The over 50s on the move – and much more besides
As we enter Autumn and we continue our journey out of lockdown, we are pleased to bring you our Autumn 2021 magazine.
In this issue, we take a look at a range of financial planning issues that could be relevant to you and your family.
The pandemic has led to a reappraisal of urban living, with increasing numbers fleeing city confines in search of green space. Three million people aged over 50 now plan to relocate in retirement, as a direct result of the pandemic. A year of lockdowns has motivated these over-50s to want to move closer to family and friends, pursue a better quality of life or even move abroad. Turn to page 10 to find out more.
Several more articles in this issue also focus on retirement planning. First, we take a look at the unique combination of tax breaks and flexible access available to pensions that make pensions the compelling choice when saving for retirement. By making the most of the tax relief and allowances available, you could substantially boost your retirement savings.
We also look at why it’s important to saving for retirement early. Starting a pension earlier rather than later could make a big difference to the size of your pension pot and the income you are able to get in retirement. There are always other calls on your money but we look at what you should be considering throughout each decade on your journey towards retirement.
We also point out that it’s not just what you earn in retirement but what you keep. New data highlights that retired households lose nearly 14% of their income a year to direct taxes, which is why some budgeting as well as some tax planning won’t go amiss.
And finally, as we all spend more time online, we stress why it’s important to remain vigilant and aware to avoid being caught out by the growing number of pension scams.
There’s a whole host of other articles too, which we hope you find both interesting and useful. As always, we are here to help and provide advice on any financial matter, so please do keep in touch.