I once said to some one “Oh I wouldn’t bother saving into a pension.” What a silly idea that is. I can’t believe there was a time that I thought so irresposibly about saving for the future. As I understand under present legislation you can with draw a lump sum of £15,000* with outContinue reading “The importance of Pensions”
There is a computer based system that will help people calculate when their retirement money will run out. Fancy working out how you are going to fix the boiler or replace the car, pay for health insurance or have a holiday? Even if you feel that you don’t have the cash to hand.
Simple steps to take when thinking about retiring. 1. Have you requested or recieved a forecast of your state old age pension. I have read that if you delay taking a pension at Normal Retirement Age that you can increase the benefit paid out under this scheme. I wonder if anyone can verify this statement?Continue reading “Approaching retirement”
Okay why would you want to move away from pension planning? Maybe you’ve got to retirement and suddenly realised that after you’ve drawn your pension and got any state benefits that your entitled to, that you just don’t have enough to live on. What then ? Well there is more that you can do forContinue reading “Moving away from Pension planning for 5 minutes”
So there you go additional rate for tax relief on pensions for a higher rate payer (50%). Yes great if your a higher rate tax payer you can add £16,000 to your pension, the taxman automatically adds £4,000 and you claim an additional £6,000 via your tax return. At this point I have to stopContinue reading “Back to the old pension world.”
One recent bit of news in the UKis the increasing cost of inflation, the implications of this could be serious if the rate of inflation increases too much. Will this happen? If it does interest rates will increase and a fixed rate mortgage for those who are borrowing will be a top priority. However thereContinue reading “Lets think about interest rates for a minute.”
Okay so you have looked at your options, and there are many ways of raising more money if you need to when you have reached retirement. Trade down to a smaller property very simple way of releasing cash but can take time depending on the housing market, may be though it’s not an option. WhatContinue reading “What happens after you’ve tried thinking…”