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  • Guides and Tools | RetireEasy
    below the cut off line 23 250 find it difficult to get the support they need They either have to dip into what savings they have get family to help out or do without For those going into a care home the value of the house can also be taken into account if you do not have a dependent or partner living there too So the bottom line is this Staying in a care home is expensive allow between 30 000 and 40 000 a year depending on where you live and your support needs Care at home can add up too anywhere between 11 and 15 an hour depending on what part of the country you live Yes you should get some support in the form of Attendance Allowance either 55pw or 82pw according to which level you qualify for And of course you may be able to call on family to help There is also the chance that should you be able to qualify you may also receive nursing care contribution if you are in a registered nursing home If you can meet certain health criteria you may also qualify for NHS Continuing Care but be aware that you may well need to really fight your corner to achieve that quite possibly with the help of a specialist solicitor So in summary how much you will need to spend and for how long are big unknowns The long promised care cap has been kicked into the long grass by the Government so don t expect any help from that direction There is also the possibility that you could at some point take out a financial product to insure you against the costs of future care such as an investment bond That will provide you with some certainty and

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/why-future-care-costs-should-feature-in-your-retirement-plans (2016-04-27)
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  • Guides and Tools | RetireEasy
    Collinson his wife Naomi and Financial Advisor Mark Soper aims to free people from this burden it is the only comprehensive online tool that gives those in or nearing retirement peace of mind by empowering them to plan for their financial future The interactive and easy to use service gives users a holistic view of their future income factoring in a range of assets such as pension entitlements investments and savings in order to figure out how much money they have to live on in retirement The service is independent secure accessible 3 and can be easily updated in response to external factors such as changes to inflation and Base Rate Richard who sold his City based commercial finance business in 2004 said We found it extremely difficult to formulate a figure that would give us clarity on how much we could spend in retirement without falling short Once you factor in investment returns liabilities and tax this can be an unnecessarily complex process which we have now provided a solution to Naomi added Retirement should be a time when you relax and live life to the full People shouldn t be spending the best years of their life suffering from unnecessary hardship because they fear financial ruin This service is all about empowerment and education An insight into the despair felt by those nearing or in retirement is evident from the most frequent word that springs to mind when 50 to 70 year olds think about their retirement years worry Over half of those polled 56 think of negative words such as poverty or fear while only a third 34 thinks of positive words Women in this demographic tend to worry more about retirement income than men even though the vast majority are in a relationship men have a wider range of assets under their name Over a fifth of women at 23 and over a tenth of men 12 are single and must rely on their own retirement provisions If their future was financially secure the majority of people at 44 would spend more while four out of ten would divide their extra cash between spending more and giving more to their families Even though people aged 55 74 in the UK are amongst the most prevalent older Internet users in Europe 4 the survey found only 7 of 50 to 70 year olds have used an online financial planning tool in the past Editor s notes 1 All figures unless otherwise stated are from 72 Point The survey sample size was 1 000 with fieldwork undertaken between 14 17 September 2011 The survey was carried out online among UK adults aged 50 70 2 Office of National Statistics 2011 3 Age UK March 2011 About RetireEasy co uk RetireEasy co uk is the only comprehensive online tool that gives those in or nearing retirement peace of mind by empowering them to plan for their financial future Its online planning service LifePlan is a highly interactive intuitive flexible

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/retirees-and-pre-retirees-live-in-fear-of-financial-ruin (2016-04-27)
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  • Guides and Tools | RetireEasy
    desired income post retirement given the broad range of options for their pension cash from next year In addition 65 of them referenced the Budget changes Richard Collinson CEO and Co founder of RetireEasy said There is such a renewed need for a service that gives retirees insight into how much they can spend particularly now that they can receive their pension pot as a lump sum without the requirement to buy an annuity We want to help people live their lives to the full and part of this is having surety on how much capital you can spend without affecting your retirement income Naomi Collinson added As retirees ourselves we understand the last thing people want to do is buy a sports car and go on a world tour in their first year of retirement to find they need to rely solely on the State Pension in the latter years of their life We want to empower retirees to enjoy their new found financial freedom to spend their pension as they see fit but in a responsible way that means their immediate largesse allows them to live the rest of their days in comfort Mark Soper added The Budget changes bring welcome flexibility for retirees but also heightens the potential risk of running out of money Careful cash flow planning and visualisation of how far an individual s pension funds and savings will last in retirement has now become an absolute necessity for anyone approaching retirement RetireEasy LifePlan meets the need removes the worry and is now completely free to access and use A study of the Australian retirement market 2 which does not require retirees to buy an annuity found that a third of them use their pension to buy a home pay off their mortgage or on home improvements while 27 invest the money outside of a pension or place it in a savings account A fifth 19 of them buys or pays off a car West Sussex based Richard and Naomi founded RetireEasy in 2011 with their financial adviser Mark Soper as a paid for service After Richard sold his City based commercial finance business in 2004 and Naomi retired from running an art gallery they realised the difficulty in charting one s income throughout retirement and wanted to save other couples from the same burden The interactive and easy to use service gives users a holistic view of their future income factoring in a range of assets such as pension entitlements investments and savings in order to figure out how much money they have to live on in retirement The service is secure free to all users and can be easily updated in response to external factors such as changes to inflation asset values and tax rates About RetireEasy co uk RetireEasy co uk is the only comprehensive online tool that gives those in or nearing retirement peace of mind by empowering them to plan for their financial future Its online planning service LifePlan is

