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Articles by Mark Benson
LETTER: DeWitt optometrist announces retirement
To my Patient: An announcement of my retirement. After 30 years of patient care, I am announcing my immediate retirement. When I think back over the years, I remember the many wonderful people I have seen. I have shared many laughs, and some tears. I have shared many handshakes and hugs. I hope that I have impacted your life as much as you have impacted mine. I am truly Blessed. kAm*@FC 6I2>:?2E:@? C64@C5D 2C6 36:?8 <6AE 2E s6(:EE tJ6 r2C6] x7 J@F H2?E[ J@F 42?
Using virtual property viewings to rent or sell your property
The introduction of modern technology in this area has increased the expectations of potential tenants/buyers. It is therefore essential that you offer a professional presentation. An amateurish attempt at a virtual property viewing service could seriously backfire, you have been warned! Widen your pool of potential tenants or buyers There is no doubt that the Covid-19 pandemic has had a massive impact on the UK property market.
Who Can Buy Retirement Property?
It is common knowledge that the UK has an ageing population which has prompted healthy demand for retirement property. A recent ONS report forecasts the number of people aged 65 and over will increase from 11.9 million in 2018 to 17.7 million by 2050. So, it is not difficult to see why retirement property is a popular and growing sector. What Is Retirement Property? The simplest way to describe retirement property is accommodation specifically for those of a certain age group, generally over 55s.
What is the inheritance tax property allowance?
The residence nil-rate band, often referred to as the inheritance property tax allowance, was introduced in 2015. While there are certain conditions, this offers the opportunity to significantly reduce, or even eliminate, inheritance tax on your home upon your death. You can use the allowance in conjunction with your traditional inheritance tax (IHT) allowance to shield up to £500,000 of your estate from taxation.
What is the Pensions Dashboard Programme?
You may already have heard of the Pensions Dashboard Programme; if not, it is something you will come across as you tackle the issue of retirement. The idea is simple: to create a dashboard that contains all of your pension assets, presented clearly and concisely. There will also be the ability to reconnect with pension assets that may have gone astray.
Should property buyers and tenants depend on virtual viewings?
As Covid-19 restrictions continue to affect all areas of the UK economy, virtual technology is becoming commonplace in the property sector. Virtual property viewings certainly save time and assist in the current environment. However, buyers and prospective tenants should be cautious. Do you see a real picture of the property during a virtual viewing? Is the property market dinosaur finally adapting?
What are the retirement living standards?
The Pensions and Lifetime Savings Association (PLSA) is a trade body focused on improving income in retirement. Recent adjustments to UK pension regulations have prompted many people to review their pension plans and potential income in retirement. The PLSA recently carried out a comprehensive review of life in retirement and retirement living standards across the UK. The Retirement Living Standards report casts a useful light on the cost of living in the UK.
Property market predictions for 2021
When you consider the challenges facing the UK economy, the property market has performed admirably in 2020. According to Hamptons International, all areas of the UK are expected to show house price growth in 2020. Growth is expected to range from 3% in Wales down to just 1% in the East, West Midlands and prime central London property markets. Average property price growth across the UK is expected to come in at 2% for 2020. However, what does 2021 hold for the UK property market?
How can you claim for a mis-sold pension transfer?
Since the so-called “Pension Freedom” reforms introduced in 2015, there has been a sharp increase in the number of people transferring their pensions. In 2014 we saw around £5.4 billion worth of pension transfers in the UK. As a consequence of the pension reforms, by 2018 this figure had increased to a staggering £37 billion. The idea behind the reforms, introduced by the then Chancellor George Osborne, was simple.
State pension: Truth, myths, rumours and lies
Is the UK state pension really the lowest in Europe? You will probably have seen the state pension “comparisons” between the UK and the likes of France, Spain and Germany. These figures have been posted thousands of times on social media. However, the pension comparisons have been researched in detail by the Full Fact website. Aside from the figures being out of date, they are also misleading.
How much do I need in pension savings?
The subject of pension savings is something we should all consider well before retirement hits us. The earlier you start saving for your pension, the more significant your accumulated pension contributions and the greater the potential capital appreciation. While much will depend upon the standard of living you can realistically afford, there are some useful indicators about the level of pension savings required.
When is a will read after death?
The simple answer to this question is any time after the death of the individual. While the legal profession is renowned for its formality, this is not necessarily the case with reading a will. What is a will? In its most basic format, a will is a legal document containing instructions for the distribution of assets upon the death of an individual.
What is the new build premium?
