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  • Alerts & Updates | RetireEasy News
    soon Read the full article 19th March 2014 by RetireEasy Osborne Announces Massive Overhaul Of retirement Options George Osborne today announced potentially far reaching changes in retirement planning and funding effective from next April Central to the new regime is the ability to withdraw the whole of a pension fund as a single lump sum or as a series of lump sums over a period of time 25 of the pension fund can Read the full article 19th March 2014 by RetireEasy ISA Limits Up Plus Added Flexibility In today s Budget George Osborne announced higher ISA limits of 15 000 per individual from July 2014 The new limit will combine both Cash and Investment ISAs with greater flexibility to switch between each type More to follow soon Read the full article 16th October 2013 by RetireEasy CPI Impact on State Pensions It has been announced that the September CPI value was 2 7 This is the rate that the State Pension and other pension revaluations will be increased by with effect from next April Read the full article 4th October 2013 by RetireEasy Shop Around To Maximise Retirement Income With one of the key annuity providers reducing annuity rates again this week it is key to shop around not only for the best standard annuity rate but also for non standard annuities Read the full article 14th September 2013 by RetireEasy New Lifetime Allowance 1 25 Million Still Sounds A Lot and of course a pension fund of 1 25 million is indeed a lot and I am sure most of us will accumulate a pension fund far less than this But the new limit coming into effect from 2014 may tell us a bit about how the Government is thinking about private pension provision and retirement savings generally

    Original URL path: https://www.retireeasy.co.uk/news/blog/alerts-updates/page/2 (2016-04-27)
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  • Are you concerned your money will not last throughout retirement? Here are some hints on how to make your money last longer | RetireEasy News
    date s in the future All of these options are available via the Desired Income tab in the Expenditure section of your LifePlan Plan a home downsize You can do this by selecting the Future Downsizes tab in the Home section of your LifePlan This enables you to choose the age at which you plan the downsize the percentage of your home value that you wish to release and how much you expect to use to repay any outstanding mortgage The surplus will be added to your notional investment account which will use your base assumptions on growth and yield to grow these investments You can choose further downsizes if you think this might be something you would do more than once Take out a Lifetime Mortgage The ability to easily model this option which is becoming ever more mainstream will be incorporated in our soon to be released LifePlanPlus which will be available for a modest monthly fee More details will be revealed closer to the LifePlanPlus release Continue working after retirement By selecting the Jobs tab in the Income section of your LifePlan you will find several options including to continue working full or part time or to start working again after retirement You will be able to select From and To dates for future jobs and inflate the income over time You will need to enter your National Insurance contributions manually but LifePlan will of course calculate your tax liability for each year automatically Sell a personal possession You may have one or more personal possessions such as a caravan boat work of art or classic car which you feel you could sell in the future in order to supplement your income later in retirement some of these items you may feel you will at some time have no further use for Go to the Personal Pensions tab in the Assets and Investments section and if you have entered a suitable asset click Yes to the question Do you plan to sell this asset one day and choose the year in which you might sell it Remember to allow for some Capital Gains Tax if you think this is necessary Sell a Business If you have a personal business you can choose a date when you plan to sell it Go to the Business Investments tab in the Assets and Investments section and click Yes to the question Do you plan to sell this business one day and follow the prompts Sell a Property Investment If you own or have a share in one or more buy to let or commercial properties you can by clicking on the Property Investments tab in the Assets and Investments section select the desired property and answer Yes to the question Do you plan to sell this property one day You will then be able to choose the age at which you expect to sell this property again just follow the prompts Whenever you try out a different option you can

    Original URL path: https://www.retireeasy.co.uk/news/are-you-concerned-your-money-will-not-last-throughout-retirement-here-are-some-hints-on-how-to-make-your-money-last-longer (2016-04-27)
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  • A pre-retirement check sheet to help safeguard your future income | RetireEasy News
    a straightforward annuity for instance but an enhanced one might offer good value 3 And what is your attitude to risk and return can you afford to put all or part of your funds into higher risk higher return investments or do you need or want to take a safer option 4 What about those you may be leaving behind will your financial plans need to provide for them in the years to come 5 Do you have the time and knowledge to manage more complex investments would you be safer to leave your money in the hands of a trusted professional or would it simply be easier to place your funds in a well proven vehicle Annuity or drawdown If it s a regular income you are after you have two main choices annuity or drawdown An annuity can deliver a guaranteed income either for the remainder of your life or for a fixed period Variations are also available which will provide an income for your spouse or partner should you pre decease them keep your income in line with inflation operate for a fixed period and end with a lump sum take account of poor health enhanced annuity and provide a better return Don t assume that the pension provider you have saved with over the years will offer you the best deal all too often they rely on customer loyalty So shop around ideally using an independent adviser or a specialist annuity bureau who will look at the whole of the available market on your behalf Annuities represent a risk to both parties if you die earlier than expected the provider wins go past that point and you are quids in A Drawdown Plan is not only more flexible but allows you to retain control of your pension fund and so potentially you can pass some of its original value down to your family normally free of any tax including IHT if you die before age 75 If you die after the age of 75 those who inherit may pay tax depending on their own individual tax status The biggest downside of drawdown of course is the potential for running out of funds during your lifetime especially if the fund in which it is invested does not perform well Of course you don t have to choose just the one option you could divide your available funds between an annuity drawdown and even withdraw up to 25 of your pension pot to go into another vehicle spreading your risk and potentially enhancing your return If you are still uncertain then deferring your decision until your circumstances are clearer or more appealing products come onto the market may be your best option If you do need funds in between your provider may be amenable to allowing you draw down what you need do bear in mind your tax limits and also be aware of any early withdrawal charges that may apply Find out the facts Taking independent financial

