Life after 50
Turning 50 often makes us start to think long-term. It's usually a time in life when we have many responsibilities and people who rely on us.
So, it's often when people begin to think about their money differently and ask questions like: "What do I want my retirement to look like?", "When will I get round to saving for that dream trip?", "What can I do now to start planning for my loved ones after I die?"
The below articles are intended to help you begin to answer those questions.
How to make the most of your retirement
Retirement is meant to be an enjoyable time, when you're finally free from work stress and your time is your own to do what you like with.
But money worries can change that.
Most people have some form of pension, either workplace or private, and as long as you've paid National Insurance for at least 10 years you should also get State Pension from the government. Yet many people don't know how much money they'll retire with. Now's the time to work out what you'll need and take steps to prepare financially for your retirement.
Find out more about managing your finances and planning for retirement:
Is it better to save or invest your money?
Money that’s saved grows by earning interest, whereas money invested increases (or decreases) depending on the value of stock market shares.
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Great reasons to save for retirement
When the time comes to stop working, you’ll find yourself with more free time than you’ve had in years! Have you thought about what you might like to do with it?
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How does the annual ISA allowance work?
You can put up to £20,000 in ISAs in your name each tax year. This limit is set by the HMRC and reviewed each year.
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How to plan for long term savings goals
If you have a big financial goal in mind that could take you a few years to achieve, you’ll need a solid plan in place to help you get there.
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Tax on savings and investments: discover ways to save tax-free
If you’re earning interest on your savings, do you need to pay tax on it? Not necessarily!
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20 social networking sites, clubs and forums for over 50s
Joining new clubs and societies is a great way to get out there and meet new people.
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How to save for retirement when you’re self employed
As a self-employed person you don’t get automatically enrolled in a workplace pension. How can you save for retirement?
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What are the best places to live and work in the UK?
Discover the UK’s best places to live and work based on quality-of-life factors including value for money and work opportunities.
Read articleLooking after your loved ones
Managing finances for when you're no longer around is probably not something you want to think about.
But having everything in order will help your friends and family at a difficult time. Hopefully it's not something that they'll need to think about for a long time, but the sooner you have a plan in place, the easier things are likely to be.
There are a few ways you can reduce the burden on your loved ones, from having a plan for your funeral ready to go, to making sure they won't inherit debt.
Find out more about getting your affairs in order:
How to plan for your funeral
While it may feel morbid to plan your own funeral, especially at the early age of 50, it’s an act of kindness for your loved ones.
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How a junior ISA could help you save on inheritance tax
Junior ISAs allow you to put money away over time for your children and grandchildren.
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What happens to debt when you die?
Your debts don’t die when you do. If you don’t plan ahead, they could affect what you leave behind for your family.
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How to leave money for your funeral
Have you thought about leaving money for your funeral? If you don’t make provisions, your family could be left to foot the bill.
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What is probate?
The probate process is important to make sure a person’s estate is distributed fairly after they die, even if they didn’t have a Will.
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