Research from Scottish Widows has shown that the top priorities for those planning for retirement, are generating an income (41%), and having flexibility over that money (40%).

Other goals came in much lower, with the ability to pass on benefits, such as an income or lump sum, to a spouse or dependent at 10% and control over investments at just 9%.

However, it is unlikely that the priorities you have for your retirement will be the same as everyone else. So, how can you identify your retirement aims, and further still, achieve them?

Und...

Almost two thirds (60%) of people believe that financial compatibility is one of the most important factors in a successful relationship, according to Scottish Widows.

But what is financial compatibility?

Like any part of a relationship, financial compatibility is multi-faceted and will look different for every couple. However, the research states that incompatibility “includes a lack of shared financial aspirations and different attitudes to spending and saving.”

Signs of financial incompatibility

You may be in a financially mismatche...

The way pensions are accessed at the beginning of retirement has changed since the introduction of Pension Freedoms in 2015. The reforms mean that those aged 55 and over are less restricted in their ability to access their retirement fund.

These options mean that those nearing pension age have been faced with a range of options and decisions, which have affected the pensions landscape both positively and negatively.

The four main changes to take place at the point of retirement are:

1. Cash is accessed differently

Since the reforms wer...

According to research from the Financial Conduct Authority (FCA), most adults are not paying enough attention to their pension, leading to difficulties in retirement.

Pause for thought

The report shows that many people are not setting aside the time to think about their retirement income, with:

• 75% admitting they have either not considered their retirement finances at all, or do not give it much thought
• 45% only stopping to consider their pension provisions in the two years before they plan to retire
• Many people only reviewing their...

As we head into 2018, with a new financial year a few months away, the government is preparing to introduce several changes. These will come into effect in April, and it is likely that you will be affected by at least one of them. Being prepared is the key to making the most of the changes and deadlines that are approaching.

To ensure that you are informed about the upcoming changes to allowances, savings and pensions, here are the seven biggest things you need to know about.

 1.    Higher Lifetime Allowance

As inflation hit 3% in the s...

Only 38% of UK adults know what inflation is, according to research from The Organisation for Economic Cooperation and Development (OECD). The data also shows that adults in at least 14 nations have a better understanding of inflation than Brits.

To help put this situation right, we’ve created a short explainer covering the main points. However, we always encourage you to read further, learn more and seek professional help when you need it.

What is inflation?

Put simply, inflation is the rising cost of goods and services. Over time, the...

2018 marks 10 years since auto-enrolment was first debated in 2008. As the new financial year approaches, we look at what April 2018 has in store for workplace pensions.

What is auto-enrolment?

Introduced into law in 2011, auto-enrolment will be in its final roll-out phase this year. This means that, from April, eligible employees from all sizes of business should be included in a workplace pension (unless they have chosen to opt out).

Eligible workers are those who:

• Are aged between 22 and the current State Pension Age (which you...

Millennials are the generation born between the mid-80s and early-2000s, perhaps your children or grandchildren. With 13.8 million people falling within the age bracket, they make up a significant 12% of the UK population (source: Statista ).

In financial terms, millennials have been dubbed ‘generation debt’, ‘generation rent’ and even ‘generation screwed’, due to the difficulties they face in comparison to the generations who came before.

Despite the negative coverage, new research suggests that 20-34-year olds are actually saving more ...

“Real knowledge is to know the extent of one’s ignorance.”

Attributed to Chinese philosopher Confucius, this timeless phrase has never been more apt than when applied to the topic of Pension Freedoms.

A new report, from Old Mutual Wealth has revealed that many 50-60-year olds are uninformed about Pension Freedoms, with:

• 45% not knowing about Pension Freedoms at all, or not knowing how the new rules affect them
• 37% not knowing how or when they should access Pension Freedoms

Why is knowledge important?

Pension Freedoms are perhaps ...