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snapshot news

Our aim is to help you understand the various aspects of pension planning and to encourage better savings and personal finances. snapshot pensions is focused on providing you with key information about pensions to allow you to understand certain key aspects that may affect how much money you have when you retire.  Articles found here should not be deemed as personal advice.

Should you have any questions relating to any of the information featured here, please contact us at help@snapshotpensions.co.uk

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Retirement Finances

Six years on from pension freedoms, non-advised savers aged over 50 are facing a ticking time bomb at retirement, according to a new survey . 66% of those saving into a defined contribution pension and 58% of those who have already retired have either no firm plans or no plans at all for their retirement finances. This has translated into…
Lindsay
7 April 2021
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How Much is the State Pension?

While many people have some savings for retirement, most of us will also depend on the State Pension to help cover our living costs. The full new State Pension payment is currently £175.20 a week (2020/21 tax year), but not everyone will receive the full amount and the age at which you’ll receive it varies. If you reached State Pension…
Lindsay
31 March 2021
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Passing on Pension Benefits

If you’ve spent a lifetime saving for retirement, you’d probably like any remaining money to go to a loved one after your death. But whether pension benefits are payable to a beneficiary, and how they’ll receive them, is dependent on the type of pension you’ve chosen and how you’ve accessed it in your retirement. Thanks to changes in the way…
Lindsay
24 March 2021
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Funding Long- Term Care

Long-term care covers everything from residential and nursing homes to home care. It is provided by a range of different organisations, including local authorities, the NHS and private and voluntary organisations. But choosing the right care setting for ourselves or a relative is not something which many of us have experience of. Paying for care is a prospect that increasingly…
Lindsay
17 March 2021
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Critical Factor

What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. You’d get your family together and tell them what was going on. Before long, you’d start spending time in hospital for treatment. You may also need to take some time off. It’s hard to know what the financial impact of all this…
Lindsay
10 March 2021
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Pension Options

Pension freedoms in 2015 fundamentally changed the rules for cashing in your pensions. Current rules allow you far more freedom and flexibility over how to take your pension than in previous generations. If you’ve saved into a defined contribution pension scheme during your working life, you’ll eventually need to decide what to do with the money you’ve saved towards your…
Lindsay
3 March 2021
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Your Future Self

The coronavirus (COVID-19) pandemic crisis could leave the next generation of retirees significantly poorer and sicker. 4.8 million people over 50 and in work fear losing their job because of the COVID-19 pandemic, according to new research that reveals fears of finding a new role . One in three (31%) are concerned about finding new employment in the event of…
Lindsay
24 February 2021
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More Over 55s Forced to Dip into Pension Pots

The UK has seen a rise in the number of people accessing their pension pots or enquiring about doing so. People accessing their pension as a flexible income has increased by 56% according to research since the first lockdown last year. The increase is due to people withdrawing after holding off when stock markets were volatile. An increasing number of…
Lindsay
17 February 2021
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Planning for a More Relaxing Retirement

Time to get back to dreaming about stopping work. Not dreading it. Life changes when you retire – and so does how you spend your money. Whatever your plans, it’s important to keep on top of things and think about the lifestyle you want. It’s also worth noting the average life expectancy at age 65 years is 18.6 years for…
Lindsay
4 February 2021