September 2024
05Sep

UK. State pension to rise by over £400 next year

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms. The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week. This is due to the triple lock, which means the state pension increases every April by whatever number is highest out of inflation, the average UK wage increase, or 2.5%. The news comes as...

September 5, 2024
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03Sep

UK. More than half of women expect to run out of money during retirement, as gender pensions gap persists – Fidelity International

More than half (52%) of women in the UK do not believe they will have enough money to sustain their income in retirement, according to findings from Fidelity International’s annual Women and Money study.1 The research indicates that a significant number of women have adjusted their financial plans in response to economic pressures over the past 12 months. Specifically, more than one in ten (12%) women have reduced their pension contributions – with those who have done so cutting back by an average of...

September 3, 2024
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02Sep

UK. Third of retirees overspending amid rising cost of living

Nearly a third of UK adults have admitted to being ‘retirement overspenders’ due to the rising cost of living. Research by PensionBee also revealed 20 per cent of those aged over 55 have consistently spent more than they expected to during their retirements so far. With an additional 11 per cent admitting this had occurred early on in their retirement. Daily living expenses emerged as the largest financial burden for retirees, with 28 per cent citing it as their top item of...

September 2, 2024
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02Sep

The Average Retirement Age in 2024: US vs. UK

With recent economic challenges and rising costs of living, retirement is on many Americans’ minds. You may be wondering: Is the state of retirement in the U.S. worse than in other countries? That depends on which country you’re talking about. Read on to learn about the average retirement age in the U.S. and UK, plus current retirement processes, to compare the difference.   Earning passive income doesn't need to be difficult. You can start this week. What Is the Average Retirement Age in the US? According to...

September 2, 2024
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August 2024
29Aug

UK. Britain should raise pension contributions to plug ‘gender gap’, consultant Mercer says

 The minimum amount that workers and employers in Britain put into pension pots should be raised to help plug a retirement cash gap between men and women, and boost investment in productive assets, pensions consultant Mercer said on Wednesday. Britain's new Labour government has announced a review of the pensions industry to give people more value and create bigger cash piles to invest in infrastructure and green technology to raise returns and economic growth. The government should consider increasing - in stages - the minimum...

August 29, 2024
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28Aug

UK. DC retirement expectations improve following state pension increase

The expected future living standard in retirement provided by defined contribution (DC) savings improved in Q2, although it is yet to return to the level reached before the 2023 update to the Retirement Living Standards, Aon's UK DC pension tracker has revealed. Aon's DC tracker rose “steeply” from 60 to 65.2 during the quarter, driven primarily by the April 2024 increase in the state pension, together with increases in post-retirement expected investment returns. According to the tracker, all members benefited from...

August 28, 2024
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27Aug

UK. Reeves could raise £10bn a year by reducing pension tax relief, report says

Rachel Reeves could raise at least £10bn a year through a radical shake-up of pensions that would make tax relief less generous to better-off earners, a leading left-of-centre thinktank has said. The report by the Fabian Society says tax breaks for pensions have become markedly more expensive for the government and its proposed changes would fill half the £22bn shortfall the chancellor has identified in the public finances. Reeves has dropped strong hints that she is planning a tough, tax-raising budget on...

August 27, 2024
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26Aug

UK has record 991,000 self-employed workers aged 60 or over

The number of people aged 60 and older who are self-employed has reached a record of almost 1 million, research suggests. This represents an increase of more than a third (33%) in the past decade, to reach 991,432 self-employed people aged 60 or over in 2023, according to analysis by Rest Less, which offers advice to older people. The analysis found that while the number of self-employed workers in their 50s and older has grown since 2021, it is those in...

August 26, 2024
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23Aug

I’m 65 and have no pension – I’m stuck travelling the world forever

I’m officially homeless. For the first time in my life. At the age of 65. On 20 May, after putting all my worldly goods into storage, that’s what I became. By choice. Sort of. After owning property for over 30 years, both in the UK and Spain, I can no longer afford to live in the UK. I hold my hands up and admit I am responsible for the greater part of my debt. I’ve never been great with money. I...

August 23, 2024
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22Aug

DWP announces £780 payment increase for UK households to help with cost of living

UK households are set to receive a financial boost this year to help with the cost of living. With inflation slightly rising back to 2.2 per cent, additional financial support will be beneficial in managing the ongoing income squeeze, especially following the recent cut in interest rates to 5 per cent at the start of August. This extra support for households is due to changes implemented by the Department for Work and Pensions. It has applied a 6.7 per cent...

August 22, 2024
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