A new study by Age UK reveals growing anxiety among pension providers that retirees do not fully understand the risks of drawdown products – which may lead to a future ‘scandal’.
People using the Lifetime ISA to save for a first home, or to boost their retirement income, may be sacrificing thousands of pounds to avoidable management fees. But lower cost alternatives are available.
For many people, the word ‘investing’ is associated with the word ‘risk’. But to what extent is this true? What are the risks involved – and when are those risks worth taking? Anna Sofat of female-focused IFA Addidi Wealth takes a closer look.
Pensions minister Guy Opperman has warned that the climate crisis could affect people’s retirement savings if pension schemes fail to act in time. Renewables are already replacing traditional energy sources as a long-term investment prospect.
UK workers have lost track of up to 1.6 million workplace pension pots, according to the latest estimates. A lack of understanding of how to manage pension savings could result in many people being substantially worse off in retirement.
Changes to state pension age and pension credit, alongside reports of forecasting errors, are creating uncertainty around this most important benefit.
You can normally pay up to £40,000 into a pension each year and receive tax relief on it – this is your annual allowance. But you need to beware of not one but two big risks to your allowance, which could cost you a lot in tax.
More people in retirement are turning to their homes as a source of cash. This usually means using a specialist equity release provider – but could an arrangement popular in France provide an alternative solution? Welcome to the strange world of the ‘viager’.
For the truly patient parent, there’s a little-known trick for setting your child up for life – later life, that is. A Junior SIPP may offer the most affordable long-term route to a millionaire’s retirement for your daughter or son.
As Japan contemplates a national pension age of 70 or 75, and the UK’s own state pension age continues to rise, workers everywhere face the prospect of delayed retirement. Meanwhile, many British workers fear their own pension savings will not be sufficient – so what’s the solution?