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Are you over 65 and still working?

A former pensions minister described the increase in the number of older workers as a ‘social revolution’. The figures can be partly attributed to a rise in the state pension age from 60 for women. It has been going up since 2010 and will hit 65 by 2018, bringing it in line with that of men. For both sexes, it will rise to 66 by 2020 and 67 by 2028.  Legislation was introduced five years ago banning employers from forcing staff to retire at 65 and the demise of generous final-salary pension schemes means most people must work for longer. 

The concern that private pensions are unable to sustain people if they retire earlier is also seen as a driving factor, as people have not made ample provision and are, therefore, rightfully worried that they will be in penury if they retire too soon.  

On another note, it appears that savers are raiding their pensions in increasing numbers to assist their grandchildren onto the housing ladder.  It has been reported that over 55’s have taken out over £28 million a day in the last 3 months.  The concern with this is that an early raid can leave a deficit when the pot needs to last at least 20 years after age 55.

If any of the above strikes a note with you, given that you will be relying on your pension for long term provision, you should seek advice from a reputable independent financial adviser before taking any action.  An hour’s discussion could significantly alter your future lifestyle for the better – fill in a contact form here to get in touch. 

 

Other News

Offshore Is Dead; Long Live Onshore

On Monday, the Guardian, the BBC, Le Monde and 50 other media outlets reveal that HSBC’s Swiss banking arm helped wealthy customers dodge taxes and conceal millions of dollars of assets, doling out bundles of untraceable cash and advising clients on how to circumvent domestic tax authorities. The HSBC files consist of thousands of pages made available via the International Consortium of Investigative Journalists. Covering the period 2005-07, they amount to the biggest banking leak in history, shedding light on some 30,000 accounts holding almost $120bn (£78bn) of assets. Many of the accounts allegedly belonged to prominent figures in business, film, music and sport, to name a few.

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Good news only, please

Dave Diggle

As an IFA I have become very sensitive to market reactions and I have always had an interest in current affairs, but at this time even I am getting bogged down by this endless supply of bad news.

The recent drops in the stock markets are simply down to confidence and not of the same making of the crisis eight years ago.

I still struggle to see why a barrel of oil at $27 dollars compared to the $108 of eighteen months ago is anything other than good news. After all, there are more consumers of oil than producers. Motorists felt the positive effect immediately and users of oil in industry such as manufacturing plants or airlines should post better than expected quarterly profits, which may help dividend levels. In many cases this is yet to be rolled out.

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