The age retirement savers can access their pension cash is going up by two years, a minister has warned. From 2028, the age limit will rise from 55 to 57 years old as the law changes ‘in due course’. Raising the pension freedom age was first signalled in 2014, but no legislation has been forthcoming, … Read more
Expat pensions can be complicated as they come in different types that offer different outcomes for retirement savers. If you don’t know the difference between a DB and DC pension and how they could impact your retirement income, you could miss out on a significant amount of money in your later years. This guide helps … Read more
The British government is stepping up a tax grab than could cost expats who own homes in the UK up to 40% of the value of their investment. Even a modest property investment of £250,000 – the price of an average home in the UK – could trigger an unforeseen tax bill of £100,000 when … Read more
The dilemma for many people approaching retirement is how much money they need to live on. Research shows that most of us overthink what we need for retirement, believing they will spend at least as much as they are paid in wages. The rule of thumb is making plans for pensions and savings to cover … Read more
The saying goes money can’t always buy happiness, and for the most part that seems true in a new global city wellbeing index. International property consultants Knight Frank have produced a wealth report for 2020 that charts the fortunes and lifestyles of the megarich and the places where they feel the happiest. One of the … Read more
Older consumers are a benefit to the economy rather than a drain on resources, according to new research. The over 50s will spend 63p in every £1 in the UK by 2040 – rising from 54p in the £1 in 2018. And the money is spent across the board rather than on specific goods and … Read more
As millions of retirement savers get on with their lives and move homes and jobs, many forget that they may have forgotten about the money sitting in ‘lost’ workplace pensions. Once people could expect to spend their entire working life with a single employer, but now they chop-and-change jobs regularly in the fast-moving world of … Read more
Complaints about regulated financial firms rose by a huge 1.7 million to just over 6 million in the second half of last year, according to new data. Although nearly two thirds were about payment protection insurance misselling, that still leaves a shocking 2 million grievances reported by customers. The data comes from watchdog the Financial … Read more
Thousands of Accidental Americans living in Europe are not having their right to a bank account compromised by the US Foreign Account Tax Compliance Act. Under the Payment Accounts Directive, every European Union citizen has the right to open a bank account, but some banks have frozen or refused to open accounts for Americans because … Read more
The GAD rate is the way of calculating how much income to take from a capped drawdown pension pot when the money was invested in income generating funds. Capped Drawdown was scrapped when pension freedom rules came into force from April 6, 2015. Although Capped Drawdown is closed to retirement savers, anyone working under the … Read more