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/retireeasy-launched-as-a-free-product-may-2014 (2016-04-27)
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  • Guides and Tools | RetireEasy
    LifePlan So this is the first of an occasional series of Helpful Guides Tips Tip 1 Final Salary Define Benefit Cash Lump Sums A number of you have asked where to put your expected cash lump sums derived from a Defined Benefit Final Salary pension plan As you will have gathered only the pension income is entered under the Final Salary section The cash lump sum is entered under Tab 6 Income Expected Future Income lump sum amount set as tax free Tip 2 Expected Future Income Future Costs When we designed LifePlan we expected that there would be many financial events and circumstances that you may wish to plan for that were individual but possibly non standard so would not fit within any of the other LifePlan fields This is where Expected Future Income Tab 6 Income Expected Future Income is very useful as here you may plot a virtually endless range of lump sum or regular income scenarios that you may be expecting e g potential legacies trust income and as described in Tip 1 cash lump sums from final salary pension plans Future costs is equally as useful and here you may plot lump sum or regular amounts of future expenditure such as a houses deposit for a family member school fess or a big ticket item such as a car purchase or cruise Tip 3 Fixed Variable Expenses It is important to note that these sections have no interaction with your LifePlan through the years We have included these sections to help you list your current expense items and the LifePlan Expenditure chart shows your annual disposable income which is your selected Desired Annual Income less the total of the expenditure items Share this article Tweet Sign up to Our Newsletter Sign up to our newsletter

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/more-advice-on-getting-the-max-out-of-your-retireeasy-lifeplan (2016-04-27)
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  • Guides and Tools | RetireEasy
    will last on their current outgoings and what would happen for instance if they downsized took out equity release or helped their grandchildren with University fees I ve always admired the software program says Tony Watts because it empowers people to make the informed choices needed to enjoy a secure retirement And the fact that is now available as a free download means it fits in perfectly with the work I am doing in my voluntary capacity on behalf of older people I am particularly keen to see the software being used by those in their 50s and 60s who are starting to plan their retirement as part of the Government s fuller working lives agenda Users can feed in their personal data and discover when they can afford to take retirement or whether or not they would be best advised to carry on working full or part time and for how long We are moving into a time when flexible working has to be the norm not the exception and this tool can play a big part in that employers in particular could play a role in promoting RetireEasy to their staff There is a huge advantage too for pension providers and financial advisors to encourage its use as it will encourage existing pensioners to take a far more proactive approach to their finances in retirement About RetireEasy co uk RetireEasy co uk is the only comprehensive cloud based online tool that gives those in or nearing retirement peace of mind by empowering them to plan for their financial future Its online planning service LifePlan is a free highly interactive intuitive flexible and easy to use cloud based program which is an entirely safe bank level secure resource RetireEasy co uk aids multi asset financial planning by optimising capital

