Current retirees are satisfied with 47% of pre-retirement income according to a recent report that reveals those approaching retirement are expecting to receive £23,700 per year when they retire. The Retirement Income Uncovered report by Old Mutual Wealth also shows that the average income in retirement today is currently just £19,000 – a shortfall of £4,700 per year, or 25%.
Research showing how retirees use their pension lump sums to pay off debt provides an insight into to how pension cash unlocked following the new freedoms available from 6 April 2015 could be used.
The number of women saving adequately for retirement has shifted from a record low to a four-year high in the last 12 months, according to Scottish Widows’ annual Women and Retirement Report.
Parents with adult children living under their roof are spending £1,200[1] more than their Empty Nester counterparts each year on everyday household expenditure, bringing the total annual cost of ‘Full Nest Syndrome’ in the UK to £3.2 billion[2].
Perhaps not quite the ‘voluntary’ tax it was once considered
Effective estate planning is about getting the right balance between maintaining access to your money when you need it and saving tax. This is because, in general, the more tax-efficient a solution is, the less access you have to your assets. Safeguarding your own financial future is very important and giving too much away could put this at risk.
Making sufficient financial preparations for the future
Retirement savings have plummeted among those aged 55-64 over the past year as the cost of living continues to rise, according to Aviva’s latest Real Retirement Report.
Recent years have brought tremendous change around the globe, change that affects us all. People are trying to navigate this shifting landscape, but it’s not easy.
A new report unveiled by LV= reveals that the average Briton spends almost a year (360 days) off sick. With on average 252 days in a working year, this equates to almost a year and a half of their working life.
No one likes to pay more tax than they have to but one of the challenges of wealth is the high taxation it attracts. With real-terms tax increases the prospect for the foreseeable future the pressure is on to make the most of every available tax-planning opportunity.
The Family Financial Tree report from Standard Life looked at the family money tree over four generations and makes some surprising findings. It reveals how families collectively manage and have talked about their personal finances.