pension advice Archives - Philip J Milton & Company Plc

One million over 45s ‘have no savings’

It’s scary but not really surprising that a recent survey has found more than one million people aged 45 and over have absolutely no cash savings as they head towards retirement. The survey by not-for-profit organisation Fair4All Finance of 3,101 financially vulnerable people found that 37% had no savings at all, a 14% increase in...

Half of those who withdraw from their pension ‘take no advice’

We’ve said it before, but would you attempt to remove the engine from your car if you weren’t a skilled mechanic? Or perhaps fix your plumbing pipework without any practical plumbing skills? No you wouldn’t. Even if you watched YouTube videos and read online ‘how to’ guides, you would not be as informed or skilled...

Are you paying the wrong pensions tax?

One of the ‘top 10’ most common tax mistakes people make is not telling HMRC they are about to retire, according to the Age UK. The charity has warned retirees could end up paying the wrong amount of tax if they don’t tell HMRC about their State Pension. You must tell HMRC about any changes...

Don’t put pension planning on the back burner

Assurances have been made that the State Pension age is ‘unlikely’ to rise to 68 years-old but the ongoing speculation does bring into focus the need to have a clear understanding of the issues and to plan for retirement. The current age is 66 and the Work and Pensions Secretary recently said in parliament it...

When will the State Pension age go up?

News the state pension age is unlikely to rise to 68 will be welcome for those seeking to banish uncertainty from their retirement plans. A week is a long time in politics, let alone 17 years, but the Work and Pensions Secretary Mel Stride has said it is likely to be ‘2040 or thereabouts’. He said...

Will pensions ‘political football’ stay on the pitch?

The removal of the lifetime allowance (LTA) from pensions in the Spring Budget was widely welcomed by most independent financial advisers (IFAs), but recent research has shown that many believe it will not last. A survey by Standard Life has shown that more than two thirds (69%) of IFAs think that planning around the LTA...

Would you remove your own appendix to ‘save money’?

Would you begin dismantling your household pipes without knowledge to find a leak or would you call a plumber? Would you remove your own appendix with just a scalpel and a little alcohol, knowing roughly where it was and not having a clue what was connected to it or any hidden dangers? It is...

What does the banking crash mean for us?

What is it about March and crises affecting the financial markets? So Credit Suisse, one of the bastions of the Swiss banking industry has been swallowed by UBS and with a big write-down for its shareholders and 100% losses for those with the riskiest of its bonds. The reverberations appear to be continuing. ...

What is the cost of retirement?

Have you considered how you will manage when you retire? Unfortunately, many people don’t and a recent study has shown the amount needed to have a ‘comfortable’ retirement is increasing. According to data from the Pensions and Lifetime Savings Association, the minimum cost of retirement is up by about 20% from 2021 to 2022. That means...

Seeking out those elusive lost pension pots

Somewhere out there is almost £27billion in ‘lost’ pension pots, according to a recent report. The Times tells us there are 2.8 million ‘missing’ pots out there which highlights the difficulties savers can often face keeping track of what they hold. The startling numbers are based on a report from the Pensions Policy Institute, an industry...

One million over 45s ‘have no savings’

Half of those who withdraw from their pension ‘take no advice’

Are you paying the wrong pensions tax?

Don’t put pension planning on the back burner

When will the State Pension age go up?

Will pensions ‘political football’ stay on the pitch?

Would you remove your own appendix to ‘save money’?

What does the banking crash mean for us?

What is the cost of retirement?

Seeking out those elusive lost pension pots

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Philip J Milton & Company Plc

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