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Why are pension funds underfunded?
This is not a case where pensioners lose out. However, when a business collapses and a pension find for employees is underfunded, the fund is protected by law but the underfunded element remains underfunded. What this means is that the employees of the failed business will receive a lower pension than they should have cause the employer had not paid into the pension pot what it should have.
This is a pension scandal that has played out repeatedly for years. This pension scandal could be prevented if our politicians forced employers to fully fund your pension pot as you do every week or month. Why don’t you write to your MP to ask them to stop this pension provision scandal?
When paying into your pension pot remember pensions are like all other investments. Your retirement fund may not turn out to be as big as you thought it would be for a host of reasons, including your employer underfunding your pension pot.
How to do I resign beautifully During The Big Quit
The Big Quit or The Great Resignation kind of started in 2021 after a year of lockdowns and when people had a look at themselves, their life so far and asked themselves what they wanted for the rest of their lives.
Perhaps they also listened to vicenarians talking and realised life is not all about working, climbing the slippery career pole or making as much money as humanly possible.
Each Big Quitter had their own reasons for resigning from job into retirement. However, together they created what became known as The Great Resignation taking part in the Big Quit where a mass of skilled, experienced and fed up people at normal working age decided to stop working. When covid restrictions began to lift they thought I don’t need this shit in my life, but more importantly said to themselves and their bosses, I won’t have this shit in my life anymore – and left their jobs!
Many of their employers thought, we don’t need you either! However, more and more people have joined the Great Resignation into 2022 and employers have mow found in the UK that there are more than half a million jobs once vacated by older people in last couple years that are not being refilled by suitably experienced and willing workers. In addition there are more than half a million other job vacancies needing filled. The UK continues to have record job vacancies and joint record low unemployment levels. Now there is a global recession coming in 2023 that will reduce job vacancies but in the meantime many people are seizing the opportunity to unretire on their terms. For those that can and want to retire in UK …
Tips for happy retirement in UK
Our Retirement Magazine is free to read. It is aimed at providing tips, resources and inspiration for a better retirement in UK should you choose to make some changes to your retirement plans or retired life.
What are the fears of retirement?
People on fixed income should rightly be fearful of short-term future in UK and that may include those in retirement. Whatever your age and circumstances, pre-retirement or post-retirement, this period has never been more frightening as an investor. The vast majority of people in retirement or planning for retirement are probably investors in one way or another.
- Many people are more or less forced to put aside a portion of their income into a pension via investment products like automatic pension enrolment
- Even if you have no money you can invest or want to invest, your cash buying spending power is dictated to in a large part how investments are performing, underperforming or over-performing
- If you have already retired many will be relying on investments in their retirement fund to pay retirement income. Even the state pension has some element of reliance on investment performance and goes up more or less based on the likes of UK inflation as well as political interference or interjection.
If you were not a little scared right now you would either mot be normal, be already destitute or very very rich!
Inflation in the UK is killing the lifestyle of people on fixed income living in retirement in UK. It will get worse over 2022 before it gets better. The better will not be price reductions, just prices will stop going up as fast – inflation in UK will slow as interest rates are pumped up fast and the Bank of England destroys money supply. Quantitative Easing QE has been flipped and we are now in a period of the opposite – Quantitative Tightening which equals less cheap money to borrow for housing, cars and holidays. Now is maybe the time to lock-in 0 percent finance deals, fixed rate mortgage or other guaranteed low debt costs. The cost of money is definitely going to rise in UK and globally.
The impact of rising inflation is most painfully felt from the rising cost of the basic necessities of living. We have already seen that with fuel and energy, but the coming global food crisis is foing to bring with it surging price of food in UK. Many more millions around the world will be plunged into starvation according to United Nation’s March 2022 report. In addition, to not accessing food the poorest nations will not be able to pain their debt built up during the pandemic.
