Continuing impact on people’s physical health and financial wellbeing
The coronavirus (COVID-19) pandemic has had, and will continue to have, a major impact on our lives. It is not just impacting on people’s physical health but also their financial wellbeing. The economic consequences of the COVID-19 outbreak for some people will make it harder for them to achieve their financial goals.
£5.3 billion lost from over-50s’ retirement pots throughout the course of the pandemic
Over-50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research[1].
Tax-free cash allowances putting some retirements at risk
A new study has identified that Britain’s future pensioners are putting their retirement future at risk by withdrawing cash from their pension pots while still in the accumulation phase[1]. The findings were that some people are confusing their pension pots for savings accounts, which may have a detrimental impact on their retirement.
Pandemic sparks a surge in over-50s seeking professional financial advice
The coronavirus (COVID-19) pandemic has sparked a surge in people over 50 seeking professional financial advice[1]. For many, a sudden shift in their financial status has been overwhelming.
Gen Z’s caring nature supporting both themselves and loved ones
Younger generations deserve much more credit for planning ahead and beginning to think about retirement when it will still feel so far away for them, according to new research[1].
Increase intended to align with the raising of the State Pension age
One of the less publicised pension changes being planned is the raising of the Normal Minimum Pension Age (NMPA) from 55 to 57. This is to be effective from 2028 and will be included in next year’s Finance Bill. The NMPA is the age that you can usually first access pension benefits without incurring penal tax charges.
Make your money and investments create more opportunities for your future
A successful lifestyle financial plan can help you gain control of your financial situation and provide the opportunity for both short and long-term success. So how do you start to create a persona
Part of the process of putting in place a successful personal lifestyle financial plan is to understand your ‘number’ – in other words, the amount of money you’ll ultimately need to ensure complete peace of mind in knowing your future lifestyle is secure and making sure you don’t run out of money before you run out of life.
Think about your goals for this coming year – what do you want to accomplish?
Goals help us understand what areas we need to focus on, provide a framework for action planning, and give us a sense of accomplishment as we work toward achieving them. Sometimes it’s hard for us to imagine the future we want because we are so busy trying to get through the day.
