The number of people saving into a Workplace Pension has reached a record high. But far from providing a comfortable retirement income, those making minimum contributions could face an unexpected shortfall when the time comes to giving up work.

Pensioners could have less than minimum wage to live on, despite making monthly pension contributions, according to Aviva.

Alistair McQueen, Head of Savings and Retirement at Aviva, said: “Millions of people are sleepwalking towards less than minimum wage at retirement.

“To their credit, millions...

Going to university can be expensive. But not just for the student; parents are expecting to pay out thousands of pounds every year to help their child secure a degree.

Parents anticipate spending £5,721 each year their child is at university, according to research from Lloyds Bank. Over the course of an average three-year degree, it amounts to £17,165. With around half of young people choosing to pursue higher education, it’s an expense many households in the UK could be facing.

Just 10 years ago, the figure would have been enough to co...

More pensioners are choosing to forgo a guaranteed income that comes from an annuity, instead favouring making withdrawals directly from their pension using flexi-access drawdown. While providing more flexibility, the latest data suggests those using drawdown may face financial hardship later in life.

Ensuring that your savings will support you throughout your later years is a critical part of financial planning. Part of this is making sustainable withdrawals from your pension.

Two years ago, the average pension withdrawal rate was 4.7%....

The Bank of England (BoE) has increased interest rates above 0.5% for the first time since 2009.

Today, the Monetary Policy Committee (MPC) voted unanimously to push up the base rate by 0.25% to 0.75%.

That’s not a massive increase; savers aren’t going to suddenly start seeing real returns on most of their bank or building society accounts and it won’t cause significant pain to most mortgage holders.

However, coupled with the 0.25% increase in November last year, it is another warning shot that interest rates aren’t going to stay at rec...

NS&I (National Savings and Investments) has revealed that there are currently 1.4 million unclaimed prizes from Premium Bonds, totalling more than £58 million.

That’s potentially a life-changing amount of money which is left waiting for the lucky winners to discover. If you have Premium Bonds, why not take this opportunity as a reminder to check on your account and find out if you are one of them?

If you don’t have Premium Bonds, you may be wondering what we’re talking about. Here’s everything you need to know:

1. What are Premium Bonds...

‘Pretirement’ might sound like an early retirement, but it’s anything but.

In fact, ‘pretirement’ is a term coined to describe the act of easing into retirement; or working beyond State Retirement Age. This could be full-time, part-time, or on a consultancy basis.

Of those reaching the age of 65 in 2018, 50% will enter ‘pretirement’, instead of leaving work completely, according to Prudential.

Reasons for staying in work

You may be wondering why people would choose to work when the best part of reaching retirement age is the ability to...

61% of UK adults do not have a will in place, according to Which?.  A fifth of those say they have not written a will as they have nothing worth passing on.

However, a will does so much more than just pass on material and financial assets. It is also used to help let those left behind know your wishes and could be the best way to ensure that they are followed, after you die, these can include:

1. Who oversees your estate

You need to choose who will be the executor(s) of your estate. They will take charge of it and make decisions on your...

How often do you wake up with the intention of getting financial advice as your number one priority?

For almost everyone, the answer is never. Rather, the urge to seek financial advice is usually triggered by an event, or idea.

According to research from the Financial Conduct Authority (FCA), Less than one in 10 UK adults (6%) have sought regulated financial advice relating to investments, pensions or retirement planning, while a quarter are likely to need it.

This is a shame, as we see on a regular basis the benefits our clients get fr...

Microsoft founder, Bill Gates, once said; “The internet is becoming the town square for the global village of tomorrow.”

It’s clear that prediction is becoming reality. Think about all the things you can do in your local town square. Most of them can be done online instead, including food shopping, banking and catching up with friends.

Unfortunately, some processes have been taken out of the town square altogether, with a handful of government branches opting to go ‘digital by default’. That means some services can only be accessed onlin...