In this issue of Your Money we forward to a new year and see what lessons we have learned from the pandemic and how to manage your money better in 2021. Here we summarise the retirement tips, life insurance facts available to read in full in the full issue of Your Money available to download below.
Looking forward to a new year
A year on from the start of the Coronavirus pandemic, there is growing positivity for 2021. However, we mustn’t forget what our experiences of the last 12 months have taught us. Surely one crucial lesson from 2020 is the need to prioritise financial wellbeing so that we can cope with life’s unexpected events? Read more in the full issue of Your Money below.
Retirement tips, time for a rethink?
With UK savers struggling to prioritise saving for their pension in 2020 it's time to rethink how to save for the future. Despite travel restrictions through most of 2020, Visit Britain estimated that Britons were still expected to spend £46.8bn on staycations last year. So why not think of your pension as saving up for holidays – just a bit later in life? With life expectancy longer than ever many retirees are spending 20 to 30 years in their retirement, planning for a long and healthy retirement now will mean you can enjoy holidays and treats for later in life.
Get your life insurance in order
At the peak of the pandemic, British insurers received nearly 7,000 life insurance claims and paid out £90m, which is equivalent to payments totaling £980,000 every day, paid out to support families of those dying from COVID-19. As nobody can predict the future now is the time to get advice and support to ensure your family is properly protected in 2021.
Self-employed? Time to engage with your pension
Figures have shown that a staggering 85% of self-employed people do not pay into a pension. With around 15% of the UK working population now self-employed, that makes 5 million people in the UK not planning for their retirement.
If you are self-employed it’s important not to neglect your pension. Speak to our pension experts today.
For help and advice in financial planning, mortgage advice and retirement planning speak to our experts.
GET IN TOUCH This article was written by Adam Prestwood.