Your retirement strategy will depend how far you are from retirement and what retirement fund you have if you have already retired in UKCheeringupInfo
If you have retired you must surely have felt the impact of inflation when you fill up your car, pay your heating bill or been to buy food? If you have not retired, you maybe benefiting from increased wages. However most will still be net losers after inflation has been taking into account as well as the increase in National Insurance.
Your National Insurance payment does not pay for your retirement. It pays the pension of those who have already retired. Your pension amount will be based purely on political decisions of all those in government between now and the time you retire. If the push up pensions ahead of inflation you will increase your standard of living in retirement. Or to put it another way, if politicians do mot ensure pensions keep pace with inflation then pensioners standard of living will fall – those already retired and those who will reach retirement age in future.CheeringupInfo
If you are planning for your retirement in future you need to factor in the impact of inflation on your retirement lifestyle. Your investment strategy for the retirement lifestyle you want needs to take into account inflation. For decades inflation has been at or near 2 percent. At least for a short while inflation in UK could be 5 times that high! For a longer period of time ahead its going to be double that.
If you have not retired yet you may need to either readjust the comfortable retirement lifestyle you can afford, commit more of your current income to saving for your retirement or take more risk with the retirement fund you are building – more risk may mean more reward but as they saying goes your retirement fund could reduce as well as increase with extra risk taking.
Whether you are pre-retirement or post-retirement in UK, rising inflation means you may need to make changes now to enjoy your life now or later.
Brutal Truths About Retirement In UK
Many people do not know what they want out of retirement in the UK. It is difficult to find the time to analyse what it is you should do for the 3rd and last act of your life on earth.
- Why do you have things in your life you do now and why do you want them in your life when you retire?
- What if you make the wrong choices?
- What do you do when your retirement plan does not go as you planned? No life plan goes the way you plan it to go at any time of your life so why should your retirement plan go exactly the way you write it down!
- How do you ensure your retirement fund is adequate for your retirement plans? How will expected and unexpected lifestyle costs impact on your ability to lead the life in retirement you want for yourself?
- When do you want to retire? How will you ensure you build up a big enough retirement fund to finance your retirement plan? What impact will this have on your lifestyle before retirement? What compromises are you prepared to make?
- Where do you want to retire? How does that enhance or detract from your retirement lifestyle plans?
- Who do you want in your life in retirement? It is not mandatory to do everything you love to do with anyone else. Some things you may want to do on your own? However, if you do want someone else to join you on your dream retirement journey, will the chosen other people you want to join you want to join you?
When planning for a retirement in the UK you need to know what makes you happy in life now and what you really want to do in retirement in future. For some retirement offers the opportunity to do something completely different for the remaining years of life on earth. More likely retirement just gives you the opportunity to spend your time doing the things you love doing before you retire.
Planning for retirement is not just about an organisation taking money out of your wage every month until you retire. Getting the most out of your retirement may not just about retiring and carrying on with your life pre-retirement. If you are happy just drifting into the retirement phase of your life then great. Remember though the majority of people get to the end of their life and regret things they didn’t do in their life. Make sure you are not one of those people. The brutal truths about retirement in the UK is that if people starting questioning themselves about what a great retirement looks like for them they need to answer difficult questions like the bullet points above. The truthful answers more result in decisions like:
- Change of people you have around you who do not really have your best interests at heart
- Taking personal responsibility for a successful life in retirement or a bad end to your life
- You are going to have to be flexible, resilient and determined in retirement. Life in retirement does not mean life is going to be easy and stress free. Solving problems in retirement is just as necessary as solving problems pre-retirement.
- Your retirement fund is going to limit your retirement choices. You need to know what are the Deal Breakers. Deal breakers should dictate when and how you retire. Early retirement may become possible when you know your Retirement Deal Breakers. Alternatively, you may need or want to work longer.
- Where you want to retire could be crucial in terms of the rest of your life. Not wanting to sell your family home could restrict you. Relocating, downsizing or equity release could promote increased freedom in retirement lifestyle choices.
