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Why underestimating your life expectancy is dangerous for your bank balance

More than three quarters of 50-64-year-olds underestimate their life expectancy, according to research from Retirement Advantage. 78% of those asked, predicted a much lower age of death than official statistics project, with both men and women believing their life expectancy to be 82 years. Data from the Office of National Statistics shows that the average life expectancy for those in this age bracket is: 88 years for men 90 years for women Having an extra few years to enjoy retirement sounds great…
14th December 2017

The two reasons why people don’t take financial advice; and why they should think again

There are many times when you might think about asking a professional for advice. We turn to qualified and experienced individuals for many aspects of life. Careers, healthcare and even fashion choices see us looking for guidance and entrusting important decisions to strangers. So, why should your finances be treated differently? Your financial position affects most areas of your lifestyle and professional advice only serves to improve your outlook by putting a plan in place to help you work toward your goals. However, research has…
14th December 2017

Base rate rise boosts Premium Bond pay-outs

The Bank of England (BoE) decision to raise the base interest rate from 0.25% to 0.5% means that hopefully banks will be pushing their interest rates up to match, which could be great news for savers. National Savings and Investments (NS&I) are among the first to announce their response to the rate hike. All NS&I variable rate products will see an interest rate rise of 0.25% from 1st December 2017. This will affect those who hold the following account types: Direct ISA Direct Saver Income…
23rd November 2017

Thousands of people don’t know what happens to their personal pension when they die

93% of personal pension holders don’t know where their money will go when they pass away. As such, they might not have the right provisions in place to make sure that it is distributed according to their wishes. The introduction of Pension Freedoms means that re-education is necessary if personal pension holders are to fully understand what happens to their pension when they die. Where does the money go? Research from AJ Bell suggests that just 7% of people are aware that…
23rd November 2017

Baby boomers resist taking financial advice – and lose £13,000 per year

Born between 1946 and 1964, baby boomers are currently preparing for, or settling into the early years of, retirement. With ages ranging from the early 50s to the early 70s, this is a segment of the population which need to be clued-up on all things pension related. Unfortunately, over two thirds (66%) of baby boomers have never taken financial advice. Even more concerningly, 47% say that they have no plans to do so either, leaving them with a lack of financial knowledge and planning before…
23rd November 2017

Autumn Budget 2017: Were you a winner or a loser?

Every Budget has winners and losers; with some people faring better than others. So, how did you fare? Read on as we reveal whether you are a winner or a loser after Philip Hammond’s second Budget of 2017. Winners First-time buyers Those buying a home for the first time will now benefit from the abolishment of Stamp Duty on homes up to the value of £300,000. To ensure that this can help first-time buyers in high value areas, such as London, the first £300,000…
22nd November 2017

Autumn Budget 2017: Everything you need to know

The Chancellor, Philip Hammond rose to his feet at 12.38 to deliver his second Budget of the year. The days leading up to the Budget have been dominated by talk of housing, Universal Credit and, most surprisingly, rail cards. Mr Hammond started in a bullish and optimistic mood, saying: “I report today on an economy that continues to grow, continues to create more jobs and continues to confound those who seek to talk it down.” He then turned to Brexit, saying that the UK will…
22nd November 2017

Interest rate rise: How will it affect you?

It’s taken more than 10 years, but it’s finally happened. The Bank of England has decided to increase interest rates with the Monetary Policy Committee (MPC) voting by 7-2 to increase base rate from 0.25% to 0.5%, principally in response to inflation hitting 3%. The rise was modest, not that you would have thought so from the acres of coverage it got, and only takes rates back to where they were in August last year. However, with inflation stubbornly above target, it is probably a…
3rd November 2017

State Pension: Should you delay taking yours?

You’ve worked hard all your life, paid your National Insurance on time, and now that you’ve reached State Pension age, we are suggesting that you might want to delay it. Have we taken leave of our senses? No! There are some excellent reasons why you might consider delaying your State Pension. But, first, because it’s a rarely used option, let’s explain more about how it works. Delaying your State Pension, all you need to know You can choose to delay (also known as defer) taking…
17th October 2017

More people retiring with a pension, but incomes are still falling

New research has shown that more of us are retiring with a pension pot, but the income of people retiring now is still lower than prior to the financial crisis. So, what’s going on? If more people have a pension, why are incomes lower? The research, from Prudential, found that: Only 14% of people retiring in 2017 had no pension savings That’s down from 23% in 2008 The largest increase in retirement saving has come from women; the percentage with no pension savings has fallen…
12th October 2017

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