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  • Kate Hughes: Fear Running Out of Cash? Time To Take Back Control Of Your Life | RetireEasy News
    point of being consumed The study of 50 to 70 year olds not only found that almost 80 per cent worried about the financial future but that for 14 per cent it was a daily preoccupation 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 But with current divorce rates more than one in five women and more than one in ten men are single The fear is well founded as women are far less likely to have been involved in any long term financial planning with less than a third saying they took responsibility for managing the bigger financial decisions whilst married according to data from Tesco Bank Prior to divorce a quarter of all these over 50 something women admit that they had never considered savings options a third had never applied for a mortgage and one in ten had no financial products or accounts in their name Worryingly though Friends Life recently found that only 61 per cent of women agree that Getting your financial advice is a good idea even for people who are married Not let s be very clear that anyone is suggesting for a minute that women should only engage more with their money for the fear of being without a husband Part of the answer has to be that both women and men have to take more responsibility for their retirement planning says Dr Ros Altmann director of Saga and government advisor on savings pensions and retirement But while women have tried to look after themselves the hits they are experiencing now with government policies annuity rates and high inflation has had a greater proportional effect on their relatively smaller pension savings When this age group started their careers they were disadvantaged by a pension system that assumed they would be able to rely on a husband s pension But with the current divorce rates women really must engage in financial planning Regardless of gender though the wringing of hands is all very well but there is no easy fix and the simple reality is that the norm will have to change The closer people get to retirement the greater the sense of realism about their position says retiree Richard Collinson who recently launched the RetireEasy tool with his wife Naomi The expectation is lower than for previous generations but people just don t know when the money will run out To take the fear away people need better knowledge of what their retirement will look like and be able to manage their assets to achieve a more comfortable figure and be reassured by that If their future was financially secure RetireEasy found the majority of people would spend more while four out of ten would divide their extra cash between spending more and giving more to their families Those sleepless nights are right if you are relying on

    Original URL path: https://www.retireeasy.co.uk/news/kate-hughes-fear-running-out-of-cash-time-to-take-back-control-of-your-life (2016-04-27)
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  • Abolition Of DRA: A ‘Lifeline’ To Those Nearing Retirement | RetireEasy News
    in the right direction and it is pleasing to see a review of historical rules being applied to modern day life from our Government This overdue move will come as a lifeline to many and with the development of tools such as ours on hand to help financial planning in retirement it is hoped the numbers of those who worry will be reduced It isn t just our research that highlights the worry and fear felt in retirement A recent independent report into UK pensionsalso found that almost three quarters of private sector workers will be unable to adequately exist when they retire partially due to a lack of savings All of these figures surely made for uncomfortable reading to those in power and pressure to change draconian rules will help those willing and able to work in retirement Some have questioned whether the abolition of the DRA will take jobs away from younger workers While many argue this side we believe the over 65 shave a right to continue doing their job aslong as they are capable to do so As pensions savings and inflation continue to hit the pockets of those in later life this continued wage will be a lifeline for thousands More importantly it could ensure fewer people are left in poverty and ultimately turning to an already struggling state for support RetireEasy aims to free people from the burden of worrying about their retirement income 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 and can be easily updated in response to external factors

    Original URL path: https://www.retireeasy.co.uk/news/abolition-of-dra-a-lifeline-to-those-nearing-retirement (2016-04-27)
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  • Take Control Of Your Retirement | RetireEasy News
    of 25 000 a year not counting the state pension the pension pot will need to be around 400 000 which is out of the question for many Drawdown income limits have been cut by the combined effect of falling yields on gilts government stock and a government restriction on the maximum income that can be taken down from 120 of an annuity to 100 The result is that income limits are now 20 to 30 lower than five years ago Even those who think they have made sufficient provision can find themselves caught out by poor investment returns and falling annuity rates Someone who had 100 000 in a pension pot in January 2000 invested in a fund linked to the FTSE 100 would have lost around 25 of their savings over the past 11 years Online help and analysis Part of the problem is massive uncertainty But a new online service from RetireEasy co uk aims to give people the information to take control of their finances and plan for the future Users fill in a questionnaire like a chartered financial planner s fact find about their income expected pensions savings and assets and can add variables such as the expected rate of inflation the age at which they want to retire investment returns and the level of income they would like in retirement We found it difficult to formulate a figure that would give us clarity on how much we could spend in retirement without falling short explains Richard Collinson who put the service together with his wife Naomi and financial advisor Mark Soper And as Collinson points out some people may be worryingly unnecessarily People are often reluctant to spend capital in case they run out But the service can show individuals how much of their