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/1390-2 (2016-04-27)
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  • Guides and Tools | RetireEasy
    Mr Webb is seen as a self styled man of the people starting out at the IFS researching poverty benefits and taxes and as pensions minister has overseen the introduction of Workplace Pensions now firmly embedded in the UK s largest employers and by 2017 almost all employees will have been enrolled into a pension plan As part of this process he fought the established pension providers who were demanding an ongoing charge on Workplace Pensions funds of at least 1 0 p a but next year a charge cap of 0 75 p a will be introduced He has also been the architect of the new private pension freedoms announced in the 2014 Budget and taking full effect from next April Mr Webb is however not necessarily popular with everyone and as part of the overhaul of the State Pension System first started by the previous Labour Government he has along with the OBR overseen the linkage of the State Pension Age with life expectancy The result of this has been to accelerate the increase in State Pension Age for both men and women to age 66 in 2020 and a further increase to age 67 between 2026 and 2028 with further increases planned from the 2030 onwards Many of his detractors were women who under the Labour proposals would have been impacted by the increased State Pension Age in 2020 but this was brought forward by the coalition to 2018 resulting in some women losing pension income up to 15 000 A reprieve was given and the maximum wait would be eighteen months rather than two years What next for Mr Webb There is a general consensus that Steve Webb has navigated the thorny issue of pensions well but much will of course depend on the outcome of

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/steve-webb-mission-accomplished (2016-04-27)
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  • Guides and Tools | RetireEasy
    a switch from a DB to a DC solution DB remains a beneficial and secure pension plan for anyone still accumulating their pension benefits and the promise of a guaranteed retirement income remains hugely attractive for many DB members Following the introduction of the new flexibility for DC pension plans however more DB members may be impacted regarding the lack of income flexibility tax planning and estate planning opportunities and retirement planning conversations including the relative merits of DC are now likely to be had with many more DB members DC providers will not normally accept DB transfer business unless the individual has received positive advice to transfer from a professional pension adviser who has the correct FCA permissions Professional advice as an integral part of the transfer process should help safeguard against renewed mis selling problems and fend off pension prowlers Once such advice has been dispensed DB clients should have thoroughly considered the implications of switching to DC and will be fully aware of the guarantees and other benefits they are giving up before proceeding with any transfer As has been widely reported there has been a sharp fall in DB pension provision within the private sector as a result of the increasing costs and risks to employers in running these schemes The 2013 NAPF Annual Survey reports Only 12 of private sector DB schemes were still open to new members in 2013 35 are now closed to future accrual this compares to only 7 in 2009 45 of members are already preserved with only 17 actively accruing benefits A further reduction in active DB schemes should be expected when contracting out is abolished for DB schemes in 2016 driving up costs by around 25 on average ONS Pension Trends 2013 The position is very different for those

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/defined-benefit-final-salary-pension-scheme-a-dilemma-for-some (2016-04-27)
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  • Guides and Tools | RetireEasy
    market value of their homes The latest findings are backed by plenty of other surveys Last year research by Age UK and the International Longevity Centre estimated that over a million older people had what they described as problem debts Boiled down to basics planning your finances in later life is all about making sure we have enough to live on decently until in the immortal words of Monty Python we drop off our perch And the last few generations have seen huge shifts in how we deal with that Often those born before and during the War are characterised as being more careful during life building up capital in the form of savings and their home and not spending what they didn t have living frugally and looking to pass on their assets to the next generation The baby boomers are characterised as being more than happy to spend now pay later They ve been encouraged by lenders as well as Governments who have been only too pleased to see borrowing and spending booms fuelling our GDP This isn t the place to ponder upon the wisdom of funding today s lifestyle with tomorrow s repayments it s how the developed world is now run If we stopped to worry about the trillions of debt we and other nations carry our heads would probably explode I m reminded of how Arthur Dent discovered how to fly you have to miss the ground accidentally and not be distracted by anybody noticing you and saying things like Good God you can t possibly be flying Managing nations debts is the preoccupation of some of the biggest brains on the planet Ordinary people just have to get on with their own borrowings And it s illuminating to see that by far the biggest sections of advice websites like Money Saving Expert are given over to people of all ages concerned about debt It s why so many RetireEasy subscribers have told us they diligently play all the different scenarios on our software ringing the changes to see how best they can balance outgoings and income in the years ahead What happens if I pay down this debt get a part time job downsize or stop making these payments Two of the killer nuggets of information in the first RetireEasy Index are that 31 of subscribers have pencilled in downsizing their home as a real option in retirement and that just 12 have made any plans to pay for their care in later years The reality for a large swathe of people in or entering retirement is that the home is by far the biggest asset we have and the asset that we may well need to fund our care boost our pension or keep our car on the road How we harness that asset is the 64 000 question Many look to equity release one option but not without its pitfalls others as we ve just been discussing look to interest only

    Original URL path: https://www.retireeasy.co.uk/guidesandtools/alerts-and-updates/article/debts-can-figure-large-in-later-life-planning (2016-04-27)
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