Given that retirement income will be needed for 20, 25 or even 30 years after you stop working, it is a pretty important issue.Say you want to retire on £20,000 a year (not a fortune) at 65, the best annuity rate at the moment in the UK is just over 4.9%, which means you would need a pot of £408,163 to afford this.
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Back in November 2016, the then relatively new Chancellor announced an end to Spring Budgets after the one due in March 2017. A new cycle is now in place, with March 2018 having seen Mr. Hammond present a relatively brief Spring Statement. Whereas his predecessors had often turned the Autumn Statement into a second unofficial Budget, Mr. Hammond is aiming for major tax changes to be announced only once every 12 months, well ahead of the start of the tax year.
It is rumoured that the next Budget could come as early as October.
So, what can we expect…?
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Sometimes referred to as a Defined Benefit (or DB) pension, with final salary pensions your former employer will pay you a guaranteed fixed income from the day you retire until the day you die. If your spouse survives you, they will receive a reduced pension for life.
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For UK expats, the state pension is an important consideration when planning your retirement income. Working out your entitlement has become more complex following changes to the UK State Pension in 2016. This change is complex and there are transitional arrangements which try to ensure that no one is disadvantaged by the move to the new rules.
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While retirement certainly brings about its share of unknowns, perhaps the most daunting prospect associated with this stage of life is the potential to run out of money. That fear is so widespread, in fact, that 60% of baby boomers are more worried about depleting their nest eggs prematurely than actually dying.
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Did you follow all the advice about putting money away for your retirement? Having consulted your accountant did you decide to setup a Self-Managed Super Fund (SMSF)? If you did and then you moved overseas for a few years you urgently need to seek advice as your SMSF may become non-complying and this could be a very expensive mistake.
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Making sure your partner is financially comfortable in retirement goes a long way towards safeguarding your future happiness together. Here are our top pension tips for married couples.
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Given that retirement income will be needed for 20, 25 or even 30 years after you stop working, retirement planning is a pretty important issue. Read more to find out what are the most effective ways to prepare for your retirement.
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