According to a survey of 2,000 adults by Finder, over a third of Brits are eating into their savings during the COVID-19 pandemic. Since the coronavirus lockdown began on 23rd March, 36% of UK adults have supported themselves with savings. On average, these people have used £1,420 of savings over the first seven weeks, which is equivalent to a fifth (21%) of the UK’s average savings pot. But perhaps more Read More….
As many as 1.5 million workers could delay their retirement as a direct result of the COVID-19 pandemic, according to Legal & General (L&G) Retail Retirement. Research found that 15 per cent of over 50s still in work will push back their retirement date by an average of three years. However, 10 per cent admit they could delay their plans by five years or more. Over a quarter of those Read More….
Just like every other type of investment, pensions tend to fluctuate in value over time, especially during political or economic uncertainty such as the current coronavirus pandemic. This can result in a great deal of stress and anxiety, because not only did you work hard to save for your pension, it’s what you’ll be relying on to live comfortably in retirement. So what are some of the main reasons why Read More….
If you’re approaching retirement and have concerns that you’ll outlive your savings, then you might be right. A recent study by the World Economic Forum found that British pensioners will on average outlive their pension savings by about 10 years. Investing in (and for) Our Future revealed that men retiring in the UK were expected to run out of money 10.3 years before they died. The outlook is worse for Read More….
Before the former Chancellor of the Exchequer Sajid Javid resigned from his post, he was reportedly considering plans to limit tax relief on pension contributions to 20pc. Treasury insiders told the Financial Times that cutting pensions tax relief would be revealed at the 11th March Budget in a bid to help fund Boris Johnson’s plan to “level up” the economy. It remains to be seen whether Rishi Sunak, the UK Read More….
Regardless of how much money you have in the bank, from £1 to £1 million, it makes sense to earn as much interest as possible on every penny by opening up a savings account. Basic-rate taxpayers can earn £1,000/year tax-free and higher-rate taxpayers £500 with a savings account. What’s more, up to £85,000 per person is protected in UK-regulated financial institutions, meaning that your money will be safe if your Read More….