Posts by The Bower Team

Two Ways to Boost Retirement Income

In retirement, every penny counts, and so it is unfortunate that many living on a pension could be paying far too much than necessary for services and utilities.

In spite of the media emphasis on the benefits of comparison websites, it seems that many people are failing to shop around for better deals on things like insurance, telephone tariffs and energy, preferring to stick with their existing provider. But is better the devil you know really the right course of action? If there is money to be saved then surely it is worth spending some time seeking better deals?Read more

25% Mortgaged in Retirement

According to a recent report in the Daily Mail, one in four pensioners is taking their mortgage into retirement.

A survey of 3,500 people aged 65+ reported that 27% had a mortgage and even more worryingly, the average size of that mortgage was higher amongst those over the age of 70.Read more

Britons Doubt Retirement Income will Suffice

Research conducted by Prudential has revealed that British people retiring in 2010 are expecting to be worse off than those who left work in 2009 and in 2008.

2010 retirees are anticipating an average income of £16,509 per year. In 2009, this average was £17,759 and in 2008 it was £18,663 showing decreases of 7% and 11.5% respectively.Read more

‘Ticking Time Bomb’ for Widows’ Pensions

Each year, just under 300,000 male pensioners are unwittingly denying their wives a comfortable retirement when they die because they are not taking the right advice when purchasing an annuity with their pension savings.

Labelled a ‘ticking time bomb’ by leading pensions campaigner Dr Ros Altmann, the shocking revelation could leave thousands of widows in financial difficulty in retirement.Read more

Two Thirds of Pensioners will Need to Sell Home or Release Equity to Pay for Care say Lib Dems

The future role of equity release as a possible means of funding social care for pensioners has been welcomed by trade body Safe Home Income Plans (SHIP) in response to recent Lib Dem research.

Interrogating Conservative plans for a residential social care scheme that would cost pensioners £8,000, the Liberal Democrats have called proposals ‘unworkable, unfair and unaffordable’.Read more

Raw Deal for Older Taxpayers?

A report by Parliament’s Public Accounts Committee into the way that older people, especially pensioners, are taxed has worryingly shown they could be on the receiving end of a very raw deal.

Constituting 18% of taxpayers, older people are more likely to abide by tax rules but are less likely to understand them, which means they will often pay more tax than is necessary.Read more

Equity Release is Key Source of Retirement Funding say Politicians

A key source of retirement funding could come from Equity Release says a well known All Party Parliamentary Group.

The group, led by Baroness Hollis of Heigham, suggested that the Government should provide better support to an industry that could offer a solution to the financial issues caused by a progressively ageing population. With additional Government backing, says the group, the equity release process could appear safer and more understandable for the nation’s older population.Read more