    Original URL path: https://www.retireeasy.co.uk/news/a-pre-retirement-check-sheet-to-help-safeguard-your-future-income (2016-04-27)
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  • Car insurance: a basic guide | RetireEasy News
    on car insurance isn t always just getting the best price and when you re looking around for the right policy for you do make sure you are comparing like with like How big is the excess for instance And do they include free windscreen cover Building in extras such as a guaranteed courtesy car will add to the costs but if you do have to keep on the road while the car is in dock it can really bump up the costs Equally some will offer very good deals on roadside support enabling you to cut loose your current provider Some offer much better deals on driving overseas so if that represents an important part of your annual travel do factor that in Then there is the cost of adding a driver to your policy helpful if you occasionally need someone else to ferry you about Legal protection is also another handy nice to have if you do have a bump helping you to sort out the wrangles that can often ensue Some providers will build these into the cost others add them on so take into account all the features that you really do need when making your decision If you re looking to really trim your costs consider Opting for a third party fire and theft policy rather than fully comprehensive especially if your car is not particularly valuable Offering to pay a higher level of excess Pay in one lump rather than in instalment unless there is no extra cost of course Install a black box which monitors your driving Some insurers will reduce premiums if you have passed an advanced driving test Too old to get insurance Of course advancing years can start to have the reverse effect on your premiums when you get into

    Original URL path: https://www.retireeasy.co.uk/news/car-insurance-a-basic-guide (2016-04-27)
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  • Retirement housing: a basic guide | RetireEasy News
    and dining facilities on hand Increasingly developments are being established with extra care facilities readily on hand apartments which are designed specifically for those with extra care needs and even with care units attached complete with medical personnel There is a considerable advantage of a facility that allows you to progress seamlessly from having an active retirement in an easy to run apartment or town house through to being able to access domiciliary or nursing care as and when need it In particular you can remain within familiar surroundings and within your newly established friendship and support network So are there any caveats to all these positives Firstly there is still relatively little new stock being developed which means that you may need to move away from your current social and support network to find the sort of property you want in your price range Secondly not all developments offer the mix of tenures that will meet you needs ideally there would be a choice to purchase part own and rent enabling you to remain flexible and release as much capital as you need to help fund the years ahead Thirdly every development like this will have associated running and maintenance costs which are passed on as management fees and the more facilities on offer the higher the costs so do take full account of these when budgeting for your future years Fourthly although the move into retirement accommodation is often seen as one s last move there may come a time when you or your partner will need to make the move into accommodation that offers a greater level of support and care extra care or indeed into a care setting Research how easy it will be to make this move and whether there are any restrictions on who you can sell your property to or any cost implications Finally moving into the right retirement property can prove immensely rewarding for many people an opportunity to really make the very most of one s later years Indeed many of those who have made the move will speak of regret they did not make the move earlier or that it has made a calculable improvement on their health and wellbeing But it is a major move and it isn t for everyone it is not the same as living in a semi detached house with your own garden and drive some developments have restrictions on the pets you can keep Moreover it s a move that could prove difficult and or expensive to undo So do undertake your research carefully there are specialist agencies that will listen to all your requirements and preferences and shortlist the best choices for you Don t rush into a move Many of these developments have guest suites where you can sample the life there before deciding Talk to a wide cross section of other residents Explore the locality and check out what sort of social offering it has as well as the proximity to

    Original URL path: https://www.retireeasy.co.uk/news/retirement-housing-a-basic-guide (2016-04-27)
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  • Health insurance: a basic guide | RetireEasy News
    known providers of 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

    Original URL path: https://www.retireeasy.co.uk/news/health-insurance-a-basic-guide (2016-04-27)
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  • Annuities: a basic guide | RetireEasy News
    work and what 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

    Original URL path: https://www.retireeasy.co.uk/news/annuities-a-basic-guide (2016-04-27)
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  • Life Insurance: a basic guide | RetireEasy News
    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

    Original URL path: https://www.retireeasy.co.uk/news/life-insurance-a-basic-guide (2016-04-27)
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web-archive-uk.com, 2017-12-17