If you’ve spent a lifetime saving for retirement, you’d probably like any remaining money to go to a loved one after your death. But whether pension benefits are payable to a beneficiary, and how they’ll receive them, is dependent on the type of pension you’ve chosen and how you’ve accessed it in your retirement.
What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. You’d get your family together and tell them what was going on. Before long, you’d start spending time in hospital for treatment. You may also need to take some time off.
Even small amounts can build up a substantial nest egg
Decided it’s time to start saving for your little one? Putting money aside for your child is a great way to prepare them for their future, and can also teach them valuable lessons about their managing their finances.
Financial support to younger members as a direct result of the pandemic
The coronavirus (COVID-19) pandemic has led to more people supporting younger family members financially. New research shows that 5.5 million older family members expect to provide additional financial support to younger members as a direct result of the pandemic.
How much will it cost to enjoy life in later years?
Long-term care covers everything from residential and nursing homes to home care. It is provided by a range of different organisations, including local authorities, the NHS and private and voluntary organisations. But choosing the right care setting for ourselves or a relative is not something which many of us have experience of.
While many people have some savings for retirement, most of us will also depend on the State Pension to help cover our living costs. The full new State Pension payment is currently £175.20 a week (2020/21 tax year), but not everyone will receive the full amount and the age at which you’ll receive it varies.
Are you giving yourself the best chance of success?
Before you start, defining any goals you may have will help you plan, budget and choose the right investments. Your goals might be around enhancing your current lifestyle, planning for your family or your own retirement.
If you have accumulated a number of Individual Savings Accounts (ISAs) over the years, keeping them all in one place could give you better control and help you save money. There’s a common misconception that you can’t move your existing ISAs from one provider to another.
Think carefully about how action taken now could affect your retirement
As more people worry about money and are struggling financially as a consequence of the coronavirus (COVID-19) pandemic, it’s likely that reducing or stopping their pension contributions may be an option to ensure they survive financially.
The material on the site is the copyright material of Lloyd O'Sullivan Financial Services Limited. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Lloyd O'Sullivan Financial Services Limited content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Lloyd O'Sullivan Financial Services Limited does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Lloyd O'Sullivan Financial Services Limited content requires the prior written permission of Lloyd O'Sullivan Financial Services Limited.
Lloyd O’Sullivan Financial Services Limited are authorised and regulated by the Financial Conduct Authority No 812732
Registered office: The Old Rectory, Church Street, Weybridge, England, KT13 8DE
Registered in England and Wales: Reg No 09837180
Your home may be repossessed if you do not keep up repayments on you mortgage.
Will writing is not regulated by the Financial Conduct Authority.