Millions of retirees help out in cost of living crisis
The rise in the cost of living is affecting millions of people. A third of young adults (18-34) and families with young children are struggling financially. Many are turning to family and friends for help with day-to-day expenses such as utility bills, housing costs and childcare, according to new research.
Auto-enrolment: celebrating a decade that has encouraged a culture of saving
Since it was introduced ten years ago, auto-enrolment has revolutionised pension saving for millions of people in the UK, encouraging a culture of saving for the long term. It’s been a positive initiative and, crucially, individuals now have to take more responsibility for their retirement savings.
Savers could miss out on thousands of pounds in retirement
As the cost of living continues to soar, with inflation reaching a 40-year high, the impact on household finances is taking its toll. But it is essential to try to maintain a savings habit even in the current climate. The impact of any breaks in pension contributions could mean savers miss out on thousands of pounds in future that will mean less income during retirement.
Four in five looking to change jobs demand green pensions
When you first start paying into your employer’s pension, your contributions, along with employer contributions and tax relief, will be invested through a default fund. You will usually have several fund options to choose from.
Considering the rule of seven when making financial gifts
You’ve worked to build up your wealth. But now it’s time to make plans so your loved ones can get the most from the estate you intend to leave behind. If you think you might be affected by Inheritance Tax, it can be tempting to hold off making plans to do anything about it. But the truth is that it’s better to plan earlier for Inheritance Tax.
Having money set aside can help to provide protection against any abrupt financial changes. A new report has identified one in four working households with savings (28%) have started dipping into them to meet rising living costs. A further 30% anticipate they will need to do so in the next year.
Could market volatility and inflation mean you have to delay retirement?
It’s never too early to start planning for retirement. But if you’re nearing retirement, it’s especially important to have a plan in place in case market volatility or inflation impacts your desired retirement timeline.
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