Christmas is usually associated with buying gifts for loved ones, but this giving spirit may not be shared among many in or nearing retirement this festive season.
Almost half (46%) of those aged 50-70 would prefer to spend more on themselves, compared with less than one in ten (9%) wanting to bestow it on family members, according to RetireEasy.co.uk, the only comprehensive, online tool that gives those in or nearing retirement peace of mind by empowering them to plan for their financial future.
Richard Collinson, CEO and Co-founder of RetireEasy.co.uk, said: ‘Christmas is a time when many households worry about their finances and retirees are primary among these. Often when preoccupied with how to make ends meet, it is understandable many would prefer to splurge on themselves with what little extra they have, rather than spend it on the wider family.
‘Budget worries affect everyone at this time of year, but particularly those in retirement as they continue to struggle with low interest rates and an increase in the cost of living.’
Precise planning for those nearing or in retirement is crucial so they can see an up-to-date picture of future finances and their longevity. The online tool at RetireEasy.co.uk does exactly that, providing users with peace of mind and the ability to plan for their financial future.
The interactive and easy-to-use service offers a holistic view of a users’ future income, factoring in a range of assets such as pension entitlements, investments and savings in order to figure out how much money they have to live on in retirement. The service is independent, secure, accessible2 and can be easily updated in response to external factors, such as changes to inflation, taxes and interest rates.
RetireEasy.co.uk offers a guide on what people should considerin the New Year, while highlighting the fact all plans can be carried out via their intuitive online tool.
- 1. Consider major financial contributions:
With university fees as they are, the grandparents of tomorrow’s workforce will want to help with university fees. RetireEasy.co.uk allows users to factor in all major financial contributions including education fees, a new car and holidays.
- 2. Know your pension:
Many workers are now faced with managing several pension pots as people no longer stay at one company. Our tool enables you to factor in multiple pension pots for the individual and those who are married.
- 3. Know your investments:
Investment returns are often overlooked in the focus on pensions. This can be a costly mistake to make, as long standing investments may be able to provide better returns than some pension schemes. Time should be spent on thinking about all of your investments and likely returns (and losses). Collecting all of this information on products including bonds, ISA’s and shares should be kept in one place.
- 4. Consider tax:
Paying tax in this country is something millions would rather not do. Often the cause of confusion, RetireEasy.co.uk can intuitively calculate your tax individually, or via a dual tax system for married couples. Doing this automatically will take the anxiety away for those who do not understand the area completely.
- 5. Consider all eventualities:
For those in the unenviable position of not having enough money, factors such as equity release or downsizing the home could be considered. Those planning the latter will be able to see when the exercise should be carried out and the kind of cash injection it will provide to retirement finances.
RetireEasy.co.uk is completely independent and does not promote products to users or accept advertising revenue. The tool is funded entirely through registration fees unlike similar products in the marketplace.