- Who you want to be with until you die could include decisions like divorce, dating, leaving friends and family behind or putting yourself in places which may expose you to new relationships.
No one can create your retirement plan for you. What maybe unimportant to some may be critically important for others. Whether you are retired now or have started thinking about retirement life seriously, you need to start answering serious questions and potentially face some brutal home truths that will guide the last years of your life on earth.
How To Enjoy Life In Retirement Years
Retirement Age Life Living Lifestyle Business Magazine To Boost Quality Of Your Retirement Life in UK
“I want to be in the moment, mindful of my privilege to be alive and well, feeling and loving every moment of life in retirement in UK, with an affordable practical loving retirement life UK I can sustain until I die, so I live the life I can, within my retirement life budget. I do not want to live a life in retirement in UK that wastes my ability, love, desire and energy to live well to the end.”CheeringupInfo
Living The Retired Life You Want With The Retirement Fund At Your Disposal
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People do not think about retirement until it is too late. Retirement income compared to working income is usually substantially reduced as a result. Furthermore the lack of a retirement plan means that lifestyle in retirement is not as good as it could be. Reasons for lack of a great retirement plan include:
- I don’t really understand retirement planning
- I’m a while off retirement yet
- I have too many other things on my plate right now
It is likely that many people will live at least 20 to 30 years in retirement in the UK. That is a lot of time. How will you live it?
Are you currently living the retirement life you want to live? Are you living the retirement life you think you have to live instead of the retirement life you could live?
Do you know what retirement life you want when you do retire? Could you afford the retirement life you want for yourself? If you do not build the retirement income you will need to live the retirement lifestyle you want, what are you prepared to sacrifice to survive in retirement?
Get help to understand planning for and living in retirement in the UK including early retirement, if that is what you want. Help for over 55s to live a better life in retirement including latest deals discounts and special offers – make your retirement income go further at improving your retirement lifestyle.
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Living The Third Act In Life Even Better Than What’s Gone Before With CheeringupInfo
Live your best third act! Make the rest of your life the best of your entire life! Learn about new ways to enjoy your life in retirement. Grow old disgracefully or give yourself the chance to live the most chilled stress free life you could wish for. If you want to create a new way of living this stage of your life we can help you.
The best part of getting older is losing inhibitions. There is no need to place restrictions on what you want in retirement. Plus the retirement phase of your life could be your longest – retiring at 67 means you could easily have 30 years whereas child rearing may last 20 and your teenage life even less. The best days of your life are not your school days but your retirement years.
Changing your life in retirement need not be an overnight thing – grow into it slowly and cultivate the things that bring you most joy. Make your Third Act anything you want it to be with help from CheeringupInfo.
Celebrate Retirement With Great New Life
The day you retire should be one of the best days of your life – you’ve picked the day of your retirement and everything is in place to live the retirement you want for yourself.
Your financial situation should be as strong as possible when you retire to give yourself the best chance of living the life you want in retirement. That takes careful evaluation and planning.
To have a comfortable safe fun retirement you need to build the financial retirement fund of the right size with a little extra for the unanticipated. When you retire you want to be free of money worries as there may be less opportunities to make more money. Make sure you’re ready for retirement when it comes.
In retirement you will likely have more options for how to spend your time than when you were working. You don’t have to do anything you do not want to do if you have prepared properly for retirement. It maybe worth you challenging what you think the perfect retirement looks like for you. Use your retirement to enjoy yourself and experience a full life.
Work with CheeringupInfo to find out how can you have the retirement you’ve always wanted for yourself. Planning your retirement is crucial to living the best life in retirement.
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The COVID19 pandemic has taught us one valuable lesson. Retirement life should not be taken for granted. For a start it is not a given you will have a life in retirement. Secondly retirement life can be better for most people with a little more planning. Putting more effort in your retirement life will make you happier even if you are not darting off on a cruise every month! Work at what makes your life in retirement better and you will be rewarded with a better life in retirement with CheeringupInfo.
