If you’re planning to take a career break, being proactive and considering the potential long-term implications could help you keep your pension and long-term plans on track.

A report suggests that 6 in 10 over-45s are underestimating the cost of a care home by thousands of pounds. Understanding the expected costs and creating a care plan could ease stress for you and your family should you need support in the future.

Pension tax relief can significantly bolster your future retirement income. Here's why it's worth ensuring you've claimed all you're entitled to.

High earners striving to build wealth, dubbed “Henrys” (high earner, not rich yet), may find their tax position changes drastically as their income grows. Being aware of your tax liability now and in the future could allow you to create a financial plan that helps you get more out of your money by potentially reducing your tax bill. There isn’t a clear definition of how much you need to earn to be a Henry or what constitutes being “wealthy”. A huge range of factors could affe

A decade ago, the introduction of Pension Freedoms shook up retirement planning and gave retirees more options than ever. Before 2015, if you had a defined contribution (DC) pension, the common route was to use the money accumulated to purchase an annuity. The annuity would then provide you with a regular income, usually for the rest of your life. While an annuity can be valuable in some circumstances, it isn’t flexible. To give retirees more choice, Pension Freedoms were int

For many pensioners, the State Pension provides a foundation to build their retirement income. Whether you’re already claiming the State Pension or it’s still some years away, here’s what you need to know in 2025/26. In the 2025/26 tax year, you can claim the State Pension from the age of 66. However, the age will gradually start to increase from 6 May 2026 to 67, and it’s expected to rise further in the future. You won’t automatically receive the State Pension when you reach

As a self-employed worker, managing your finances can be more complex. One area you might have overlooked or be unsure where to start with is saving for your retirement. According to the House of Commons Library, there are 4.24 million self-employed work ers in the UK as of July 2024, and research indicates many don’t understand pensions. Indeed, an interactive investor survey asked self-employed workers three basic pension questions and found that just 9% could answer all th

In a bid to encourage early retirees back to work, chancellor Jeremy Hunt unveiled several changes to pension allowances during the Budget. The announcements could mean you’re able to save more in your pension and boost your retirement income. Here are the four key pension changes Hunt announced. 1.The Lifetime Allowance will be abolished Previously, the Lifetime Allowance (LTA) has limited the amount of pension benefits you could tax-efficiently build up in total. Those that

The State Pension is set to increase by a record amount under the triple lock due to high levels of inflation. If you’re claiming your State Pension, read on to find out what it means for your income. While there had been speculation that the triple lock would be suspended this year, the Conservative Party under Liz Truss committed to maintaining it. However, new prime minister Rishi Sunak hasn’t commented on the triple lock yet. For pensioners, it’s an important way to maint

Those nearing retirement have plenty of lessons to teach younger generations. A survey asking over-50s how they feel about their pension and retirement plans has highlighted some regrets workers could learn from. When you’re in your 20s, 30s and 40s, retirement can still seem like it’s a long way off and it can lead to “pension apathy”. You may believe it’s something you don’t need to think about until your retirement date is near. However, engaging with your pension sooner m

Figures suggest that workers nearing retirement could find they’re facing a significant income shortfall later in life. Understanding how your pension savings will add up before you retire is crucial for creating long-term financial wellbeing. According to a report from the Social Market Foundation, people approaching retirement are facing a pension shortfall of almost £250,000 if they want to achieve their desired income. Collectively, across the UK there’s a savings gap of

Flexi-access drawdown can provide retirees with more freedom to create an income that suits their lifestyle. However, Financial Conduct Authority (FCA) figures suggest that many retirees are taking unsustainable amounts from their pensions. It could mean they run out of money during retirement. The government introduced Pension Freedoms in 2015, which provide retirees with more ways to access their pension savings. Flexi-access drawdown has proved a popular way to create a re

If you’ve yet to retire, you may give little thought to the State Pension. But the government is currently reviewing it, which could mean millions of people will need to wait longer than expected until they can claim it. The State Pension Age is now equalised for men and women and is currently 66, but there is already a gradual increase planned. By 2046, the State Pension Age will reach 68 for those born on or after 1 April 1977. Once you reach State Pension Age, you can begi

There are many excellent reasons to save into a pension. One of them is the tax relief you benefit from, but many pension savers are overlooking this valuable boost to retirement savings. According to a Royal London survey, just 15% of people fully understand how tax relief on pensions is paid. Importantly, once people had a better understanding of how pensions tax relief works, 25% were more likely to increase pension contributions. Tax relief can help boost your savings and

Pension Awareness Day is just around the corner and is the perfect time to review your pension to make sure you’re getting the most out of it. So, ahead of 15 September, here are seven things you can do to get your pension into shape. 1. Check your pension savings Start by looking at the headline figure; how much do you have in your pension? And how is it forecast to change? Being able to see how your pension is growing and the forecast value at retirement can help you keep m

When you think of risks to your retirement, do you include inflation? It can have a huge impact on your income throughout retirement. Yet, it’s often overlooked when creating a retirement plan. Inflation refers to the rising cost of living. Day-to-day, it’s not something that you notice. However, over a longer timeframe, such as your retirement, the price of goods and services creeping up has an impact. It can mean your income and assets don’t go as far. Over the last year, t

Do you know how much you need to save into your pension for the retirement you want? Millions of pension savers are underestimating how...