Category: Security

Have you voted for government to keep its hands-off your pensioner benefits?

Senior Couple Watching TV At Home

The Conservative party has pledged to consign the possible granting of state pension increases so small as to be meaningless ,to the political dustbin by confirming the retention of the ‘triple lock’ guarantee for state pension increases post-2015 ,if re-elected. No sooner had this political football been punctured than murmurings were to be heard from other political quarters threatening to remove the following pensioners’ non-means tested benefits :

– free tv licence fee for the over-75s

-winter fuel allowances

-bus passes

-free prescriptions and eye tests

It is true that there are some wealthy pensioners in the UK who could well fund these benefits for themselves. According to the Hands Off ! campaign, however,the high figures for usage point to a clear need for these benefits to be retained.It also says that the high level of unclaimed means tested benefits, for over 65s, clearly shows that means testing does not work.

“We have,for the first time,placed a value on the economic and social contribution that older people make to our society. In 2010,over 65s made an astonishing net contribution of £40 billion to the UK economy through,amongst other contributions,taxes, spending power,…” Lynne Berry, WRVS

Hands Off! also says,the recent period of austerity is seen as having hit hard the older as well as the younger generations in the nation.The risk of poverty in older people is said to be higher than for most other EU countries.

There have been a number of recent changes affecting pensioner benefits:

-the date for women’s pension retirement age brought forward

-state pensions linked to the lower measure of inflation (CPI)

-raised qualifying age for Winter fuel payments

-the freezing of personal allowances for over 4 million pensioners, expected to save the government £1bn by 2015.

“There are over 10 million people aged 65+ living in the UK. Two out of three believe that politicians see older people as a low priority. The ‘Hands Off’ campaign plans to change that.” Hands Off!”

An e-petition entitled ‘Hands off universal pensioner benefits’ has been created in order to influence government and parliament in the UK.

Sign-up today! The opportunity  to do so ends 10th May 2014

Five steps to boost retirement income from your pension pot

7027606047_cac49c3b79_t21Retirement annuities have been much in the news lately.

According to recent reports, many of the estimated 400,000 people per year in the UK who purchase annuities are not aware of the best deals available to them. Only a mere 13 % apparently realised they could possibly do better than their first offer from an insurance provider.This is not a new problem – see link below : the60life.com/enhanced-pension-annuities-in-uk-revealed-the-shocking-truth-that-over-50-still-miss-out-on-extra-income/

Thankfully, there is extensive information out there to help pensioners obtain the best rate of income for their needs in return for their hard saved pension pots. The industry watchdog, the Association of British Insurers,(the ABI), has recently highlighted the disparity between the best and the worst annuity providers by publishing a much acclaimed ‘name and shame’ list. Some rates were up to 46% better than the worst.Retirees can help themselves with possibly the most important financial decision of their lives, and significantly boost their income for life. Four tips to help boost your income from an annuity are:

1. Don’t accept the first quote you receive. This might be from the provider with whom you saved your pension pot,or perhaps a suggestion from an online brokerage. As with most important purchases today ,you need to shop around for the best deal to suit you.You may be considerably better off this way.

2. Be sure to ask for and receive a guaranteed quote from a provider and not merely an indicative one. The latter might be attractive to you but it could be more than the income amount you eventually receive. So avoid this disappointment.

3.Make sure all your personal details have been included when applying for an annuity. Always fully declare the full state of your health which, if poor,could entitle you to an enhanced income. In this case, where a person is not likely to live as long as would normally be expected statistically an insurer will often be prepared to raise the annual income payable under an annuity.

4. On taking appropriate professional advice: don’t pay over the top for advice. Advisers say around 1.5 % of the pension pot is about right, but up to 3%, often without real advice given, is probably not. You can try unbiased.co.uk , the financial adviser website as a place to start your search.

5. Finally, having taken advice, it may be that taking a full annuity does not best meet your needs. Instead you may consider drawing down the whole or part of your pension fund gives you more control over your income and future investment. Note there are some restrictions to this option under regulations which limit the amount you can withdraw in this way. Your adviser can help with this.

Other useful (and unaffiliated) links to go to for information are:

National Association of Pension Funds (NAPF)

Association of British Insurers (ABI)

Citizens Advice Bureaux(CAB)

the60life.com/enhanced-pension-annuities-in-uk-revealed-the-shocking-truth-that-over-50-still-miss-out-on-extra-income/

 

Where’s your money now?