    Original URL path: https://www.retireeasy.co.uk/news/take-control-of-your-retirement (2016-04-27)
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  • Post Finance – Save Us From Euro Despair | RetireEasy News
    fall by at least a further 15 reckons Ben Funnell chief equity strategist at GLG a UK based hedge fund If Funnell is correct the FTSE 100 could be close to 4 000 within 18 months slashing the savings of millions of workers who are still gamely putting money into private sector pension pots on a monthly basis and praying their luck will turn soon With some degree of Greek default widely seen as inevitable things could get grimmer than they are today Despite that nobody really doubts that saving is the only sensible long term option for most working people So where should we be saving to build a long term nest egg Step one make the most of any petty cash Derbyshire Building Society part of Nationwide Building Society lifted the rate on its instant access account online only to an amazing 3 25 AER this week on a minimum opening balance of 1 Step two notice how cheap share prices have become on some blue chip companies Two leading insurers Aviva and RSA both currently pay dividends of 8 plus while Argos retail chain Home Retail Group has a dividend in double figures admittedly reflecting much greater risk Step three join income investors in the infrastructure companies which operate services for the government local authorities and public bodies under contracts where the fee is guaranteed from public funds for decades to come Step four look to hold part of your long term savings in corporate bonds which is how private companies raise finance as a safe haven until markets settle Step five Premium Bonds although the level of prize money has shrunk to 1 50 and the odds against winning a single prize also shrunk to start at 25 with a single bond are 24 000 to

    Original URL path: https://www.retireeasy.co.uk/news/comment-post-finance-save-us-from-euro-despair (2016-04-27)
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  • Ease Your Retirement Worries | RetireEasy News
    left over for care home fees And the final glommy thought will there be enough to pay for your funeral The cost of dying has risen to 7 248 according to figures from Sun Life Direct And in the end will there be anything left over for the kids The majority of people in the UK in or nearing retirement are afraid they will not have enough money to continue funding their lifestyle after they retire according to a study from RetireEasy co uk The research found that of those aged 50 70 79 per cent worry about their financial future But almost two thirds of them 65 per cent worry about this on a monthly basis or more frequently one in seven worries daily I don t often plug software products but I think the RetireEasy is offering the holy grail solution that many of you have been waiting for Instead of spending 200 an hour on services of a financial planner to give you an annual snapshot of your finances for 79 you can buy into the service of www retireasy co uk and do it yourself RetireEasy chief executive officer Richard Collinson a retiree who spent six years developing the service says We found 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 RetireEasy chairman Naomi Collinson adds 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

