To plan for your future, you’ll need as much information as possible. Which is why we’ve produced a guide. To learn more about the different types of pensions and how the decisions you make could affect your future financial wellbeing, read the second chapter of the independently written Guide to managing money for the over 55s, sponsored by free2. Or, tune into the Podcast series – free thinking finance – that accompanies it

My Pension

Guide to managing money for the over 55s – Chapter 2

A lot of people seem to think that pensions are boring. Well, it’s true they can be complicated. But if receiving money for 20-30 years to cover your living expenses and maintain a decent lifestyle while you pursue your hobbies is of no interest to you… Then, all the same, you should probably still read The Guide to Managing Money for the Over 55s, sponsored by free2. Your future self may thank you.

This expertly written guide covers all sorts of topics for the over 55s, yes, including a substantial chapter on pensions, because there’s a great deal to think about. Did you know, for example, in 2015, pensions changed considerably when the government introduced so-called pension freedoms. These reforms give savers much more flexibility and choice than ever before about how and when to take money from a pension. The major change was to make it no longer compulsory to purchase an annuity, and through flexible draw-down pensions, to let people access significant tax-free cash lump sums. However, decisions over options like these are important as they can potentially have lifelong implications, therefore making financial advice even more vital.

Along with pension freedoms, the retirement date itself has changed – the state pension age rises to 66 by October this year, having risen from 65, and will rise to 67 by the close of 2028. Nowadays, more people are phasing their retirement, working at least part time into their 60s and 70s and beyond. For those UK residents under the age of 75 that do continue working, they can keep paying into a pension and receive tax relief. Just another tip around pensions covered in the guide.

There are many reasons to read the guide which explores the above issues and much more. It’s also complemented by the Free thinking finance Podcast series we commissioned, presented by the writer of the guide. If you’d like to read more about these sorts of issues or listen to the Podcast, then please choose from the following options:

Important Note

Free2 Limited (trading as free2) is an Appointed Representative of RS Consumer Finance Limited (RSCF) which is authorised and regulated by the Financial Conduct Authority (the FCA). free2 is a credit broker, not a lender, and will only offer loans from RSCF – an offer of credit is subject to status and affordability. Example Loan: 60-year-old non-smoker, £30,000 over 10 years with fixed monthly payments of £344.56, interest rate 6.73% and an APR of 6.97%. Terms & Conditions apply.


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