the need for current income against the preservation of capital over the long term. Here’s a breakdown of the concept…
Pensions and Politics
Pensions have been a big topic in UK politics for some time, nevermore so than in an election year. That’s no surprise to us given their crucial role in the financial security of millions of citizens, but not everyone is as interested and engaged in pensions as we are! Here’s a quick summary of why pensions have been at the forefront of UK politics in recent years. The UK…
Are you Ready for Retirement?
As you move through your working life, it’s easy to get a rosy picture of retirement and dream of the day when you finally step away from the office. But how do you work out when that day should actually be? There is no simple answer to this question, as there are so many factors that are unique to you personally. However, there are several other questions you can…
What is the Future of the State Pension?
Currently, the age at which you are entitled to claim the State Pension is 66. This is expected to rise to age 67 in 2036, and then to 68 in 2046. A think-tank has recently floated the idea that, in order to make the State Pension sustainable, pensionable age needs to be increased to 71 by 2050. A falling birth rate, combined with an increase in life expectancy means…
Mid 30s is the Perfect Pension Planning Time
Adjusting to adulthood can be a difficult stage of life, as you strike out on your own for the first time and adapt to huge changes at home and at work. It is therefore understandable that getting to grips with your finances can get pushed down your list of priorities, in particular, saving for your pension. Of course, auto-enrolment has helped many young adults get started with planning for…
Should you consider downsizing?
When your children have grown up and left home, your house can suddenly feel a lot bigger and emptier. But despite there being many compelling reasons to move to a smaller property, many of us stay put. So should you be thinking about downsizing? According to a study by Zoopla, most homeowners aged 65 or above either live on their own or just with their partner. Nevertheless, more than…
Is it ever too late to start Pension Planning?
As financial advisers, we will always recommend that you start preparing for retirement as early as you can. But if you are in your 40s or 50s and have only just started thinking about pension planning, then the rule of thumb is that something accrued is better than nothing. You still have time to secure your future. Below is a list of pointers, that will lead you to thinking…
Common Pension Mistakes to Avoid
If you are to enjoy the lifestyle you want and deserve in retirement, careful planning is critically important. Indeed, you do not want to simply make ends meet. After decades of hard work, you want to have a sense of financial freedom, and fill your time with your hobbies, passions and priorities. But many of us can make mistakes without realizing, that can significantly hit our income in later…
Should I make overpayments on my mortgage?
When you are setting your financial and lifestyle goals, paying off your mortgage is likely to be at or near the top of the list. So, it’s reasonable to start thinking about whether you could overpay slightly every month in order to pay it off more quickly. But there are many variables to consider beforehand to be sure it’s the right decision for you. Firstly, does this approach help…
Considering retiring abroad?
Retiring abroad is becoming a more common ambition for many people. You have worked hard for many years and feel you deserve your time in the sun – quite literally. But moving overseas in later life is not quite as simple as just packing your suitcase and jetting off. There are plenty of things you should think about beforehand, so you can be confident you will get to enjoy…
