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Fabafterfifty: Retirement and Pension

  1. How to Supplement Your Retirement

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    Article by Ben Barlow  Back in 2013, banking giant HSBC conducted a global study which highlighted the challenges facing those approaching retirement in the modern age. Canvassing the financials of more 15,000 customers across 15 global markets, the study revealed that citizens in the vast majority of developed economies were failing to save sufficient funds to cover the cost of their retirement. Little has changed during the last three years, with the macroeconomic climate making it extremely difficult for people to save. From artificially low, base interest rates to rising inflation and widespread volatility, hard working members of society can no longer rely on traditional banks or investment vehicles to safeguard their futures. How to Supplement Your Retirement and Safeguard Your Future Instead, those approaching retirement (or those that wish to start...
  2. Four things you probably didn’t know about inheritance tax

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    Article by Naomi Webb It’s fair to say that no taxes are overly popular, yet there is a particular dislike reserved for inheritance tax – the most hated of them all. This is a tax that takes a slice of the wealth left behind by some people when they die to go back into the coffers of the state. Whether you think that is fair is up to you but it exists, and how much do we actually know about it? The truth is, other than a passing knowledge of its existence, very few of us even knows the basics. Here are your key questions answered: Who must pay inheritance tax? Very few estates actually have to pay inheritance tax. The figure for 2016/17 is set to stand at about eight per cent – or...
  3. Are you prepared, financially, for your retirement?

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    Article by Naomi Webb Whatever age you may be, it’s always important you look ahead to those twilight years when you must depend on whatever money you have saved while working. For some, it can be a trying time financially – the average state pension is just £155.65 a week, and so can easily get swallowed up and not everyone has their own private pot to help them fund their lifestyle. Do you have savings or assets? A good nest egg is important when retiring. You need back up funds to support the income you receive from your pension. Research conducted by Which? has discovered that most retirees require around £24,000 a year to live comfortably, so consider this when looking at your current savings and assets. Perhaps selling your...
  4. Selling Your Home? Rising Issues for the Retired

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      Life for those who have retired has become financially more difficult in recent times for a variety of reasons. Nowadays unless you have consistently contributed to a secondary pension scheme for the majority of your working life you won’t be seeing much of a return in those important twilight years. Even though you’re supposed to be lying back and enjoying life work-free after you hit retirement age many amongst are having to keep working in order to make ends meet as our promised pensions have fallen short of our expectations and this, coupled with the rising cost of living, has meant that things just haven’t improved which has left some pensioners with no other choices. Many retirees have had to cut corners and in more extreme cases have been forced to sell their own...
  5. 7 Money saving tips for women over 50

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    50plus money saving tips
    Article by Ceri Wheeldon Some simple changes can make a big difference Look at existing phone and broadband contracts. Are you paying a monthly mobile phone contract fee when in fact you are out of your official contact fee and could switch to SIM only? If you are not bothered by having the latest must have phone this might be a good option for you. Similarly shop around for the best broadband and landline deals. I have just gone through this exercise myself and saved more than £50 per month by better understanding my contracts and checking out alternatives.   Check out voucher and discount card sites. Why pay full price for meals and entertainment when you can take advantage of 2 for 1 deals in many local restaurants. Also look to see if your...
  6. Three different ways to save and invest for retirement: Residential property

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    Article by Yoram Lustig In the last of three articles in which we explore three ways to save and invest for retirement, we turn our attention to residential property. We all need a place to live before and after retirement. One way to save for retirement is buying your home. This is a large financial commitment, normally requiring borrowing money from a bank through a mortgage. A mortgage is a loan secured on your property. If you do not repay your mortgage, the bank might repossess your house. That is a risk for you. However, because your home is a good security for the bank, it normally charges a lower interest rate on the mortgage compared to those it charges on unsecured loans. As the years go by and you gradually repay your...
  7. Three different ways to save and invest for retirement: Self-invested personal pension (SIPP)

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    Article by Yoram Lustig In a second of three short articles in which we explore three ways to save and invest for retirement, we focus on personal pensions and specifically on self-invested personal pension (SIPP). Regardless of whether you are a member of an occupational pension scheme arranged by your employer, you may be able to also save in personal pension. A SIPP is a type of a personal pension, offering a wide variety of investment powers. You can choose from a range of investments within a SIPP and switch among them. SIPP is a defined contribution (money purchase) pension. You are responsible for how to invest your pot. When retiring from the age 55 onwards you can take it out as cash lump sum, flexible drawdown (meaning you withdraw as much income as you need,...
  8. How to Prepare Yourself for Retirement

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    Graduating from a lifetime of labour to one of leisure is a major lifestyle change and a huge shift in anyone’s day-to-day routine. The transition can be made a whole lot easier with the aid of some simple planning in advance. This incorporates not only getting your financial house in order (obviously a very important part of the change) but also taking the time to prepare yourself emotionally for retirement. The tips below will give you an idea on how to go about getting ready for your last ever P45. Make sure your savings are adequate It might sound obvious, but not putting enough aside to enjoy a comfortable retirement is the number one mistake made by retirees. This handy pension calculator from Nutmeg allows you...
  9. 5 Ideas For Retirement Investing

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    Article by Kiera Reynolds When you’re setting aside money for retirement, typical investment strategies don’t always apply. When you’re looking to build up savings for the long-term and generate enough investment income to take you through the longer retirements more people are enjoying today, there are some unique concerns Unfortunately, there’s no official rulebook or set of tips that will definitely pay off in a productive retirement portfolio. However, there are some general strategies and ideas well worth considering, so long as you keep in mind that every individual’s investment outlook is different. 1. Plan For Longer Retirements I touched on this briefly above, but it’s worth emphasizing a little bit more. While there are a lot of pessimistic outlooks of late discussing the fact that people are having to wait longer to...
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