    Original URL path: https://www.retireeasy.co.uk/news/ease-your-retirement-worries (2016-04-27)
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  • Cyber-Duck; Award Winning Application Development Agency Launches Cloud Based Retirement Planning Software | RetireEasy News
    Ltd When registering RetireEasy s LifePlan prompts the retiree to enter information including their desired income in retirement assets investments debts loans and pensions along with any other income and expenses After this the customer is presented with a secure dashboard and a number of ground breaking charts empowering them to visualise their future retirement over a variety of timescales without needing to deal with complex data and reports The charts can also outline the impact of major financial events such as downsizing a home The retiree can change variables in their income and expenses and even adjust inflation and interest rates to see the affect this will have on their retirement income The dashboard also boasts intelligent notifications warning retirees of any potential issues with their finances that might affect their financial retirement plans Retirees are encouraged to update their LifePlan on a weekly basis to ensure the application continually communicates accurate visualisations Cyber Duck utilised a UCD User Centred Design methodology including specialist stakeholder interviews eye tracking and focus groups to plan the UX User Experience of the application RetireEasy also appointed Cyber Duck to design the brand tutorial videos and the art direction for the project To deliver such complex and intricate functionality within nine months Cyber Duck s in house development team utilised an Agile project management framework SCRUM for the development CEO and Co Founder of RetireEasy Richard Collinson said After many months of planning and working on this project it s great to see the RetireEasy service LifePlan come to fruition We have looked to make the tool as intuitive and simple as possible Following the launch at The Professional Pension Show in London this week the feedback has been nothing but positive and we are excited about its future Production Director at Cyber Duck Matt Gibson echoed Richard s feelings Cyber Duck are thrilled with the launch of RetireEasy s LifePlan and we believe the standard of work cements our place as the UK s leading independent digital agency specialising in delivering complex business applications that are highly engaging We are excited about the future pipeline of RetireEasy products About Cyber Duck Cyber Duck Ltd is an innovative and pioneering digital agency and consultancy specialising in delivering award winning User Centred Solutions The company works with over 100 global businesses ranging from businesses and organisations such as the European Union NordicBet BAM Jewson Halcyon Gallery and Arsenal FC Utilising the latest web 2 0 and SaaS technologies powerful eCommerce solutions stylish branding and expert online marketing Cyber Duck provides comprehensive solutions that streamline business processes and drive conversions Cyber Duck s five core services are Web Mobile and SaaS Technology UX Consultancy Branding and Marketing About RetireEasy RetireEasy 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 and easy to use web based program which is

    Original URL path: https://www.retireeasy.co.uk/news/cyber-duck-award-winning-application-development-agency-launches-cloud-based-retirement-planning-software (2016-04-27)
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  • Will annuities be better the second time around? | RetireEasy News
    annuitant s appropriate tax rate 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 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

    Original URL path: https://www.retireeasy.co.uk/news/will-annuities-be-better-the-second-time-around-2 (2016-04-27)
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  • How GAD Rates Limit Your Retirement Lifestyle | RetireEasy News
    the predicted average life expectancy in retirement for someone aged 65 retiring today this might mean the next 30 years Suppose you said 6 per annum Well the Government currently allows a GAD rate of 5 6 for income drawdown schemes which means over those 35 years your pension plan would gradually grow in value leaving a larger sum when you die than you have right now even after allowing for the paltry age related increases in the GAD rate Do the sums assuming a total return of 8 not unheard of by any means and your pension will be worth several times its current value even at today s values So you leave this sum to your dependants if you have any but if you do that a whopping 55 goes in taxes leaving just 45 to those dependants But don t you want to have the use of these funds for your retirement A recent survey conducted by RetireEasy co uk showed that most people in or facing retirement want do just that Also the gilt yields are on the floor mainly due the Government s QE policies so at a time when the Government is itself forcing down annuity rates and GAD rates what does it do it changes the rules so you can only take 100 of GAD rather than 120 This is bizarre policy as forcing retirees to take a lower income reduces the tax revenue for the Government Yet the Government needed to raise tax revenue from retirees by removing the age related tax free allowances so has the Government Next post RetireEasy 2016 Terms Conditions Privacy Policy SaaS Solutions from Cyber Duck Follow us LinkedIn Facebook Twitter More information Navigation About us What is RetireEasy How it works Accolades FAQs Security News Press

    Original URL path: https://www.retireeasy.co.uk/news/how-gad-rates-limit-your-retirement-lifestyle (2016-04-27)
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web-archive-uk.com, 2017-12-11