Saving for Retirement the Right Way
It is a fact that over half of the people in the country are not saving enough for retirement. They may be making a small effort here and there, but they simply aren’t doing enough to ensure that they have that nest egg prepared from them when they retire. Even if you might be doing something along the lines of ensuring a financially safe retirement, statistically speaking chances are you aren’t. There may be a few things you are doing wrong, or are neglecting to do altogether. Here are some things you can do to save for retirement…
Mandatory retirement age will no longer apply
From the 1st October, employers will no longer be able to set a mandatory retirement age and force people to retire at the age of 65.
The default retirement age has been gradually phased out over the last few years. Currently, about a third of companies still have the policy of forcing people to retire at the default retirement age of 65, but this will now be illegal from 1st October.
Five years ago, laws were introduced to protect many people from age discrimination in the workplace. The new law has been introduced to prevent employers from forcing…
Experts warning over a fall in annuity rates
Experts have warned that savers who are close to retirement and have not yet purchased an annuity face a potential loss in their expected income.
A number of the big annuity providers have recently cut the rates that they can offer to a potential customer when they purchase an agreement. Last month, Canada Life announced a cut in the rates they can offer. Over the last week, Aviva, Prudential, Partnership and Legal & General have all announced similar cuts.
An annuity agreement can be purchased with your pension pot when you reach your retirement. The agreement guarantees you a regular…