General Finance | Fab after Fifty | Information and inspiration for women over 50

Take control – property or pension, which is best for your long-term future?

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Article by Gill Fielding Are you ready for the biggest opportunity in your lifetime to take control of your own financial future? The pensions overhaul which came into force in April 2015 will allow savers aged 55 and above to withdraw some or all of their pension pot as a lump sum instead of being forced to take the increasingly poor incomes provided by an annuity. For someone who has saved up a pension pot of £200,000 a typical annuity will give them an income of £9,400 per year which is £784 per month to live on. Could you live on £784 per month when you give up work? Well fortunately the government has thrown us a lifeline and the changes in 2015 will enable us to take control...
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Invest your pension pot and put the profit in your pocket rather than the banks

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Article by Lars Kroijer The 6 April 2015 Budget saw the most radical changes to private pensions for a generation, giving people much more control over their pension savings than before. We all saw the headlines that accompanied the news of the changes – the predictions that everyone would rush out and squander their hard-earned pension pots on luxury cars, cruises and other frivolous purchases. How your pension pot can work for you In fact this hasn’t happened – the latest figures reveal that most people aren’t rushing to take out and spent their hard-earned pension pots. Lars Kroijer author of “Investing Demystified – How to Invest Without Speculation and Sleepless Nights” explains how you can make the most of the new pension freedoms and make sure your pension pot keeps working...
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Priorities for parents once children have flown the nest

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Article by Naomi Webb If you’ve done all of the hard work as parents – from dealing with dirty nappies to polishing school shoes and beyond – then you’ve earned yourself a bit of a treat. Once the kids have flown the nest it might be sad to see their room empty – but it’s also a chance to weigh up your financial priorities again and think about the things you spend your money on. That does include planning for life beyond work, of course. More than 600,000 people turn 65 each year but one in three over 50s do not feel that they have saved enough to be comfortable when they finish working. From your 50s on, you really do need to map out a detailed plan for retirement – but that...
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3 Alternate Ways to Invest Your Savings

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Article by Ben Barlow While it was only to be expected that savings rates in the UK would fall as the uncertainty surrounding Brexit continued to rage, the extent of the decline has surprised even the most seasoned experts. The rising rate of savings in nations such as France provide a stark contrast with this, with the RCI Bank now offering returns of 1.10% (as opposed to the Bank of England’s base rate of 0.25%). With this in mind, older savers and those approaching retirement may need to consider seeking out more creative savings alternatives in the current climate. The question that remains, of course, is which vehicles can can deliver the best returns, while also helping you to achieve the ideal balance between risk and reward? 3 Alternative (and Viable) Investment...
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Should I sell my house at auction?

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Article by Naomi Webb Selling a house at auction can be a simple and hassle-free route to a quick sale. But there are a few risks involved too. Here’s what you should consider if you’re thinking of putting your home under the hammer. Quick and simple sales Selling your home at an auction is simple. You enter the property on the auction house website, the auction takes place on a pre-determined date and, if the property sells, the buyer must immediately pay a 10% deposit and the remaining 90% within one month of the sale. All buyers at auction enter a legally binding agreement that means you’re protected from gazundering (lowering the offer amount) after the auction is over. However, auction fees can vary. Consumer watchdog Which? suggests that sellers...
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Inheritance Planning: How to legally give money to your children

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Article by Faye Watts If you’re lucky enough to have money or property to leave to your children, Faye Watts of www.fuseaccountants.co.uk looks at how to do it, and shares a word of warning… Let’s start by saying that there’s nothing wrong with wanting to give money to your children in the most tax efficient way possible. You’ve already paid tax on that money when you earned it, so doing your best to save it from the tax man is not unethical, greedy or immoral. This isn’t tax evasion, its legitimate inheritance tax planning. So, let’s look at the key ways that you might like to help your children out both while you’re still alive, and when you’re gone. Giving gifts If you give your child (or anyone) a gift...
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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...
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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...
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7 Money saving tips for women over 50

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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...
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Weighing up your finance options: What’s the right option for you?

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Article by Naomi Webb When you need some money, where do you turn? It can be difficult to know what to do to finance big ticket purchases – whether they be cars, holidays, emergencies or home improvements. The first thing to do is work out exactly what you need. That might sound obvious but getting sucked into borrowing too much can put a real strain on your finances and leave you in a mess. Don’t be tempted to, say, borrow £10,000 for a £7,000 car and pocket the rest for a few treats. You’ll regret it in the long run. So, work out what you need and what you need it for and then consider your options. Payday loans As the name suggests, payday loans are intended to be a short, sharp burst of money to...
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Take control – property or pension, which is best for your long-term future?

Invest your pension pot and put the profit in your pocket rather than the banks

Priorities for parents once children have flown the nest

3 Alternate Ways to Invest Your Savings

Should I sell my house at auction?

Inheritance Planning: How to legally give money to your children

How to Supplement Your Retirement

Four things you probably didn’t know about inheritance tax

7 Money saving tips for women over 50

Weighing up your finance options: What’s the right option for you?

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