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…
Lasting Power of Attorney
Aging is not often a pleasant thing to think about but, it is a topic it would be foolish to ignore. The average life expectancy in the UK is continuing to increase, which means many more of us might struggle to manage our own affairs and remain independent in the future. Steps should be taken now to make sure the right decisions are made on our behalf in later…
Gaps in my National Insurance Record
You may have been wondering what exactly state pension is and how you get full access to it. Hopefully this can shed some light on the subject. The full amount of the State Pension is £203.85 per week. How much you receive of this is dependent on the amount of full National Insurance contribution years you have accumulated over your working life. Most people collect full years through working…
When is the State Pension age going to rise?
Recently announced plans by the French government to raise the retirement age by two years to 64 prompted widespread outrage, with protesters taking to the streets of Paris to make their objections heard. The situation became so serious that police ended up firing tear gas at protesters, King Charles had to cancel his planned state visit to France, and you could have been forgiven for thinking that photos of…
Can I get a state pension if there are gaps in my National Insurance record?
Typically, a person who receives a state pension will have made 35 years’ worth of National Insurance contributions. But there will always be people who have not reached this milestone and will therefore miss out. You might have been off work for several years because you had children or caring responsibilities. Or perhaps you lived overseas, or were recovering from an accident or illness and were unable to work…
What is happening with the Government’s Pensions dashboard
For some time now, the Government has been working towards rolling out a pensions dashboard, where people can view all their pension savings in one place. This, it said, would revolutionise how consumers keep track of their pension information, put savers in control and transform how they think and plan for their retirement. That is really important when you think about how a person can easily rack up multiple…
Could you afford to retire early?
Early retirement – retiring any time before state pension age – is the dream for many. The pandemic focused many people’s minds; making them think about what they want out of life – and for many in a position to make big changes, early retirement was the big one. The House of Lords Economic Affairs Committee has recently been looking into what’s driven an increase in economic inactivity over…
