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  • Helpful Guides | RetireEasy
    private healthcare and you will have a large choice of policies to choose from But do read the small print very carefully while the premiums will inevitably rise with your age the conditions they will cover will also vary considerably as will their exclusion caveats if you have pre existing conditions If indeed you do have a pre existing medical condition your best option may well be full medical underwriting which will require you to fill out a detailed medical questionnaire It will stipulate what will and won t be covered based on your medical history and do be aware that if you don t provide full disclosure of any health problems you may have problems later on making a claim The alternative especially for those who may be in a better state of health is moratorium underwriting this is normally cheaper and the disclosures will be restricted to general questions about your health and lifestyle If you have had any medical conditions in the last few years these would normally be excluded for treatment How affordable will health insurance be for you Not only will premiums will rise with age but some insurance providers will actually have upper age limits That means there may come a point when you look at the premiums being quoted that you may need to consider ways to make it more affordable Ways to trim the premiums can include accepting a higher excess or to pay a proportion of the costs agreeing to be treated by the NHS if that can be arranged within a reasonable timeframe opting out of some of the outpatient elements of the cover and limiting your choice of hospital where you would receive treatment Shopping around is critical to get the best deal but equally critical is for you

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/health-insurance-a-basic-guide (2016-04-27)
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  • Helpful Guides | RetireEasy
    choices do you have When you come to the end of your employment or reach 55 or older you are currently allowed to take a portion of your pension pot or individual pension pots out in cash typically 25 but sometimes more the rest until now has had to go into an annuity that provides an income for the rest of your life That amount can be varied to take account of inflation or even contain an element that allows your spouse civil partner or dependent child to carry on receiving it after your death Whoever takes on your business is essentially making a calculated risk as to how long you are likely to live and that will be based on a cocktail of factors If you go past that date you are likely to be the winner in terms of total returns and vice versa If you have been leading an unhealthy life for example by being a smoker or heavy drinker or have a medical condition you can significantly improve the amount you receive by applying for an enhanced annuity the upside of having a shorter life expectancy There are several types of annuity available principally Fixed term annuities provide an income for a fixed period rather than for life together with a lump sum at the end of that period Investment linked annuities offer more risk and a chance of higher returns albeit with a base level of guaranteed income More suited to those prepared to take their longer term chances with the stock market Income drawdown plans are well worth looking at if you are retiring before April 2015 and want to hedge your bets about what might come onto the market You are allowed to take an income but your investment pot remains intact And

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/annuities-a-basic-guide (2016-04-27)
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  • Helpful Guides | RetireEasy
    keep up payments On the death of the person covered by the policy the insurer will normally pay dependants a lump sum or regular payments Many insurers will also make that payment upon the diagnosis of a terminal illness and where the policyholder has less than 12 months to live How much you pay for your policy will depend on how much risk you pose the underwriter the younger and healthier you are in general terms the less you can expect to pay in premiums Insurers may also exclude cover for a death related to pre existing conditions or self inflicted conditions such as alcohol or drug abuse While the more you pay in premiums the higher payout your family can expect you will find variations in quotes between providers Do read the terms carefully when comparing them as their exclusion terms can make a difference to your decision Remember also to answer questions on your health truthfully as doing otherwise could result in a disputed or rejected claim There are some variations available for instance Term Assurance may be renewable so instead of say taking out a 20 year policy you can take out a five year renewable policy that is guaranteed to be renewable at the end of each successive five years check the policies you are offered if this would be a preferable option for you How much should you insure your life for That depends entirely upon your available funds and also the amount your family would require should you pass away Remember also that it s not just the breadwinner in the family whose loss would cause financial hardship and also be confident that you can keep up the payments once started the cover will lapse if you miss payments Also consider Mortgage Life Insurance One variation to consider is simply to cover the biggest single financial liability your family may face the mortgage Again there is a choice of policies between level cover where the amount covered never varies decreasing cover where the amount steadily goes down over the years to reflect lower mortgage liabilities and increasing cover where the amount covered actually rises These policies are not suitable for interest only mortgages Death in service Before you make a decision on how much life insurance you need check whether your employer has death in service cover in place for you It works in just the same way as a conventional policy but with the employer paying the premiums and is not usually dependent upon the individual losing their life as a result of their work simply dying while in their employ One cautionary note Death In Service cover alone may not be enough and if a healthy individual relies upon it gets an illness and then leaves the employer he she may not be able to secure affordable individual cover Critical illness insurance The chances of someone becoming seriously ill during their working years is far higher than those for them dying so

