A Million Plus Pensioners Totally Reliant On Government Support

Private funds failing to cover pensioner’s expenses.

People are being warned to plan ahead and seek Financial Advice Suffolk as to how to make the most out of any savings they accrue during their working life. Group communications director at Just, a specialist retirement services provider Stephen Lowe explains that “the State will never provide a retirement income that allows for many comforts, so for those who do have some savings, good guidance about what to do with those savings is vital.”

Of those already in retirement, roughly 1.1 million pensioners live alone and are totally reliant on income from the state. This number shows a trend of increasing state reliance, up 26% for individuals between the ends of 2011 and 2016. April last year saw a 12 month increase of 15%, adding to fears the problem is continuing to accelerate.

When including couples, 330,000 more people depend on some form of state benefit completely. This figure includes those that are in receipt of disability benefits as well as state pensions and income related benefits.

How Much Does The State Provide For Pensioners?

For single pensioners, the average amount of money they receive is just £188 per week in the year 2015 to 2016. Being aware of how much the government deems sufficient to live on in retirement should encourage those that have not yet reached retirement age to do the best they can to build up personal savings and private pensions.

Pre-retirees should also be aware that this amount is not guaranteed as political decisions may change the state pension landscape. Currently, taxpayers are paying £850 million a week to cover the 4.6 million single pensioners currently in the U.K..

All of those not yet in retirement could benefit from saving as much as possible. As Mr Lowe states, the amount given to state pension recipients is only designed to cover basic needs, anything else is up to the individual to provide for themselves whilst they still can.

Paul Hoskin MD at Hoskin Financial

THIS BLOG PROVIDES INFORMATION, IT IS NOT ADVICE. ANY OPINIONS ARE GIVEN IN GOOD FAITH AND MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. OPINIONS AND INFORMATION INCLUDED WITHIN THIS EMAIL DO NOT CONSTITUTE ADVICE. (IF YOU REQUIRE PERSONAL ADVICE BASED ON YOUR CIRCUMSTANCES, PLEASE CONTACT US AT HOSKIN FINANCIAL

JK Cleaning: Excellent Domestic & Commercial Cleaners in Kent

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Promotion Team UK: A True Search Engine Optimisation Expert in Essex

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Essex is the beautiful place in England, where now days the trend of promoting business, services or any other activity through internet marketing is increasing day by day.  Promotion or marketing or making a good presence on web can be done by a highly professional and experienced Search engine optimization expert.  Promotion Team UK is one of the highly experienced team of   Search Engine Optimisation in Essex they offer best SEO services at best possible prices. Although they are based in Essex, they have clients all over the United Kingdom and have an aim to have overseas clients within the next year.

Promotions Team UK Search Engine Optimisation Plan: 

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Customers Missing Out On Larger Returns By Sticking With Cash I.S.A.s

I.S.A. customers encouraged to move their savings out of cash.

The majority of people with I.S.A.s are actively looking for the best option as The Share Centre’s investment manager Sheridan Admans reports “a 36% increase in the number of trades, as well as a considerable 72% increase in inflows year on year”.

Stocks And Shares I.S.A.s Out Perform Other Options

Just over a quarter of those whose actions were recorded have chosen to keep their investments in cash. Experts including True Potential are however warning that higher inflation could diminish their returns. They highlight the vast disparity between someone placing £20,000 in two I.S.A.s in 2017-18. The cash option would return around £200 in interest whereas a stocks and shares option could return around £2,400.

Ms Admans describes the most appealing stocks and shares investments as “high-yield defensive, large blue chip stocks with a recovery story”.

Looking at those who have not yet invested in stocks and shares I.S.A.s senior partner at True Potential, Mark Henderson points to what he calls “widespread inertia that means many savers remain overly exposed to cash. Everyone needs a rainy day fund but inflation is higher than most cash I.S.A. rates. He goes further to describe cash as “no longer a risk-free return but more like a return-free risk.”

The end of this tax year is viewed as a particularly good time to invest in an I.S.A. with the government’s Lifetime I.S.A. coming into force. Divisional director for development and technical consultancy at St James’s Place, Tony Müdd highlights the virtues of I.S.A.s pointing out “everyone has their own allowance – £15,240 in the current tax year – which means that couples can shelter £30,480 between them.”Financial Advice Suffolk

Senior analyst at AJ Bell, Tom Selby calls on the government to continue raising the personal allowance saying “the last thing we want is for it to be frozen at £20,000 for the next 10 years as many other allowances have been.”

Paul Hoskin MD at Hoskin Financial

Visit Financial Advice Suffolk and Mortgage Protection Ipswich