Quantifying the value of financial advice has always been a challenge because people who receive financial advice have different characteristics to those who do not. But what if it was now possible to quantify the value of financial advice and isolate a pure ‘advice effect’? This is exactly what the researchers at the International Longevity Centre – UK (ILC) have been able to calculate.
Early retirement is no longer defined as the moment when you stop working forever. For many people, it’s simply the moment when you no longer have to work for money. But this also means being in a financial position to choose to keep working if you enjoy what you’re doing.
Self-employed business owners face unique challenges
Saving for retirement can be more challenging when you are self-employed, as there is no one to organise a pension for you and no employer making contributions on your behalf. On top of that, self-employed workers often don’t have a regular income, so many will focus on setting aside money as a safety net if they cannot work.
Self-employed would back new laws to expand retirement savings
For the self-employed, even if the will to save for retirement is there, the way can be problematic. Self-employed workers want Government help to save for retirement and would back new laws to expand auto-enrolment or to make saving for retirement compulsory, new research shows.
Savers should think twice before using their pension to purchase property
From age 55, you have the flexibility to choose how you take money from your pension. But pension savers risk throwing away thousands of pounds of their hard-earned savings if they use their pension to purchase a second property.
In your 50s, it’s important to make retirement planning a priority if you haven’t done so already. At this age, retirement is no longer a distant concept, and time is short if your plans aren’t on track.
Women in the UK are better prepared for the future than ever before, with 57% now saving enough for their retirement – the highest proportion recorded in 15 years. A recent report shows that average savings amongst women are up 4.6% since 2007/08, equating to an additional £5,900 in income every year of retirement.
One in five self-employed and contract workers unable to survive a week without work
We’re a nation of entrepreneurs with a record number of self-employed people now working in the UK. The world of work has changed enormously over the past 20 years. Being self-employed, freelance or working on a contract basis has become the norm for all sorts of professions.
The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. As a result, many people have multiple pensions set up, as they have been automatically enrolled into a new pension scheme each time they have started a new job.
Hastings O'Loughlin is a business name of Hastings O'Loughlin Financial Services Ltd. Company No. 4502991. Registered Office at Hastings House, Birds Royd Lane, Brighouse, HD6 1LQ. Authorised and Regulated by the Financial Conduct Authority.