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The Retirement Maze: What You Should Know Before And After You Retire
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Men, homeowners and higher earners are most likely to think their pension savings are on track.
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- The Retirement Maze?
Many people are latching onto the minimum auto enrolment contribution of 8 per cent of earnings, wrongly assuming it is the Government's recommended amount. Exclusive figures reveal that the number of 55 to year-olds taking cash out of their homes is this year set to be three times that recorded a decade ago. New pensioners are facing a far less certain future than previous generations and is thought to have been a factor behind a steep drop in the number giving up work early.
When and why did saving become so complicated? We now have hundreds of different basic accounts from which to choose, but very few possibilities when it comes to rewards. Paying the costs of your children in your late 30s, 40s and perhaps even 50s alongside the other expenses you can expect at middle age could have a negative impact on pension savings. Families are risking their loved ones losing their inheritance due to mistaken beliefs about wills, according to a study by Remember a Charity.
A third of people assume their partner and children will automatically inherit, and a similar number believe they only need a will if they are very wealthy, the consortium of charities found. In reality, without a will in place they are leaving their final wishes at the mercy of Government intestacy rules. Two charitable will-writing schemes are open to new customers - with solicitors around the country offering to draw up a last will and testament free of charge.
They do this hoping that people who spell out future wishes and provisions for family members after they die will also donate to good causes. The next Free Wills Month starts in just two weeks and is inviting overs to register their interest now. This is followed by Will Aid offering appointments during November. Moves are now underway to expand the scheme from money held in savings and bank accounts, which is passed to a Reclaim Fund if it remains untouched for 15 years, to dormant cash in investment funds, shares, pensions and insurance products too.
More than half of savers think they are heading for a comfortable retirement, but this has sparked a warning that overconfidence carries risks.
The Retirement Maze: What You Should Know Before and After You Retire -
The Government has guaranteed to uprate the state pensions of , EU expats only until , but says it will try to negotiate a new arrangement so rises can continue after that. Britons who have retired to EU countries such as Spain and France have been handed a temporary state pension boost by the Government, but not the long-term reassurance they crave. If wealthy parents - or grandparents - want to provide a financial gift that will keep on giving there is no better option than a pension pot.
Getting shot of your mortgage by the time you reach retirement is a desirable financial goal, but higher prices and a trend towards buying later in life have made this more of a challenge. There is a natural tendency to want to merge old pensions, but first research their benefits and any exit penalties, and consider getting expert help to avoid the pitfalls, suggests Steve Webb.
Is it really possible for middle-class parents both to help their offspring financially AND stay on course for a comfortable retirement? The answer is 'yes'. When year-old Fred Birkett was told by his energy provider that the meter in his modest bungalow needed changing he thought little of it. Helen Salisbury pictured , a lawyer at Nelsons, explains possible solutions to an inheritance dilemma. It was made 10 years ago when my parents were estranged from my sister.
In the last few months, they have reconciled. My dad is now widowed and has dementia.
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My sister has not seen the will. Many people think choosing a solicitor to manage their affairs after they die will help take the burden off their loved ones - but it can be the exact opposite. Age UK is encouraging hundreds of thousands of angry campaigners to bombard Boris Johnson on social media in a bid to overturn the decision to charge the elderly for their TV licences.
Millions of middle-aged workers are 'flying blind' towards old age, but it is not too late for them to put their finances straight, according to pension firm Aviva. After working steadily since the age of 16, Judie Jancovich pictured was looking forward to retiring on a full state pension. Soaring numbers of parents and grandparents are raiding the equity in their homes to help younger relatives get on the property ladder. Estate agents and mortgage brokers are hearing from more and more buyers whose older family members are doing this.
British parents are facing uncertain retirements as they try to give their children a step up on the housing ladder. Nearly half of would-be expats said Brexit was making them reconsider when polled two weeks ago. That is compared to three quarters having having second thoughts in summer Spain still tops the list of favourite destinations for people dreaming of a retirement abroad, as it has done in every similar survey carried out by financial giant Canada Life since After a two-decade battle for justice, more than , policyholders will receive a letter this month explaining how the decision could impact their retirement fund.
Very little in British politics these days surprises me, but my jaw dropped when I read about proposals to delay the state pension starting age to Lawyer Vanessa Friend, pictured left, explains how to get divorced while taking every possible step to protect yourself against a violent spouse. A This is Money reader writes: 'My husband has been missing for 24 years and has a violent past. Due to my wanting to end the relationship with him in the first week of marriage after finding out he had a pregnant girlfriend, this led to serious physical abuse.
I cannot find an address for him at all but I know the county he is in. The police told me he was still causing women problems and best to avoid him. What happens if I get divorced? Plymouth, Devon is the most desirable city in Britain for retirees due to its affordable homes and plentiful parks and churches, new research reveals. My year-old brother died without leaving a will. He had no children and was divorced from his wife. Lawyer Gavin Holt explains the order of inheritance in such cases. As part of the changes in April - billed as the biggest pensions shake-up in more than years - a 'flat rate' was introduced.
My dad had not made a will, which meant everything he had, passed automatically to my mum, writes Sam Partington. She was now the sole owner of our family home, all the bank and savings accounts and in charge of their equity release mortgage. This would have been fine but my mum, who was then 69, was in such poor health herself that she was struggling to even communicate with us.
And as she hadn't registered a power of attorney, my brother and I were unable to act on her behalf. Power of attorney is a vital document that enables someone you trust to manage your affairs in the event you are unable to do so. It is just as important as making a will - perhaps even more so. A new report from equity release firm Key says half of overs are using unlocked cash from their home to repay debt. A durther fifth are using the money to repay mortgages.
The Retirement Maze: What You Should Know Before and After You Retire
The retirement interest-only mortgage is like a standard interest-only remortgage but it can be taken after the borrower retires and paid back once the home is sold. Labour market data published today by the ONS showed the employment rate for women rose to a record high of Campaigners said letters had been sent from Whitehall to the elderly telling them to switch to a bank account for the receipt of their state pension.
The Post Office card account provides a simple way to receive pensions, tax credits or benefits, and withdraw them as cash at a local branch - with no overdraft, fees or charges to worry about. But the Department for Work and Pensions is trying to reduce the number of users to save money spent on running the service. Vivian Blowey, 86, has vascular dementia, chronic obstructive pulmonary disease and is wheelchair bound. NHS continuing healthcare is supposed to be paid to those with complex, severe or unpredictable health needs. But many who may be eligible are not being told about this funding.
The country's first GP practice nurses were blocked from the NHS pension scheme until because they were considered privately employed. Plans to overhaul pension tax rules for doctors to combat a staffing crisis in the NHS have sparked a barrage of criticism against the Government from financial experts, who want the entire system reformed.
The pensions industry is up in arms at the notion the Government might change the system in doctors' favour, and not for anyone else. Why is the pension tax system causing such a furore in the medical profession, how does the Government intend to fix it, and what do financial experts say about the dangers of 'special concessions' for certain groups of workers? For nearly years, the mainstay of most workers' long-term savings plans has been the occupational pension, made attractive by the tax relief savers get on their contributions.
Doctors pensions are under review as lots are retiring early and cut their hours. Two in five pension savers would fall for a common scam tactic, and those who consider themselves financially savvy are as likely to be duped as anyone elses.
Savers aged were presented with six ploys that fraudsters often use to rip off victims, in a quiz run by watchdogs.