Grow old disgracefully better and more adventurously for happier more fulfilling retirement you would choose for yourself if you could satisfy your own wishes for your retirement. Retirement health and wellness articles for tips reviews and special offers to improve your retirement lifestyle inn the UK. Keep your body and mind in good shape so you can enjoy your retirement more. Explore new volunteering ideas to give back and feel better doing it.
Retirement lifestyle discussion forums to connect with people in retirement locally and online. Join our growing online retirement community to improve your life in retirement and improve real life society in the UK.
Ever get a pain that makes you think its time to retire and explore the world as life is not endless even if some days it feels like it! Maybe its time to put more life into living?
Retirement Travel and Holiday Tips Reviews and Special Offers
Travel products for retirees reviews. Retire and travel cheap or in luxury. Retirement road trip ideas. Long-term travel in retirement ideas. Explore latest best kinds of travel activities for retirees.
Group family couple and solo travel ideas to help you pick your best holiday and make sure you make the most of your travelling opportunities in retirement.
Solo Traveller Holidays and Experiences
Reviews of products and services to make retirement in the UK better
Real Foodies Cooking Tips and Love Food Suggestions Reviews
Food and Drink Magazine Review. Beyond Meat The Beyond Meat Burger Tesco
Veggies will become mainstream in the UK by 2030
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Retirement for over 55s in UK providing tips advice and support to transition from working to retirement and then enjoy retirement age including travel leisure care health and fitness and retirement finances like pensions.
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Inform your retirement lifestyle decision-making
- Maybe you cannot afford to retire?
- Will you continue to work for non financial reasons when you could retire if you wanted to for example you want to keep active?
- Maybe you enjoy working and will never want to stop?
- Will your pensions and other savings produce a comfortable life in retirement?
- Watch or participate in live online retirement lifestyle broadcasts. Join the debate about what people in retirement need and do nots.
- Look around the world. See and hear what other people do in retirement in other parts of the world not just the UK.
- Improve your retirement living in the UK including adopting your current home to meet your changing needs to moving into best residential care home near you. Discover the different options for retirement living in the UK.
Live online interaction with retirement planning experts and people who are retired already and who can offer practical advice on what to do as well as what not to do to enjoy your retirement in the UK.
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Make sure you maximise your income in retirement in the UK. Tracking down all pensions and retirement benefits is not easy but crucial to making your retirement lifestyle what you want it to be.
Financial tips will help you maximise the use of your retirement pot. Money saving tips will make your available money go further. Retirement advice will help you find new ways to enjoy life in retirement even more.
Things To Do When Retired and Bored UK
What to do in retirement in UK is a very individual question to answer
Preparing for retirement UK should include how you plan to live out the rest of your life assuming you will never return to working again. That may sound easy but it requires realistic retirement plan that takes into account your wealth and health. To ensure you have a fulfilling enjoyable retirement in the UK you may need to work at it in a more organised way. Your retirement plan may need to change as you age further taking into account your changing circumstances including changing relationships wealth and health.
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What To Do In Retirement UK. Loving retirement more in UK with CheeringupInfo
- Making preparing for retirement UK easier.
- Discover how to enjoy retirement in UK.
- Identify what not to do in retirement in the UK.
When and how to retire in the UK is not the same for everybody. Some never want to retire. Others want to retire early. What not to do in retirement in UK is waste it!
Are most retirees happy? No and for different reasons. Planning for a better retirement will help ensure you do enjoy your retirement.
Preparing emotionally for retirement is not as easy as it sounds. Your life will change in retirement. Whether it changes for the better is not always within your control.
CheeringupInfo offers a number of different ways to get more from life after retirement in the UK. There should be more to life after retirement in the UK for everybody. Not everyone can live like a King but then again not all Kings are happy with life!
You need to be happy with your life in retirement whatever you choose for yourself.