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/life-insurance-a-basic-guide (2016-04-27)
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  • Helpful Guides | RetireEasy
    this philosophy so if you wanted to do it the best time has probably passed There is no doubt that any investment market will become overheated after a period of rapid growth whether it s shares property values or cars There are strong signs that the classic car market is indeed in danger of overheating Pretty much all models have risen in value significantly with the most desirable and rarest showing the biggest increases For instance in 2007 a Mercedes 300SL gullwing sold at auction for 212 500 while in 2012 one in similar condition went for over 411 000 an increase of 198 500 or 93 in just 5 years And remember no Capital gains Tax Some other increases in value albeit less dramatic but still substantial over the same period were Model Year Value 2007 Value 2012 Change Aston Martin V8 1975 12 300 18 900 53 Jaguar XK150 Coupe 1957 9 27 500 41 400 50 Mercedes Benz 230SL 1966 15 000 36 500 143 Triumph Stag 1974 7 7 950 9 995 25 MG TC 1946 22 950 31 995 39 Sunbeam Alpine SeriesV 1966 5500 9 450 72 Auction result Dealer asking prices for cars described in similar condition Private asking prices for cars described in similar condition So it is getting harder to see strong growth in the future although with the Euro s woes the trend could continue for a while Once investment returns start recovering and interest rates start rising which they surely will at some point collectors may well start to realise their gains to re invest elsewhere At that point the market could rapidly go into reverse no pun intended At present classic cars must be seen as a high risk option and are probably not appropriate in retirement Unless

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/classic-cars-as-an-investment-for-retirement-planning (2016-04-27)
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  • Helpful Guides | RetireEasy
    low gilt yields that control how much retirees can take as a pension If you add this 15 per week to the Government s proposed State Pension for all of 140 per week the total annual income would be 8 060 p a way below the 10 500 personal allowance for over 65s And it s not as if by taking your pot as a lump sum of 18 000 that you avoid tax anyway Only 25 or 4500 is paid out tax free and the remaining lump sum is added to your income in the year of encashment to calculate any tax due on the balance This triviality rule has been around for a while but was extended in December 2011 and now individual small pots of 2000 or less may be cashed in individually subject to massively complex rules of course It s no wonder that PAS has taken this long to publish its guidance There is so much that is unfair about these rules and the latest adjustment tinkers at the edge and provides little additional relief if anyone even knows about it and if you do how on earth are you going to access economic professional advice on something so trivial could not resist the pun here If the rules were adjusted further to fairly reflect current annuity rates then our view is that the triviality limit should be increased to a total pension pot of 30 000 or less providing a basic rate tax payer with the option of receiving a lump sum of 25 500 after tax instead of a tax free lump sum of 7500 and a pension of around 25 per week The increased limit could always be adjusted downwards in the future as and when gilt yields improve Watch this space

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/cashing-in-small-pension-pots (2016-04-27)
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  • Helpful Guides | RetireEasy
    6 April this year but the age related allowance will increase to 10 500 if you are aged between 65 and 74 and to 10 660 for those aged 75 and over However not everyone over age 65 currently receives the full allowance as the extra amount above the standard allowance is gradually reduced when an individual s taxable income is above 24 000 and it is removed completely once total taxable income exceeds 29 000 So what has changed The Government has pledged to increase the standard personal allowance further from April 2013 but the age related allowances will be frozen at the April 2012 level Of greater impact is the complete removal of the age related allowance for everyone who will not reach age 65 by 5 April 2013 So what are the numbers The difference is quite stark as someone reaching age 65 on or before 5 April 2013 will receive an age related allowance of 10 500 in April 2013 whereas someone reaching age 65 on or after 6 April 2013 will receive the standard personal allowance of 9205 In money terms by 2013 14 around 4 million existing pensioners will be worse off than expected by an average of 83 p a but the loss increases to an average of 285 p a for those who have not reached 65 by 6 April 2013 Any other Impact Yes around 230 000 individuals may now need to complete a self assessment tax return every year What s in it for the Government The initial saving to the Treasury is fairly modest at 360 million in 2013 14 but by 2016 17 the savings will have risen to a projected 1 25 billion every year Share this article Tweet Sign up to Our Newsletter Sign up to

