Pensions
State pensions look likely to be eradicated in the next few years and with restrictions on higher-rate pensions and news of an increasing retirement age, it’s important people start taking control of their pension pot and planning for the future.
The demise of the defined benefit pension plans and an increasing life expectancy mean people need to save more in order to have a comfortable retirement. However, four out of ten people aged 25-34 and 22 per cent of adults aged 55-64 don’t have a pension plan. These figures show that increasingly retirement will be seen as a luxury as opposed to a right and many will be forced to work past 65.
And with news that half of all working women and 28 per cent of men are currently without a pension, Money Observer has explored a variety of other options to make the most out of your pension pot and secure your finances.
We’ve covered higher-rate tax relief restrictions, the impact of the coalition’s public spending cuts on your retirement fund and how you can benefit from salary sacrifice and turn income into gains.
We’ve also explored which pension assets are right for you and how you should change your assets to reflect your age, where you should be investing to make the highest returns, the ongoing annuity debate and what percentage you need to save for a comfortable retirement. From self-invested personal pensions (Sipps) to equity release, the monthly Money Observer magazine is working to help you create more wealth in your old age.
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