The Lifestyle Jan - Feb 2023

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FINANCIAL PLANNING FOR a happy retirement The secret to a successful retirement is to slowly and surely build up your retirement pot. Exactly how you do that will depend on your situation – but there are lots of things you can do. Here we have advice from Money Helper (moneyhelper.org.uk) which is a government advice service. As with any financial planning matter, it is important that your unique circumstances are considered and you seek the advice of a certified professional. REVIEW PENSIONS REGULARLY It’s important to review your pensions regularly. If they’re not on track to give you the income you want in retirement, you need to look at how to boost them. If they’re broadly on track, you can make a clearer plan so that your pensions will be able to give you the income you want when you retire. HOW MUCH MONEY WILL YOU NEED IN YOUR TOTAL PENSION POT? It’s important to think about your pension income in building blocks - first with the state pension, then with your private or workplace pension savings, and then with any other additional income you might get, from investments or property. How much extra income you need to generate from your private pension savings will depend on the type of private pension you have. Defined benefit and final salary pensions pay you a regular monthly income - how much you get is based on your earnings while you were working. If you have one or more of these, you should receive annual updates telling you how much you can expect to get. Adding that to your state pension (which you can find out by getting a state pension forecast) will help you understand how much you’ve got to play with in retirement. REVIEW THE WAY YOUR PENSION POT IS INVESTED If you have a defined contribution personal or workplace pension, you get to choose how your pension pot is invested. Typically, this involves choosing from a range of funds offered by your pension provider. These funds will be weighted differently between various types of assets, which offer different levels of risk and potential return. Generally, you can afford to take more risk when you’re young, and less as you get older. The longer your money will be invested, the more scope you’ll have to deal with investment performance going up and down over time. So if you are some way from retirement and your pension savings are invested conservatively, you might want to consider moving at least some of your fund into potentially higher-growth assets, for example, company shares. But bear in mind that there’s no guarantee that higher growth will be achieved. Transferring a personal pension into a self-invested personal pension (SIPP) can give you a wider range of investment options to choose from. But this brings higher risks if you’re not an experienced investor. And you might face higher charges. Unless you understand how the different pension investments work, you might want to consider getting regulated financial advice before making any changes to your pension investment. REVIEW THE CHARGES DEDUCTED FROM YOUR SAVINGS All pension providers will charge for managing your pot and investing your money. In defined contribution personal and workplace schemes, these charges are often called an annual management charge or ongoing charge figure and are automatically deducted from your pot. An annual charge of 1.5% a year could have eaten away a quarter of your pension pot after 35 years. An annual charge of 0.5% would have reduced your pension pot by only 1/10th over the same period. You don’t need to worry about this if you’re in a defined benefit scheme. But if you have a defined contribution scheme, charges reduce the value of your pension pot. Workplace pensions often have lower charges but that isn’t always the case. If you have any confusion surrounding multiple pension pots, investments or other pension queries, it is worthwhile seeking the advice from an IFA. 46 | www.minervamagazines.co.uk
Could the New Year mean a new adventure? Be inspired with Brio Retirement Living... Find all the inspiration you need to make positive lifestyle changes that last at one of our Integrated Retirement Community’s. We have 3 communities across the UK, Beechwood Park in the Cotswolds, Button House in South London and Landale Court, close to Aberdeen. Reserve by February 2023 and enjoy the added benefit of our Winter offers * Beechwood Park Purchase & Part Buy/Part Rent Full Hassle Free Move package including conveyancing and agency fees up to a capped value of £7.5k plus 6 months free concierge fee. OR £10k contribution towards stamp duty. Rentals 6 months free essential rental package (rent + concierge fee) to be pro-rated over 24 months tenancy. 01451 885494 Stow-on-the-Wold, Cotswolds Button House Purchase & Part Buy/Part Rent Full Hassle Free Move package including conveyancing and agency fees up to a capped value of £7.5k plus 6 months free concierge fee. OR £10k contribution towards stamp duty. Rentals 6 months free essential rental package (rent + concierge fee) to be pro-rated over 24 months tenancy. 0208 773 2838 Hackbridge, London Landale Court Purchase & Part Buy/Part Rent £2k contribution towards moving, conveyancing and agency fees plus 6 months free factoring fee. OR £4k contribution towards LBTT or fitted wardrobes / window treatments. Rentals 3 months free rental package (rent + factoring fee) to be pro-rated over 12 months tenancy. 01569 730357 Chapelton, Stonehaven brioretirement.co.uk * T&Cs apply - only one incentive per purchase
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Page 10: Rabbit and Cabbage Tea Towel, £11.
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Page 15 and 16: Hundreds of individuals. One commun
Page 17 and 18: “Our mission is to develop though
Page 19 and 20: F O O D & DRINK Recipes galore - fr
Page 21 and 22: BREAKFAST HASH PREP: 10 minutes COO
Page 23 and 24: DIPPY EGGS WITH BACON WRAPPED SOLDI
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Page 29 and 30: HOME & GARDEN Renovation ‘do’s
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Page 33 and 34: CONTRASTING DESIGN TRENDS FOR 2023
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Page 39 and 40: ADVERTISING FEATURE ADVERTISING FEA
Page 41 and 42: Early Morning Canoeing - HOSHINOYA
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The Lifestyle Jan - Feb 2023

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