Inflation may have risen from 3.4% to 3.7% in April, but for those in or nearing retirement who spend a larger proportion of their disposable income in areas where costs have risen far more dramatically, they are facing a figure more like 5%. …
Retirement Planning
Retirement planning and related subjects
25% Mortgaged in Retirement
According to a recent report in the Daily Mail, one in four pensioners is taking their mortgage into retirement. A survey of 3,500 people aged 65+ reported that 27% had a mortgage and even more worryingly, the average size of that mortgage was higher amongst those over the age of 70. …
Britons Doubt Retirement Income will Suffice
Research conducted by Prudential has revealed that British people retiring in 2010 are expecting to be worse off than those who left work in 2009 and in 2008. 2010 retirees are anticipating an average income of £16,509 per year. In 2009, this average was £17,759 and in 2008 it was £18,663 showing decreases of 7% …
Highest Rate of Inflation for 50-64 year olds Continues
Whilst the overall rate of inflation fell this month from 3.5% to 3%, figures just published by Alliance Trust Research Centre show the 50-64 year old age group continues to be hit by the highest rate of inflation — 4.5% – for the fifth month in a row. …
‘Ticking Time Bomb’ for Widows’ Pensions
Each year, just under 300,000 male pensioners are unwittingly denying their wives a comfortable retirement when they die because they are not taking the right advice when purchasing an annuity with their pension savings. Labelled a ‘ticking time bomb’ by leading pensions campaigner Dr Ros Altmann, the shocking revelation could leave thousands of widows in …
Raw Deal for Older Taxpayers?
A report by Parliament’s Public Accounts Committee into the way that older people, especially pensioners, are taxed has worryingly shown they could be on the receiving end of a very raw deal. Constituting 18% of taxpayers, older people are more likely to abide by tax rules but are less likely to understand them, which means …
Pensioners to Sell Home or Release Equity to Pay for Care
The future role of equity release as a possible means of funding social care for pensioners has been welcomed by trade body Equity Release Council (formerly Safe Home Income Plans, SHIP) in response to recent Lib Dem research. Interrogating Conservative plans for a residential social care scheme that would cost pensioners £8,000, the Liberal Democrats have …
Women’s Pensions Falling Short of Male Counterparts
A recent Prudential survey says that women retiring this year will be living on an average pension of £234 a week, which falls two-thirds short of that of their male counterparts. This figure has dropped by 11% on that produced by the same survey last year, whilst the figure for men has only dropped by …
Your Pension: How will you fund it?
Huge numbers of people approaching retirement age — millions in fact – are heading for a worrying mix of hefty mortgages with no savings. A report by Aviva found that 25% of ‘pre-retirees’ – those aged between 55 and 64 – have a mortgage and in 20% of those cases it exceeds £75,000. The report, …
State Pension Rise Doesn’t Include SERPS
Perhaps one of the very few almost positive things to come out of the Pre-Budget Report was the April 2010 state pension rise which sees an increase of 2.5% in the rate from £95.25 to £97.65 for a single pensioner and from £152.30 to £156.16 for couples. …