The UK government recently announced plans to build 300,000 new homes each year by the mid-2020s. Unfortunately, we regularly hear of ambitious new build aspirations, but governments rarely deliver. As a consequence, the demand for new build properties in the UK continues to outstrip supply. This is one reason for the so-called new build premium, but there are other issues to consider. What are the reasons behind a new build premium?
How will pension reforms in February 2021 affect you?
The Financial Conduct Authority (FCA) will roll out a new pension transfer and investment initiative this year. As well as offering higher levels of protection and guidance, these new reforms will simplify the pension investment process. Before 2015’s pension reforms, UK pension regulations had remained relatively untouched for some years. The ongoing tightening of advice and guidance and the simplification of the investment process are a welcome addition to recent reforms.
How to save money in 2021
We are in a relatively unique financial situation. UK base rates currently stand at 0.1%, and there is minimal interest on savings accounts. There was even talk of UK base rates moving into negative territory. However, the short-term odds of such a move seem to have lengthened after Brexit. We will now look at several ways to save money in 2021 and beyond.
What is pension earmarking?
· 9 min read Many people believe that pension earmarking and pension sharing are the same. However, they are very different, as pension earmarking does not transfer initial control of any pension assets. Instead, the original member retains ownership and control of investment decisions. So, while there are obvious benefits, there are issues to consider. What is pension earmarking?: FAQs The courts can go one of two ways with a pension earmarking order.
Can I Add Beneficiaries to My Pension?
The subject of adding beneficiaries to your pension is a crucial one to consider, but it can be complicated. There is a general misconception that your pension dies with you. In certain circumstances, it does, but in many scenarios, you can pass your pension benefits to your beneficiaries. There are many factors to consider, such as type of pension, age, and whether benefits have been taken.
What is the status of non-married partners when you die?
There has been and continues to be a general misconception that a surviving cohabiting partner has the same legal recognition as a spouse. We often hear the myth that after seven years, cohabiting partners are effectively treated as married in the eyes of the law. We will now look at this issue in more detail because it has potentially serious repercussions for those who fail to prepare for the future.
UK government accused of complicating new private pension retirement age
While not necessarily in total agreement, most people appreciate state pension and private pension retirement ages will increase as life expectancy improves. The following graph shows life expectancy based upon date of birth from 1981 to projections for 2023. This information, provided by Public Health England and the ONS, relates to males and females in England. Source: GOV.UK As you can see, life expectancy for males has increased from around 71 years in 1981 to just short of 80 years today.
How to find lost pensions
When you consider the ongoing cost of living crisis, to find that a staggering £26 billion worth of pension assets are not matched with their owner will astound many. This is a potentially vast retirement income lost due to something as simple as a changed address. The Association of British Insurers (ABI) has been highly active in highlighting unclaimed pensions, both workplace and private pensions, and promoting pension tracking services.
What is a retirement mortgage?
Getting a traditional mortgage can be problematic in our later years. This is because many conventional mortgage lenders still maintain relatively tight lending criteria, especially in later life. In our later years, retirement income may be limited and regular repayments challenging to maintain. However, this has created a subsector, retirement mortgages, focused on older borrowers who often have significant equity in their property. What are your mortgage options in later life?
What Happens to Pension Savings When You Die?
Pension savings are not part of a traditional will. You will need to inform your pension administrator as to who the beneficiaries will be upon your death. The beneficiaries of your will may be the same as those set to inherit your pension savings. However, those involved in your will have no direct control over your pension assets. While traditionally pension fund assets are inherited by a spouse, civil partner or family member, you can name specific beneficiaries of your pension.
What is an Investment Fund?
An investment fund is a vehicle used to pool capital, which is invested across a broad range of investments. Each investor will hold a share of the investment fund, thereby creating a degree of diversification not always possible or cost-efficient for individual investors. You will often hear the term “collective investment” mentioned when describing an investment fund.
UK’s first National Pension Tracing Day launching 31st October 2021
This year sees the launch of National Pension Tracing Day. The brainchild of financial services group Punter Southall Aspire, it has received support from heavyweights such as Scottish Widows, Aegon, Legal and General and Standard Life. Encouraging people to use the extra hour when the clocks go back to trace missing pensions, this clever marketing gimmick is receiving industrywide coverage.
What is a self-invested personal pension?
Self-invested personal pensions (SIPPs) first emerged back in 1990 when the UK government began to change pension fund/retirement regulations. Further changes have occurred over the years with pension regulations overhauled in 2015. This gave individuals more control over their assets, what they could invest in and drawdown opportunities from aged 55 onwards.
How is Covid-19 impacting long-term pension planning?
