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early pension retirement rule uk |
state retirement pension ukIt would be great if we could all retire with a nice portfolio of savings and pension income, without having to worry about paying the bills most retired people pay.
I found this book to be vastly superior to 52 Weeks to Financial Fitness by Marshall Loeb, which was also written for people in this age category. Mr. Schwab's profits as author from this book are all being donated to the Charles Schwab Corporation Foundation to provide for the needs of seniors. The book is divided into two parts: First, planning for the rest of your life; and second, getting organized to implement that plan. The planning section is very well done because it covers materials at a level of perspective that goes from the needs of most beginners to handling the needs of all but the most sophisticated people. Fundamentals are covered in sidebars so as not to clutter-up the main text for those who do not need the information. The subjects covered include how much money you will need in total, determining the value of what you have available, estimating the gap between your needs and resources, understanding how to think about asset allocation in your investment funds, establishing the proper cash flow to match your needs, and readjusting your investment mix over time. Each section is clearly written and provides formats to make it easier for you to assemble and think about your information. I was particularly pleased to see Mr. Schwab challenge some conventional wisdom about financial planning. Many people use a rule of thumb that you will need 70% of your preretirement income. In practice, many people find that they spend more than that because some costs go up more rapidly than inflation, like medical care, or they take on new interests. Mr. Schwab suggests 90%. I think even that may not be conservative enough. I think a better assumption is to have the percentage grow over time, slowly. Eventually, it will probably exceed 100%. In addition, many people will tell you to plan on spending 6% of your assets each year after you have to start drawing on them. Mr. Schwab wisely suggests that 3-4% will be more appropriate for most people. I liked that advice very much. The advice on investing is much more conservative than you would expect from someone who heads an on-line brokerage house. But appropriately so. He suggests you stay in common stocks as long as possible, because you may well live much longer than you think. But he has all but 10% of your portfolio in either no-load index funds or conservative bond and cash positions. If you skip the idea of owning any individual stocks, the advice is quite appropriate for the average person. It also has you reducing your exposure to stocks over time, as the years appraoch when you will need the income. So even if stocks stop performing well (as some warn) in the next few years, you will be relatively safe. Part II of the book gets you into deciding whether you need a financial advisor or not, and how to select and work with one. It also looks at the most important questions about insurance, estate planning (get thee to a lawyer), and how to handle your donations so they bring you the most satisfaction and least after-tax cost. The book has several other nice qualities. It emphasizes the rest of your life as being the "second half" rather than the downhill slide or some other negative concept. In sports, we all know that the winners are usually those who play the second half the best. Also, at half-time, the coach often makes adjustments that lead to winning performance. It is a very nice metaphor for financial planning at this stage in life. "What do I want for the second half of my life?" is the key question posed in the beginning of the book for you to consider. I also liked the optimism of the book. Rather than focusing on the fear that people have about outliving their money, the book emphasizes the potential for good things to happen. You may live longer, and think of all the good things that could follow. "Anything is possible" was my favorite line from the book, which followed examples of wonderful accomplishments by seniors of advanced years. Unless you already have been through this exercise recently with a financial advisor, I suggest that you get the book and use the exercises. Further, I suggest you take even more time to think through the possibilities that the post child-rearing and tuition years may offer you. It's almost like getting to start over again, but with much more in the way of resources and wisdom. Look for and find the best choices!
This latest book, however, is a huge disappointment for anyone who is an experienced 'follower' of Kiyosaki. There is very little new and it appears that the series is becoming a cash cow for him to milk money out of in return for repeating previous material. The amount of content regarding the key topic (the financial impact of the change in the US population make up) is tiny and adds little to what is available free through simple internet searches. The tendency to use the text to advertise other "Rich Dad" products is increasingly annoying and adds to the feeling that the author is not really interested in adding value, except to his bank balance. For newcomers to the series, though, the book could be useful as it combines topics from all of the previous four texts; a low cost way of getting the most for your money. I still reccomend the original "Rich Dad, Poor Dad" as an outstanding stand alone work (for its attitude alone). This new book would add to that nicely as a pair, saving the need to purchase the intermediate series or numerous attached products. For those of us who have awaited Kiyosaki's output with anticipation, this is depressingly bad and verging on a deliberate rip off. Stick with the original and look for answers to the questions about the coming decade elsewhere.
This guide was an excellent starting point, covering all the major options available to me and clearing up a lot of the jargon. It even contains sections on maximising the performance of your pension. This is the 1999 edition, but still contains reasonably current advice on Stakeholder pension plans. Considering the often tiresome nature of the subject matter, this is all highly informative stuff.
1. The Pension Service - State Pension - Basic State Pension
Information on State Pension, formerly known as retirement pension, from The Pension Service, part of the Department for Work and Pensions, UK. 2. State Pensions UK | Pensions | Pensions in Retirement Find out about uk Basic State Pensions are paid in full to individuals with National Insurance contributions paid during their working life. 3. The Pension Service Impartial UK government information on state and private pensions from The Pension Service, part of the Department for Work and Pensions, whether you are retired, ... 4. State Pension Easy UK Guide The British State Pension. Everything you wanted to know but were afraid to ask. ... The Basic State Retirement Pension for a single person is approx £3,150 pa. ... 5. Understanding the basic State Pension : Directgov - Money, tax and benefits ... UK government. Please note that this website has a UK government ... Pensions and retirement. State Pension. Motoring. Travel and transport. Browse by people ... 6. 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By ringing the Retirement Pension Forecasting Team on 0845 3000 168 (local-call rate) ... 28. UK Pensions Information Guide... Retirement Annuities... Stakeholders Free information on U.K. pensions, the new Stakeholder pension, and retirement annuities. ... eroding £180 off pension value State pensions could be hit for ... 29. Guide and background to UK State Pension. Links to useful sites and ... ... UK State Pension. Including who is eligible and how to claim. Calculate your state retirement age. ... your State Pension as a lump sum when you return to the UK. ... 30. State Pensions - moneto.eu For detailed information on the State Pension system in the UK, see articles: ... Late Retirement. State Benefits. State Pension Tax. State Pensions for ... 31. Understand more about state pensions Retirement guides. Fidelity Personal Pension (SIPP) guide ... State pensions. Most UK residents will qualify for a state pension. ... 32. planning retirement pension uk ... Pension Schemes,Employee Benifits,Salary Sacrifice,Retirement ... On top of this there will be less and less State pension money available to go around. ... 33. What Happens When I Reach State Retirement Age - Unilever UK Pension Fund Welcome to the Unilever UK Pension Fund website. This website is for all members and potential members of the UUKPF. Download your latest Benefit Statement, or use ... 34. State Retirement Pension - Social Security Agency State Retirement Pension is a taxable benefit, tax will only be due if the ... State Retirement Pension is not affected if you receive Attendance Allowance or ... 35. Pensions - Basic State Pension | UK State Pension Details of the basic state pension from Yahoo! Finance UK. ... Message Board: Pensions, Annuities & Retirement. The Price Of Your Pension Is Going Up ...
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