Pensions & Retirement

What to consider if you are approaching the limit If you’ve been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But, unfortunately, the best savers sometimes find themselves inadvertently breaching their pension Lifetime Allowance (LTA) and being charged an additional tax that erodes their savings. If you are a…

Financial consequences to stopping work in your 50s Early retirement may be the ultimate dream for some, but the coronavirus (COVID-19) pandemic made it the only option for many. Figures from the Office for National Statistics showed that over-50s had the highest redundancy rate between December 2020 and February 2021. Retiring early can give you that change of lifestyle you’ve…

Will I be able to retire when I want to? Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind…

Having a good idea of the lifestyle you want is key. People planning for retirement should think hard about what they want to do when they eventually stop work. It is helpful to have a good idea of the lifestyle you want, how much it will cost and how you are going to pay for it. With so much going…

It’s never too late to think about saving for retirement How much do you think you’ll need to fund your retirement? Of course, the answer to that question will depend on what you want to do when you stop work. Worryingly, almost half of non-retirees (46%) are unable to identify how much they believe retirees receive annually from their State…

Save on your income tax by paying into your pension pot? Sounds too good to be true? Well it’s not and tax law here in Scotland allow those in a higher tax band to save on income tax by paying into their pension. Read on to find out more:   Current Scottish income tax brackets fall as follows:   Band…

Early retirement does not need to be pie in the sky and can be a legitimate option for some people. Retiring early is a goal for many so that you can enjoy life whilst still young and healthy. It does require some early investment, however, and isn’t always for everyone but here are the basics to remember: There are currently…

No one-size-fits-all answer to this question When is the right time to retire? There’s no one-size-fits-all answer to this question – it depends on your personal circumstances. However, there are a few things to consider that may help you decide when the right time for you is. For example, think about your financial situation. Do you have enough saved up…

What really important retirement questions should you be asking? As you approach the last five years before your retirement, there will be a lot of things to consider. You’ll need to think about your finances, your health, your housing situation, and your plans for the future to live comfortably in retirement. There will be lots of questions to ask: How…