"nest egg"

This question is prompted by the horrendous experience reported on the BBC programme Rip Off Britain today. Apparently a couple who thought they had a ‘nest egg’ to provide for a ‘rainy day’ found to their utter dismay when that rainy day arrived that their money had simply disappeared. A scam you say? Taken in by a rogue ‘cowboy’ firm? Oh,no. The BBC team report that 25,000 pounds (GBP) held for over ten years in a UK building society, during which time the society had been taken over by a high street bank,could not be traced.The couple’s passbook clearly shows an undrawn balance of the ‘missing’ amount. The bank claims not to have a record of the account in which the money is supposed to have been deposited.The story does not have a happy ending,at least thus far. A review by the Financial Ombudsman found in favour of the bank.

The names of the players are immaterial here. There is ,however, one good tip to take from this awful situation.If you tuck money away for a long period make sure you check regularly with the company or institution that everything is in order. At least once a year make sure you receive a communication from them. You can expect to receive a notification of interest or dividends earned, and often some form of annual report with business results. If you have not received anything you should contact them now! Finally, if you have changed your address recently do notify the company holding your money.

Working on in the UK after state retirement age

According to the The Office of National Statistics (ONS), older UK people in the labour market are working longer beyond state retirement age.

Statistics out last month show the following numbers:

  • 1.4 million  the number of people of state retirement age and above, or double the number 20 years ago in 1993 when the figure was 753,00
  • 32 per cent of older workers are likely to be self-employed,as compared with 13 per cent for younger people
  • 8-in-10 older workers have been with same employer for five or more years. Around two thirds of them are working part-time having gone on from full-time with the same employer
  • Men working later in life tend to stay on in higher skill roles while women tend to stay on in lower skill roles
  • Just over a half (51 per cent) of older workers are in small organisations of fewer than 25 employees

Some factors for these statistics are put down to:

  • the number of ‘baby boomers’ reaching state pension age has grown faster than the increase in the general population
  • improvements over the last two decades in health and well-being
  • financial pressures arising from higher ‘elderly’ inflation and the economic climate over recent years
  • mortality rates record that this group are living longer making it necessary to provide for a longer period of retirement
  • a general wish to remain active in society

For a fuller and official report from the ONS including  an interesting animated video  you can go to this link http://www.ons.gov.uk/ons/dcp171776_267809.pdf

 

Key Factors in Retirement Planning

From Tax Credits at http://www.flickr.com

 

In retirement planning, always a thorny question to deal with is : what level of  income will I require  in order to maintain my standard of living when I eventually decide to retire? Financial and pensions advisers  call this target income the replacement rate, which is expressed as a percentage  of income received immediately prior to retirement.

So won’t I need at least as much income in retirement as before? You can count yourself fortunate if you can retire without taking a drop in income. But that you can probably keep up your level of spending on consumption with less income has been put down to the following:

  • In retirement most people pay less tax
  • For many the cost of saving for retirement stops
  • Most households look to have no mortgage left to pay for, or not  for long after retirement

At the  RETIRE Project at Georgia State University  required replacement rates have been studied and calculated for decades. As at 2008, the project estimated that households with earnings of more than $50,000 needed about 80 percent of pre-retirement earnings to maintain the same level of consumption. The Boston College finds achieving this level of earnings depends on the following factors:

  • Level of government income support, if any – the higher any supplementary financial support received the lower the retirement income provided by savings needs to be
  • Rate of return on savings– the higher this is, the lower the amount needed to be put away as savings
  • Age when savings begin– the earlier the start,the less is required to be saved by way of regular contributions
  • Age of retirement – the longer this is delayed, the lower the required saving rate needs to be

You can see a summary of the Boston College paper here:  “How important is Asset Allocation to Financial Security in Retirement?”

Adjusting any of these factors can make a great deal of difference to the prospective retiree. Starting to save early, and/or delaying retirement can make a significant difference to the outcomes. When retirement planning appropriate professional advice should be taken.

Why do optimistic people live longer?

The60LifeWeekly

12th August 2010

· Why do optimistic people tend to live longer?

· 8 ways to improve your finances in just a few minutes a week

· How to increase your chances of preventing cancer

Hi

This week we look at three more topics of interest to most of us.
At any age, our health is of paramount importance to us. Also, at any age, our wealth, or lack of it, is a frequent pre-occupation…

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Why do optimistic people tend to live longer?
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First up, though, a question: are you a glass half-full person, or does your glass tend usually to be half-empty?

According to a recent study by the Mayo Clinic optimistic people live longer lives, by almost 20%!!!

From a report written by Jonathan Wells – Advanced LifeSkills]:

‘Most of us enjoy being in the company of positive, optimistic people. Their sunny outlook on life is both refreshing and encouraging. It is easy to see the benefits that we gain from associating with those who are filled with optimism, but what about them?