From keeping fit and healthy to exploring fashion culture and the world our retirement services have something to offer everyone in retirement in the UK
Pick up tips for a happy retirement in the UK on CheeringupInfo for free. Tune in regularly to see the latest retirement life news opinions reviews recommendations and exclusive offers to make your retirement fund go further.
Read and watch videostream about everything you need to make the most of your new free time.
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Exploring the positives and negatives of retirement in UK. Looking at impact of retirement on health and wellbeing. Developing retirement coping strategies. Preparing for retirement UK to ensure it is the best period of your life.
Prostrate Cancer Women Suffer too
Are you retired in UK and loving it or are you looking for retirement jobs – unretirement?
Stop working and live the life you want with CheeringupInfo. Will you be OK financially to retire? Get help to plan for a wealthier retirement in the UK.
Find out what it will take to retire at the time you want to retire in the retirement lifestyle you want for yourself. The earlier you start planning the more flexibility you will develop for retirement life. Do you know what you want to do in your retirement?
How much will your retirement cost you?
Is your retirement fund going to be sustainable for the rest of your life on earth. What does an enjoyable day in retirement look like to you? How will you live life on your own time? Do you want the financial freedom to travel? How will you grow into your retirement life in the UK?
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Your happily ever after is still out there! Over 55 dating is easy to set up. Join in the discussion when you are ready and interested . Discover new ways to meet singles over 55 in the UK.
Resolution Foundation think tank argues that triple lock commitment is unfair on unemployed and average earning working families
Calls for UK government to scrap the triple lock on state pensions commitment to UK pensioners
The Resolution Foundation financial experts are warning pensions will rise five times faster than earnings because of the coronavirus pandemic.
The triple lock promise guarantees that state pension values will increase by the highest of average wages prices or 2.5 percent.
The Resolution Foundation said in a new report that UK pensions will leap ahead of average working family earnings and unemployed and cost UK taxpayers billions more than is fair to other parts of UK society.
How Do I Find My Pension From Years Ago? Contact the Pension Tracing Service For Free
The Pension Tracing Service in UK is a free service which searches a database of more than 200000 workplace and personal pension schemes to try to find the contact details you need.
You can phone the Pension Tracing Service on 0800 731 0193
Make sure you receive or claim all the retirement benefits you are entitled to in the UK
Nearly 2 million UK pensioners are living in poverty according to The Joseph Rowntree Foundation. Failing to claim all the retirement benefits you are due is one of the reasons people are not living more comfortably in retirement in the UK.
- UK State Pension most pensioners will be aware they are entitled to a State Pension providing a regular taxable income for the rest of your life. However the amount you get depends on how many qualifying years of National Insurance contributions or credits an individual builds up over their working lifetime. In conjunction with UK State Pension you may be entitled to additional income via Universal Credit to help cover costs of caring for your partner or spouse as well as the cost of retirement housing.
- Pension Credit if you have low retirement income you may be entitled to Pension Credit. It could boost your monthly income from UK State Pension. You have to claim it to get it. If you are eligible to get it you could get hundreds of extra pounds of retirement income per year. You need to search for the words Pension Credit on the Gov.UK website to make your claim or type gov.uk/pension-credit/eligibility Applying for Pension Credit may also make you eligible automatically for Cold Weather Payments which are in addition to Winter Fuel Payment.
- Reduced Council Tax contact your Council direct to find out if you are eligible for discounted or reduced council tax payment every year. If the money is not going to the council you will have more to spend on yourself and your retirement lifestyle.
- Free TV Licence If you are aged 75 or over you are eligible for free TV licence. This may or may not change as there is political pressure on BBC to maintain free licences for over 75s in UK post coronavirus pandemic.
- Travel Support depends on where you live in the UK but you are entitled to free bus pass from 60 onwards.
- Winter Fuel Payment claim the Winter Fuel Payment by calling on landline for free 0800 731 0160. The amount you will get will depend on your age and who lives in your home.
