Leamington and Warwick Living Mar - Apr 2022

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RETIRE in style WITH RECENT HARGREAVES LANSDOWN FINDINGS SUGGESTING LESS THAN 40% OF PEOPLE ARE ON TRACK FOR A COMFORTABLE RETIREMENT, WE TAKE A LOOK AT HOW TO PREPARE FOR RETIREMENT AND THE BREADTH OF OPTIONS AVAILABLE FOR THOSE ALL- IMPORTANT AUTUMN YEARS... WORK OUT WHAT YOU’LL NEED Whether your pension will be enough to pay for the retirement you want will depend on the savings pot you amass as well as the cost of your lifestyle when you retire. Working out what income you will need in retirement may not be straightforward, however. Your life in retirement will be different from your working life: some costs may go up while others will reduce. According to a Which? 2021 survey, households with two people spent a shade under £2,170 a month, or around £26,000 a year, on average. This covers all the basic areas of expenditure (which had a combined cost of £18,000 per year on average) and some luxuries, such as European holidays, hobbies and eating out. Aiming for this level of income will provide a ACCORDING TO A WHICH? 2021 SURVEY, HOUSEHOLDS WITH TWO PEOPLE SPENT A SHADE UNDER £2,170 A MONTH, OR AROUND £26,000 A YEAR, ON AVERAGE. good platform for your retirement. You’d need £41,000 a year if you include luxuries such as long-haul trips and a new car every five years. WORK OUT WHAT YOU’VE GOT It’s now time to work out how much you’re likely to have in retirement. It’s a good idea to do this about two years before you retire. Dig out the latest statements you have for all your pensions, including from old employers and personal pensions. You should be sent an annual statement for each of your pension schemes, including any employer-based arrangements and personal pension plans, even if you are no longer contributing to them. If you don’t have up-to-date statements, you can ask for these to be sent to you. You may also be able to access pension values online via your pension company/ scheme website. CHECK WHAT YOUR PENSION COULD BE WORTH As well as telling you what your pension is worth now, annual statements will also detail what your pension might be worth at retirement. These forecasts (don’t think of them as anything more than rough estimates) will be based on a range of assumptions including investment growth and inflation between now and retirement. It is important to consider the effect of inflation because over time this can significantly reduce the spending power of your pension. THINK ABOUT HOW AND WHEN TO CASH OUT Recent pension freedoms have given retirees considerable flexibility over how they draw an income or withdraw lump sums from their accumulated retirement savings. Pension savings can be accessed from age 55. You no longer have to buy an annuity – an income stream for life – and can choose how much income you take and when to take it. You could take your whole pension fund as cash in one go – with 25% being taxfree and the rest taxable. Other options include taking a lump sum now, with further withdrawals when you want or an ongoing regular income (via so-called drawdown or an annuity). However, the danger of these pension freedoms is that people withdraw too much money too quickly and risk running out of money before they die. It is also possible to pass on your pension savings completely free of tax. So, as well as being a tax-efficient way to invest, pensions can be a very useful way to reduce inheritance tax bills.
Foods to help reduce joint pain Benjamin Franklin was right when he said ‘an ounce of prevention is worth a pound of cure’ – it is so important, no matter our age, that we adopt dietary and exercise habits that support strong bones and joints. Where there is pain, there is inflammation – so trying to avoid inflammation in the body is one of the first steps to take to eradicate pain... The underlying cause for inflammation may be due to a number of factors. Some common areas for consideration are: HORMONES: Some hormones are connected with the inflammatory response (examples include insulin, cortisol and oestrogen). FATS: The amount and type of fat in the diet is directly linked with inflammation, especially the essential fatty acids omega 3 and omega 6 (they are called essential because they have to come from our diet – we cannot manufacture them ourselves). DIGESTION: Our digestive system also has the power to mess about with inflammation in the body. If the digestive system is struggling then localised damage may occur in the gut leading to inflammation and food sensitivities (food sensitivities or intolerances are associated with the immune system, which in turn triggers inflammation). Eating to reduce inflammation: Make sure you get regular amounts of protein into your diet. Including protein in meals and snacks helps prevent sudden highs in blood sugar. Focusing on protein in this way is a good start in regulating hormone levels (including insulin, cortisol and oestrogen). Eat foods high in omega 3 fats. These fats are broken down into anti-inflammatory properties in the body. The best sources are oily fish (wild salmon, sardines, mackerel), ground linseeds, walnuts and green vegetables. Eat foods known to have anti-inflammatory properties (many foods have compounds that work in the same way as ibuprofen!). These include beetroot, ginger, turmeric and dark red and blue berries. Consider avoiding foods that you think may be contributing to your pain and monitor what happens. The most common foods here are gluten (found in wheat, barley and rye), dairy products, eggs, soy, nightshade family (tomatoes, potatoes, aubergine), and foods high in the substance lectin (beans, pulses, grains, nuts, seeds). EYE SPECIALIST CLINIC 0121 726 3199 ■ YAG Laser Capsulotomy ■ Glaucoma Clinic ■ Dry Eye Clinic ■ General Ophthalmology ■ Private Cataract Surgery Mr Don Williams Consultant Optom & Director Registered Specialist (IP) FCOptom M.Sc (Dist) B.Sc (Hons) DipTp (IP) PGDip Refractive & Cataract Surgery Higher Cert Glaucoma Prof Cert Glaucoma Prof Cert Med Retina FCOptom: Fellowship of the College. The College’s highest and most prestigious award recognising clinicians of higher standing Edgbaston Eye Clinic The Consulting Rooms, 38 Harborne Road, Edgbaston B15 3EB Free patient parking on site info@edgbastoneyeclinic.com www.edgbastoneyeclinic.com www.minervamagazines.co.uk | 45
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Leamington and Warwick Living Mar - Apr 2022

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