Have you ever wondered whether or not there are any tangible, long term benefits associated with having a positive outlook? Does our attitude really affect our health as some have claimed, or is this just one of those scenarios that sound reasonable but can’t be proven.

Science meets the challenge

The BBC recently reported on a long term study conducted by the prestigious Mayo Clinic aimed at finding the answers to those very questions.

Between 1962 and 1965 they interviewed more than 1,100 patients and gave each of them an optimism ranking based on their perception of life. Then they tracked those people for the next 30 years to see if they could identify any noticeable differences.

For a full report, and tips for a longer happier life you can check-in at

familyhealthguide.co.uk/10-tips-for-a-longer-happier-life

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8 ways to improve your finances in just a few minutes a week

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So how much time does it take to turn-off unnecessary lights, switch-off the TV, and other appliances, when not in use? Hang out more clothes to dry on a line instead of using the tumble dryer. Money Mail reckons these few small steps alone can save the average family about £82 per annum. And there’s more…

1. Switch to paying your car insurance premiums annually
as many insurers charge interest of up to 15% if premiums are paid in monthly instalments.
2. Trace missing funds- a dormant account or a deferred/lost
pension . Start by going to www.unclaimedassets.co.uk to point you in the right direction.
3. Track down the cheapest motor fuel in your area by entering your postcode at www.petrolprices.com
4. Visit www.saynoto0870.com if you are calling 0845 or 0870 numbers to see if there is a local number you can call.
5. Search the internet for the latest offers and vouchers. Among the best sites is www.vouchercodes.com
6. Take-out for free that DVD or book that you are only ever likely to read but once from your local library (if you have one)
7. Obtain a railcard to save almost a third off your travel costs.
8. Check you are not paying too much income tax. A quick look at your coding notice should help. If you are in doubt check it out at the HMRC helpline on 0845 3000 627

And there’s more, another you can check out 42 more ways to make or save money at thisismoney.co.uk

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How to increase your chances of preventing cancer

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According to familyhealthguide.co.uk :

Diet and Lifestyle Tips to Help Prevent Cancer

[From a report by Millie Barrett BSc(Hons), mBANT]

There are more than 293,000 new cases of cancer diagnosed each year in the UK, and more than 1 in 3 people will develop some form of cancer during their lifetime. More than 1 in 3 people – that is a shocking figure.

According to Cancer Research UK, approximately half and probably more, of all cancers could be prevented by diet and lifestyle changes.

So we do have the power to act and reduce our personal risk of developing cancer – but how?

The following nine recommendations come from the World Cancer Research Fund Global Network (WCRFGN), which is made up of a panel of international experts working in the fields of cancer prevention, epidemiology, human nutrition, obesity and public health. Many of the recommendations are familiar public health goals based on maintaining a healthy weight, regular exercise and a well-balanced diet.

The WCRFGN recommendations:

· Be as lean as possible within the normal range of body weight
· Be physically active as part of everyday life
· Limit consumption of energy-dense foods and avoid sugary drinks
· Eat mostly foods of plant origin
· Limit intake of red meat and avoid processed meat
· Limit alcoholic drinks
· Limit consumption of salt and avoid mouldy cereals or pulses
· Aim to meet nutritional needs through diet alone
· Mothers to breastfeed and children to be breastfed exclusively for six months and as complementary feeding thereafter

You can check out more at familyhealthguide.co.uk

I hope you find the above full information useful. Often a simple reminder of things we should do helps save cash in these times of ecomomic difficulty. Yes, I will switch-off that light next time when I leave an empty room!

Coming-up in the next issue will be three more items, giving health and wealth related news and tips. Debt relief tips, flagged last time, will be for another week.

Look out for your next issue on 19th August!

Yours ,

Mike Paterson,
The 60Life Weekly

PS: If you have your own stories, tips, or feedback please send them to me at

[email protected]

PPS: If you have missed earlier issues of The 60Life Weekly these can be found in the archives at

www.the60life.com

Disclaimer: It is always my intention to be as accurate in fact, detail and comment as possible. However, I cannot be held responsible for any error in details, accuracy or judgement whatsoever. This e-letter is produced on this understanding.

It’s not too late to think about your financial security

The60LifeWeekly

 

22nd July 2010

  • Is there a writing bug, and do you have it?

 

  • It’s never too late to think of financial security

 

  • Gas and electricity prices: who has the real deal?

 

Hi

This week, I have assumed that, as you clicked through to join the 60life weekly group, and also to obtain my free e-book, that one of our shared interests over time will be writing. Below is a very useful resource I have found for you…

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 Is there a writing bug, and do you have it?

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…Although I do not know your level of interest in, or experience of, writing, my intention in drawing your attention to the link below is to provide a link to an excellent new introductory resource which I hope many looking to take-up writing again, possibly for the very first time, (and an interest in books) will find very useful.