When we look back at the Covid-19 pandemic, it is only in years to come that the true impact on personal finances and pension funds will become clear. The long-term effect of reduced contributions, unemployment and weakened personal finances may take many years to emerge, especially with pension funds. Following the publication of a rapid evidence review by the Money and Pensions Service, we’ve looked at how Covid-19 is impacting long-term pension planning and any actions you can take.
What is equity release, and how does it work?
The idea of releasing equity in your property is relatively straightforward. Still, there are several issues to be aware of in practice. These issues become a little more challenging for the over 50s, but this has prompted the creation of new equity release products and new markets. As some of the options are a little more complicated than a traditional remortgage, it is essential to speak with an equity release adviser as soon as possible. What is equity release?
Should you buy a new-build home?
Even though the UK government has continually promised an annual increase in new build properties, many remain sceptical. Consequently, UK property prices have remained relatively robust throughout recent financial challenges. When looking at a new build home, there are many specific issues to consider. Cost of homes in the UK Before analysing the pros and cons of buying a new build home, it is worth reminding ourselves about the cost of homes in the UK.
What are zero value properties?
The idea of receiving a mortgage valuation for your property, mentioning the words "zero" or "nil", must be every homeowner's nightmare. While those terms can be much more dramatic than the reality, they can still create a challenge. What may prompt mortgage companies to issue a zero valuation on a property, and how can you address the issues raised? What is a nil or zero property valuation? The first thing to remember is that a mortgage valuation survey does not replace a traditional survey.
How accessible are mortgages for over 50s?
In theory, there is no upper age limit for getting a mortgage, although different lenders will have specific lending criteria. Consequently, it is essential to take professional financial advice to find the right mortgage deal for your situation. There are many factors to consider, some of which are obvious and others perhaps not so. Many options are available, whether looking for a traditional mortgage, remortgage, lifetime mortgage, buy-to-let mortgage or a home reversion scheme.
Making sense of Co-op funeral plans
The idea of taking out a Co-op funeral plan crosses many people's minds. It offers an opportunity to reduce the financial burden on your family at a challenging time. However, while the more recognised names, such as the Co-op, offer various funeral plans, the industry has attracted some dubious participants. The good news is the industry now has the Financial Conduct Authority (FCA) regulating plans and plan providers.
How often can I change my mortgage deal?
There are no fixed rules regarding how often you can change your mortgage deal. It will depend on factors such as age, your financial and credit history, and what offers are available. Older homeowners seeking new mortgage deals may face additional challenges. However, there are alternatives, such as lifetime mortgages and home reversion schemes. How often should I change my mortgage? Likewise, nothing is set in stone regarding how often you should change your mortgage.
How much does a single person need to retire?
· 14 min read Struggling to find simple information about how much it costs a single person to retire? Many articles talk about the subject without giving basic facts and figures. We have collated the latest information and the latest calculations to allow you to plan ahead and enjoy your retirement. How much does a single person need to retire?: FAQs Yes. There is the option to defer your personal pension as well as state pension income.
Can I Have Multiple Life Insurance Policies?
There is a general misconception that, in line with home insurance and car insurance, you can only have one life insurance policy; this is wrong. In theory, there is no legal limit on the number of life insurance policies you can take out. There are pros and cons, different types of life insurance policies and also numerous scenarios to consider. We will now take a look at the various aspects of multiple life insurance policies and how they work.
What is a flexi-drawdown pension?
In simple terms, a flexi-drawdown pension is an arrangement that allows you to withdraw funds from your pension savings as and when required. The balance of the pension funds remains invested. The intention is to provide long-term capital appreciation and additional funds to draw down in the future. Introduced in April 2015, flexi-drawdown pension arrangements have proven very popular. Before we look closer at the flexi-drawdown process, it is worth reminding ourselves of the previous setup.
What rights do you have with a leasehold arrangement?
The subject of freehold and leasehold arrangements has been in the news over the last few years. There have been concerns regarding "unreasonable" increases in ground rents, although the UK government is now addressing these problems. However, behind the headlines, many people are still confused and unaware of their rights as a leaseholder. What is a leasehold arrangement?
How can you claim for a mis-sold SIPP?
The UK pensions industry has been under the microscope in recent years, particularly following George Osborne’s 2014 pension reforms. Because of these reforms, Self-Invested Personal Pensions (SIPPs) have become a popular pension product. The introduction of flexible drawdown options and changes in inheritance tax rules helped drive more people towards SIPPs. However, the pace of change, new drawdown options, and the ability to transfer from different pension schemes also confused many people.
Is it still worth investing in gold?