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/helpful-guides/article/504 (2016-04-27)
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  • Guides and Tools | RetireEasy
    unless the lump sum is immediately transferred to a different pension product For most people an injection of such a lump sum of money into their annual income would pull them into higher rates of tax so in theory taking out the money and spending it or even using it to clear other debts would not seem to be a sensible option But as I explain below that does not apply to all How will it work The cash sum paid out directly to the annuitant in exchange for the income will be subject to income tax at the annuitant s appropriate tax rate on the date the payment is made As an alternative the annuitant may chose to have the lump sum transferred to a new retirement product e g an Income Drawdown plan and drawdown periodic income rather than taking the lump sum i e the income tax may be deferred Each income payment will be subject to income tax at the individual s appropriate rate when each income payment is made However all the Income Drawdown rules pertaining to a standard Income Drawdown plan will apply including the potentially generous tax treatment of the Income Drawdown fund on the death of the individual What happens behind the scenes Whoever purchases the annuity effectively takes over the role of the annuitant and the annuity income will continue to be paid out by the original annuity provider to the new purchaser The annuity income payments will continue to be paid out for the lifetime of the original annuitant and any survivor if a survivor s annuity has been established How much might you get for your old annuity That will be dictated by market forces demand vs supply together with what a prospective purchaser thinks it s worth once they have assessed the risks and added their margins How much the new purchaser is prepared to pay will depend on a number of factors the existing level of annuity payments the annuitant s age and health status the existence of any survivor s annuity and the buyer s transactional costs and profit margin Unlike the original pensions freedom announcement which caught everyone on the hop the financial sector will have a little more time to assess how they might approach this market How will sellers be protected The Government are consulting with the pensions industry and the FCA to ensure appropriate consumer protection will be in place by April 2017 This is likely to include free guidance to be dispensed by Pensions Wise and the Money Advice Service but the Government may go further and insist that individuals shop around for the best deal and or seek professional independent advice particularly for larger annuities being given up With so much resting on the amount of the cash sum the Government has stated that a ball park buying price guide should be developed to help annuitants gauge if a fair price is being offered The Government may also relax the

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/will-annuities-be-better-the-second-time-around (2016-04-27)
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  • Guides and Tools | RetireEasy
    out it was entitled not to provide it Anyone who has read The Hitchhikers Gide to the Galaxy and where the planning application for Earth to be destroyed was lodged might find this a worrying familiar response The other issue is the sudden acceleration of SPA from 65 to 66 giving a large number of women very little opportunity to make any necessary adjustments to their life plans The 2011 changes mean that 500 000 women will have to wait an extra year for their state pension 300 000 women for 18 months or more while one particularly hard hit group of 30 000 were to wait for an extra two years So when were they told According to finance expert Paul Lewis who recently gave evidence in Parliament on this More than one million women born between 6 April 1950 and 5 April 1953 were told at age 58 or 59 that their pension age was rising from 60 in some cases to 63 More than half a million women born 6 April 1953 to 5 April 1955 were told between the ages of 57 and nearly 59 that their state pension age would be rising to between 63 and 66 Some women were told at just 57 ½ that their pension age would rise from 60 to 66 The Government has now changed its procedures so that henceforth more notification will be forthcoming but for those whom the rise in SPA has come as a surprise that will be no solace So did the Government get it wrong The man who really ought to know is Steve Webb Pensions Minister at the time He has conceded that the government made a bad decision and that his department had been badly briefed on the impact of the changes Several months after the initial announcement was made he asked the PM and Chancellor if any of this could be reversed With potential savings of 30 billion under threat the one concession at a cost of 1 billion was to introduce some transitional protection by capping the maximum increase to 18 months rather than two years Campaigning on behalf of the women at that time was Ros Altmann Now a poacher turned gamekeeper sitting at Steve Webb s old desk she has ruled out any further concessions Needless to say the changes haven t gone unchallenged and WASPI Women Against State Pension Inequality are seeking transitional compensation and have lodged a petition to Parliament Dame Joan Bakewell has been championing their cause Addressing Ros Altmann she demanded 700 000 women are caught in this brutal pensions trap and they are already in their 60s They had hoped to be drawing their pensions but in some cases even after 45 qualifying years they have no pension no pensioner benefits often no job because they have been made redundant and no right to claim jobseekers allowance what does the minister suggest they live on she asked Will further concessions be wrung out of

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/have-women-been-short-changed-with-their-pension (2016-04-27)
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