- Health Benefits do not pay for your medical prescriptions or an eyesight test if you are over 60. You may be entitled to cheaper dental treatment and glasses too.
A quick retirement benefits calculator could help you scoop up all retirement benefits entitlements gov.uk/benefits-calculators
Healthy More Wealthy Retirement Tips
- HAVE YOU LOST TRACK OF YOUR PENSION ENTITLEMENTS?: HOW TO GET BACK ON TRACK
- SECRET TO COMFORTABLE RETIREMENT: LIVING WELL IN RETIREMENT IN UK
- HOW TO PROTECT YOUR RETIREMENT SAVINGS: PROTECT YOUR MONEY IN RETIREMENT
- WHY ARE THE SYSTEMS MEANT TO PROTECT RETIREMENT SAVINGS SO INADEQUTE: PROTECT YOUR RETIREMENT SAVINGS IN UK
- HOW TO ENJOY LIFE AFTER RETIREMENT TIPS ADVICE SUPPORT UK: ARTICLES AND VIDEOS
- MORTGAGE DEBT FOR OVER 65s SET TO DOUBLE: MAKE BETTER PLANS FOR RETIREMENT IN UK
- HIP REPLACEMENT ALTERNATIVES UK: WHAT ARE OPTIONS
- LAID OFF IN YOUR 60s? HERE’S WHAT TO DO NEXT: STILL MAKING MOST OF RETIREMENT IN UK
Retirement Planning Tips UK
Retirement Planning Tips for a happier retirement including Personal Finance Housing Accommodation and Holiday Travel
Preparation towards retirement is not an exact science. You need your own plan to match your idea of a happy retirement. We can however provide good tips for retirement living to improve your lifestyle whilst in retirement.
If you are within a couple of years of your preferred retirement date you need to act immediately to put your retirement house in order! The further you are away from retirement you are the more relaxed you can be about retirement planning but whatever age you are you should still put putting some money aside for your retirement. If you are around 10 years from retirement you should be gradually managing your financial affairs so that more of your assets is in cash or can easily be converted to cash as you will have less time for poorly performing investments to recover and may need quick access to cash at any time.
Get rid of debts the closer you are to retirement. Pay off the debts with the highest annual interest payments first then work your way down. For example credit cards and store cards often have very high interest rates. Paying off credit card debts before paying off your mortgage makes more financial sense as mortgage rates should be a lot lower than most credit card bills.
Have you reviewed your spending needs whilst in retirement? How much do you need to save before retirement to make retirement living comfortable? Plan ahead today for a better future that is well funded and you will be happier after finishing with work.
Most people in the UK do not save enough to fund their retirement aspirations. How much will you have to or want to spend each week whilst in retirement? What one off big ticket items could you be forced to spend or want to spend?
Do you know where your income will come from when you retire? Write down where income will come from including their contact website telephone and email so you can get access to the money that will come from each pot of money. Use the UK governments Pension Tracing Service if you are not sure what pensions you have coming for example if you changed jobs several times throughout your career free service 00845 6002 537.
Be careful with the implications of tax liability before you access any of your retirement income options. Taking out too much cash from your retirement funds at the wrong time could lose you a lot of money owed to the tax office.
Do not forget your retirement planning needs to take account of the damaging effect of inflation. If inflation is rising faster than your income rises then you will have a diminishing level of income each week in real terms and therefore have less money to spend in future than you do when you first retire. Remember you are more likely to live longer than your parents did and retirement planning needs to look at the long term not the first few years of retirement.
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More UK Retirement Tips
#104 Avoid tax legally in the UK and avoid late tax payment penalties
Reminder deadline for self assessment tax returns is at the end of January
#105 Do not invest in something that starts from an unsolicited phone call or email
Avivas recent survey Real Retirement report found that email scammers have conned more than 1 million people in the UK. 73 percent of over 45s with internet access have been targeted by at least one email scam and 6 percent fell for it. However the report also found that internet access can enhance the life of the over 45s. 75 percent said such technology made an overall positive impact on their lives. 66 percent said it helped them with their day to day finances. Cold calling people to sell them something is not illegal but any reputable investment company will use other means to contact only people who have requested help.
