Dividing assets in a divorce is challenging enough but it can become even more fraught when decisions affect what you might be able to leave your loved ones in future. Inheritance tax only starts becoming an issue if you have assets worth £325,000 upward, or £650,000 while you are still married. But there are other … Read more
Taking cash out of your pension while still working can make financial sense You can also damage your future finances, or blunder into a tax mistake Minimum age you can access private pensions will rise from 55 to 57 in 2028 By Tanya Jefferies Updated: 06:00 BST, 6 June 2024 Nearly one in three over-55s … Read more
The minimum age you can start accessing private pensions will rise from 55 to 57 overnight on 6 April 2028. This means people in their mid to late 40s and early 50s need to start planning ahead if they want to retire early, or intend to use some of their pension savings to clear debts … Read more
Combining pensions in one place can cut down on admin and work out cheaper. But it is not always advisable because you can risk losing valuable benefits when you leave an old scheme. You might find it’s worth rolling up some old pensions together, but leaving others alone. Here’s what to check before making a … Read more
I’ve had some advice from my private pension provider, which said I was in the unusual position of being able to access my pension at 55 for a short period and then being denied access until I’m 57. They said this was because I was born in a specific two-year window between 6 April 1971 … Read more
Kathryn Tattum: All they told me when I rang up is there is a backlog. The system is so overwhelmed no one is taking responsibility Savers who fell foul of the state pension top-ups system have accused the Government of encouraging them to make unnecessary payments, then failing to help find and refund their cash. Untold … Read more
Conservatives and Labour likely to pledge their support for triple lock Figures suggest this would see a triple lock beyond £13k by 2030 From April, state pension will rise 8.5% to £11,502 per year By Harvey Dorset Updated: 17:08 GMT, 4 March 2024 The annual state pension could surpass £13,000 a year by 2030 if … Read more
Pension trap: Investors can rack up big losses early on and never make them up if they aren’t careful. Pound cost ravaging is a nasty trap which can do severe damage to pension investments, especially in the early years of retirement. It means that when markets fall you suffer the triple whammy of falling capital … Read more
Couples now need an extra £9,100 a year to maintain a good standard of living in retirement, new figures show. Soaring prices have added nearly a third to the amount of money retirees need to keep up their current lifestyle. The headline rate of inflation has dropped to 4 pc in the 12 months to … Read more
When it comes to end of life planning, most of us are woefully underprepared. Despite worrying about what will become of us when we are old and frail, most of us haven’t left instructions for if we can no longer look after ourselves. Around 3.4 million people over the age of 75 – around 59 … Read more
