A Pension or A Pauper – 5 Facts to Help you Understand theChanges

www.louise-hunt.com /2015/11/15/a-pension-or-a-pauper-which-will-you-be/

A Pension or A Pauper – 5 Facts to Help you Understand the changes.

This is for anyone who is confused about How much their Pension will pay outwhen they reach Retirement age.

A topic which is neither sexy or interesting but controversy is growing in the UK over thenew “flat rate” state pension. It’s a subject we must discuss.

Click here: gov.uk info

The government recently admitted that 63% of us who will reachthe state pension age in 2016/17 will receive less than the “fullrate” when the new scheme starts in April 2016.

It’s becoming clear that not only will you be disappointed in theamount you receive some people will be paying nationalinsurance contributions but without receiving the benefits.

Where will your Beer money come from ??

5 Facts to help you understand what will change in April 2016

What changes in April 2016 : Under the old scheme you could build upcontributions to both the basic and the second pension. From next April, you willbe contributing to only one single pension.

How much is the new Pension worth: The expected figure isabout £155 per week, today it is £115 per week.

How do you qualify for it: To obtain the full rate you will needto have made at least 35 years of contribution.

How simple is it to understand : Not very but you can get aState Pension forecast from gov.uk/state-pension-statement orcontact Citizens advice via their website for a Pension WiseAppointment.

Have people grasped that they may not receive the full flatrate pension – almost certainly not?

Has the new pension freedom caused a generation to clear out their retirement fund and bought a Ferrari? Theevidence so far has been on the side of caution. People are making calm sensible considered choices.

But the signs so far for 30 -40-year-olds are not going to have the support that the retiring generation now have….

What you need to do next: Pension Plan Review

Aged 25 then you need to be saving £216 pm into a pension, Aged 40? You should be saving 20% of your salary£400+

Join a Company Pension scheme – the rule of thumb is that you should be saving half of your age as a % ofincome, hope that makes sense.

What is your expectation when you retire? You need to know how much you want to retire on at 65 then workbackwards to find out how much you need to start saving now in order to achieve it ..get advice now! shop aroundbut be careful of hidden expenses…look on these websites moneysavingexpert.com and gov.uk or visitwww.citizensadvice.org.uk

Do you really want to leave your Retirement Plans in the hands of the Government or do youwant to be in control?

This is where I plan to be … and I can explain how I’mgoing to achieve it ….If I can help you achieve the samethen please contact me

Click here to book an Appointment via Skype: AppointmentSchedule or email me by clicking here.

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A Pension or A Pauper – 5 Facts to Help you Understand the changes.