#103 Do not rely on your pension savings to fund your retirement!
74 percent of final salary schemes in deficit in November 2016. Pension funds in the UK are underfunded by just short of £200bn.
At the moment the UK government and all previous governments have failed to grasp the nettle. The financial crisis starting in 2008 has exasperated the position of pension funds, but the whole structure of pension provision is broken and almost corrupt in that pension savers are being deceived by the financial industry the UK government and employers about the reliability of their pension.
Most UK employers can change the pension scheme almost at their leisure. When companies go bust, company directors can walk away without penalty, knowing that their lack of contribution to corporate pension fund without being penalised. Their under funding of pension improves financial performance of the business and therefore directors bonuses whilst employed. UK pensioners pick up their pension from taxpayers in UK now not their taxes whilst they were working. In other words all UK governments have failed whilst in public office to responsibly to prepare the country for an aging population who do not work. This scandal is ignored because there are so many other immediate problems to deal with.
Soon the pension problem will get to the top of politicians agenda, but by then it will be too late.
“20000 BHS pensioners are facing cuts to their promised pensions at21st December 2016”CheeringupInfo
#102 Many couples who are not higher rate taxpayers have failed to seize the opportunity to save money on tax due in the UK
If you are married or in a civil partnership and one person has income of under £11000 and the other under £43000 you can claim married tax allowance that will save you enough money to go on an annual short break. If you have not claimed it yet when you claim claim for last year too.
How do you reduce the risk of an unhappy retirement?
Older people can be vulnerable to loneliness and social isolation. This can be a cause of depression in older people in the UK. It is easy to be left feeling alone and vulnerable. One way many older people now feel more connected and less lonely is via the internet.
Loneliness Breed More Loneliness As People Feel Less Able To Connect and Connecting Online Can Be A Bridge To A Happier Life In Retirement Online And Offline
Picking the right level of social connection with which you feel comfortable is key to happiness.
“Over 1 million older people say they always or often feel lonely in the UK”CheeringupInfo
Many of us have felt lonely at some point in our lives. Connecting digitally can and does give many people a window into another world that means you do not feel so isolated. The internet and digital technology can be invaluable for staying in touch with family and friends. It can also help you make new friends.
Lonely people suffer from more depressive symptoms as they have than been reported to be less happy. Getting connected can brighten your day make you feel happier and stop depression taking over your life. Internet use can make older people less lonely and support greater wellbeing.
Other ways to get yourself into the grove of a better retirement in UK:
- Save more for retirement than you currently do. Most people in the UK don’t save enough to make their retirement comfortable.
- Build a cash pot not just assets to finance at least a year without dipping into any other less liquid assets preferably 2 years. When working you are at working age you need at least 6 months in cash tucked away to finance everyday and luxury expenses but when you retire you need more of a cash nest egg.
- Payoff all debts before you get to retirement including any credit card or bank loans.
- Tax can eat into your savings so good tax planning prior to and during retirement whilst you access retirement funds is critical to prevent wasting money by giving it to the tax office unnecessarily. Make sure you make full use of tax efficient tools like pension entitlements and ISAs.
- Complete investment nominations for when you die so that your inheritance passes to the people you want to receive it quickly and your hard earned money is not wasted when you die.
- Keep an eye on the estimate for size of your pension pots
- Create a list of all the income you will have access to in retirement including contact telephone numbers websites and emails.
- Think about the pros and cons financial and lifestyle of delaying your retirement. The more flexible you are with your retirement date the more likely you are to maximise your retirement income.
- Set your retirement goals before you retire. Everybody will have a different idea what an ideal retirement looks like. Only you can know what is best for your retirement. Once you know what you want in retirement you can personalise your retirement planning to make sure you get what you want out of retirement in UK.
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