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It used to be that almost everyone with a private pension fund bought annuities when they retired. But Pension Freedoms have changed that. Now nobody is forced into buying an annuity with their pension savings. Instead, drawdown has become far
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For many of us, retirement planning seems too far off to start worrying about. Or maybe it seems so imminent that we panic. Leaving retirement planning till just before we retire is asking for trouble. Every decade of our adult
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Retirement planning involves making complex decisions in the face of continual uncertainty. We find it incredibly hard to admit we’re on the wrong track and change direction. When we make a decision and things don’t work out as planned we
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Financial advisers advocate a variety of pension goals. Some simply suggest trying to save a specific percentage of salary into a pension plan. Others target a total saved pension amount to aim for, in order to be ready for retirement.
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Are you worried about a recession or a market downturn? Might one ruin your retirement plans? In fact nobody can predict market movements with accuracy. The best we’ve got is history. And history tells us that market timing is a
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For most people retirement planning is about not running out of money. My mother believed that investments should be kept not spent. In other words she believed in the maxim “Never touch the principal”. The idea was that you should
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Using a glide path is standard practice in retirement planning. The basic idea is simple. When you’re a long way off from retirement you should be heavily invested in risky assets with high returns. As you approach retirement you should
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Retirement is something most of us look forward to. But if we think about retirement planning at all, we may be afraid we’ll make mistakes. Looking forward to retirement isn’t the same as planning for it. The younger we are
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For those currently retiring the state pension stands at £168.60 per week, or £8,767.20 per year. Most would agree that this is not nearly enough to live on. Someone on minimum wage working a 40-hour week earns over £17,000. In
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Mr Micawber said this about making a budget in Charles Dickens’s book David Copperfield: Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. For
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