While there are many precious metals, gold is the one that attracts the most attention from consumers, businesses, governments, and investors. Gold is a metal that has held its value very well over the years, while paper currencies and other assets have often been volatile. So, is it still worth investing in gold?
Where to put money after your retirement
For many, retirement is one of life’s great goals. It’s the end of an era and the start of a new one and can open a wealth of new opportunities. For some, retirement will be spent relaxing after a lifetime of work. For others, it’s one of the busiest times of life! When retirement beckons, you’ll need the wealth to support yourself, your partner and your family throughout a period which could last more than 30 years.
Will the Pensions Dashboard Programme deliver for everyone?
Over the next couple of years, we will see changes in how UK pensions are administered and monitored. The ongoing development of the Pensions Dashboard Programme (PDP) will bring all pensions and, eventually, bank accounts under one dashboard. While there are considerable benefits for many people, does this program deliver for everyone? There are numerous issues to take into account about online dashboards, especially those involving personal finance.
6 things that harm your pension prospects
The pensions industry we see before us today is very different to that of just a decade ago. There have been considerable changes in regulations creating a more flexible landscape to manage your pension assets. More changes are expected in the short, medium and longer term. Therefore you must be vigilant and aware of potential issues which might harm your pension prospects.
Getting a mortgage for a second home
There are many reasons why over 50s may be looking to secure a second home. Even though UK base rates are expected to increase in the coming months, the rise is likely to be gradual. Consequently, UK residential mortgage rates are currently at or around historic lows, as are savings rates. Furthermore, despite the challenges of the Covid pandemic, UK house prices have remained relatively robust, with experts predicting more long-term growth.
Financial turmoil brings pension annuities back into play
While the sacking of Kwasi Kwarteng as Chancellor of the Exchequer caught many by surprise, it brought about an unexpected financial consequence. When Liz Truss began her press conference to confirm Kwasi Kwarteng was no longer Chancellor of the Exchequer, financial markets went into overdrive. Putting aside the apparent political turmoil, calls for a general election, and constant rumours Truss's days are numbered, this has brought pension annuities back into play.
Should I Make Mortgage Overpayments?
The subject of mortgage overpayments is very topical, especially in the current low-interest-rate environment. Historically, with mortgage rates often above 5%, the situation was a little clearer. However, in more recent times, credit card interest rates, as one example, have not followed the trend of mortgage rates. This has resulted in a more significant difference between mortgage and credit card rates, prompting many homeowners to look in-depth at their options.
Should you use a mortgage advisor?
When you consider that mortgage applications could involve hundreds of thousands of pounds, it makes sense to at least consider taking professional financial advice. An excellent mortgage advisor can be worth their weight in gold. Due to their qualifications and experience, they can guide you through the minefield of the mortgage industry and secure the best deal for you. Even a partial improvement on the headline interest rate can save you thousands of pounds throughout your mortgage.
Remortgage vs Equity Release: Everything you need to know
When looking to raise capital from your home, the two main options are to remortgage or look at equity release. While both options will provide an immediate release of money, the short, medium and long-term repercussions are different. Therefore, it is essential to be aware of the distinct differences and how these may impact your finances.
Buying retirement property: Everything you need to know
Whether looking at retirement apartments, retirement housing or traditional properties, it is vital to be aware of your rights and access to finance. Historically, access to mortgages after 50 was relatively sparse and uncompetitive. However, this sector and life expectancy have recently seen some dramatic changes. While many approaching retirement age have benefited from a buoyant UK property market, extended careers have also increased income and net wealth.
Is my pension safe?
The repercussions of the government's mini-budget in September are still being felt today. While the concept of Liz Truss’s growth strategy has been called into question, it was the unfunded tax cuts that caused panic in financial markets. As markets began to lose faith in the UK government, the pound came under pressure, and the cost of borrowing increased. This has created instability in the pensions sector, but it is vital to put this into context.
When should you begin inheritance tax planning?
It is never too early to introduce inheritance tax (IHT) into your long-term financial plans. Unfortunately, many people leave this until their later years, when the opportunity to reduce potential inheritance tax liabilities may have diminished. IHT must be considered (even if no action is required) during your annual financial review. Will IHT really be a problem? While most people in the UK will not have any IHT issues, a growing number will.
What can you do if Covid-19 has affected your pension?
Volatile stock markets Looking at the FTSE 100, it is currently down 12.8% from the start of 2020. The low point came in March with the index down 34.1% on the year. We have seen a significant rebound, and there are hopes that mass vaccinations will reduce the impact of Covid-19 in the future. It is worth noting that Brexit negotiations also held back the FTSE 100. The recent agreement between the UK and EU has removed at least one dark cloud from UK markets.
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