Category Archives: Pension
While we sometimes tend to think that young people are not as financially aware as they perhaps should be, recent research carried out by UK financial firm icount reveals that young adults in the UK may be more financially astute than they are often perceived to be, especially when it comes to thinking about saving for retirement.
I’d like to start this post by saying that I absolutely love being self-employed! Being able to choose my own hours, answer only to me and spend lots of time with my kids gives me everything I ever wanted from my working life.
Recent changes from the UK government which gave individuals much more control over how they spend and invest their pension cash has left many people with questions as to the best investment options available when saving for retirement. If you are considering taking on the responsibility of investing your own pension cash, then you will likely have come across something called a SIPP – which is the shortened name for an investment product known as a ‘Self Invested Personal Pension’.
Six months have passed since the pension reforms took effect and more than 200,000 people have released money from their pension, some of whom have even cashed in their entire fund.
This year Drawdown, one of the main retirement income alternatives to the fabled annuity, turns 20 years old. It’s also the year where Income Drawdown comes of age, as we see major changes to the pensions market thanks to reforms back in April, resulting in access restrictions being lifted.
Comparing drawdown now to how the process looked back in 1995 shows some startling differences.