Booktrust  : ” Creative writing can be something very private. From jotting down your thoughts in a diary to composing a love letter, or writing something for the world to see: setting up a blog or even writing your own biography or novel.

All you need is a pen, some paper and a small bit of inspiration…

…Independent reading charity Booktrust [has launched] its first project aimed at engaging over 60s in reading and creative writing. Bookbite,[ launched on 8th February], is designed to “encourage those who rarely or never read books to engage more in reading and writing for pleasure, using the internet to access additional resources where and when possible”.

For some writing tips you should check this out:

http://www.bookbite.org.uk/writing/writingtips  Here you will find case studies, tips, resources, and great encouragement.

In later issues, I shall be looking at writing for both pleasure and profit.

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 It’s never too late to think of financial security

 

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Flexible funds to help weather the current economic storm.

 

At a time when a number of index-linked products have been withdrawn by National Savings and Investment

The Daily Telegraph reports that:

‘Stock markets are unpredictable at the best of times, but the economic turmoil of the past few years has left many fund managers wondering which way to turn…

“In my 20 years as a fund manager I’ve never had to work in such uncertain times,” said Ian Spreadbury, Fidelity’s strategic bond manager. “It isn’t clear whether we are heading into recovery or back into recession, whether this will herald an inflationary period or a prolonged deflationary one, or what will happen to interest rates.”

Cautious investors are hedging their bets by flocking to risk-averse funds that claim to offer flexibility to weather whatever storms lie ahead. Absolute return funds are top of the popularity tables, with cautious managed and strategic bond funds making up the remainder of the top 10.’

 

You can read the full report here http://www.telegraph.co.uk/finance/personalfinance/investing/7898286/Flexible-funds-to-keep-your-portfolio-in-the-pink.html

As promised, I am including Simple Financial Management in Retirement, a special free report prepared for you this week.

This is at  http://www.the60lifeweekly.com/FSIRSI.pdf

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Gas and electricity prices: who has the real deal?

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Now may be a good time to review what you are paying for domestic fuel.You have last winter’s bills by now, and with the lower demand

from customers in the warmer months suppliers may have a better deal for you. In any event, it is a good idea to check out regularly how your current charges compare with others.

This is not always an easy exercise but you could take some help from an independent online energy price comparison service. I can report that over50s.com has teamed up with ukpower.co.uk:

 

Ukpower.co.uk say: We compare gas and electricity suppliers and help people switch to the cheapest deal!

‘We compare the whole market so you won’t find any deal cheaper elsewhere, no other website, doorknocker or energy supplier can beat that!

It’s completely free, the service provided is paid by commission we receive from suppliers when you switch on our website.

We are completely impartial, we list all tariffs from all suppliers, including those suppliers who do not pay us commission. We are accredited by the consumer focus confidence code so you can be sure the website compares all tariffs in a fair and impartial way.

You can save up to £350 by taking just five minutes to switch your energy supplier.

Start your comparison by entering your postcode above, and see how much you can save!’

http://www.ukpower.co.uk

In the next issue, I’ve got for you news and tips about:

  • further developing your creative writing skills
  • a way to fitness at a stretch
  • saving money with a late summer travel offer

 

Look out for your next issue on 29th July.

Yours ,

Mike Paterson,

The 60Life Weekly

 PS: If you have your own stories, tips, or feedback please send them to me at

[email protected]

Disclaimer: It is always my intention to be as accurate in fact,detail and comment as possible. However, I cannot be held responsible for any error in details ,accuracy or judgement whatsoever. This e-letter is produced on this understanding.

The hidden wealth threat in your computer

 

 

Internet commerce is fast,convenient and can be very exciting.More and more of us now use it to improve our standard of living. But as with the old-fashioned ways of doing business, it pays to take basic precautions. There is a threat lying in wait in your computer, seeking out the unwary.

The Federal Deposit Insurance Corporation (FDIC),set-up as an independent agency by the US Congress to provide stability to the banking and financial services industry in its FDIC Consumer News reports : 

‘Online banking, bill paying and shopping are conveniences that most people want to enjoy. And most of the time, high-tech transactions are completed quickly and without a glitch. However, just as with other transactions, in a small percentage of cases something goes wrong. That’s why you need to take precautions against theft and errors.

In particular, even as banks and merchants tighten up security, Internet thieves devise new, sophisticated ways to trick consumers into sending money or into revealing information that can be used to commit fraud.’

It goes on to provide on to provide 10 ways to protect your money. You can see this excellent and easy to follow advice at http://www.pueblo.gsa.gov/rss/puboftheweek_051710.htm