Insurance is usually a necessary evil that we have to have so that we dont lose money when someone bangs into our car, or when the toilet develops a leak and drips down through the ceiling…been there done that! many people buy term life insurance in order to save some money for a rainy day later on in their life.

If you decide to do this make sure you read the small print and that the admin costs are not going to eat away at your lump sum payout.

Popularity: 2% [?]

Thousands of women in their mid-50s, who could be hit hard by future increases to the State pension age, have been thrown a lifeline after the Government announced a delay in the Second reading of its controversial Pensions Bill. The delay has been prompted by the Government’s decision to consider proposals that would reduce the financial impact of its intended pension changes on women currently aged between 56 and 57. It follows a demonstration at Westminster last Wednesday by many of the women affected. If passed in its current form, the Pensions Bill would speed up the timetable for the equalisation of the State pension age for men and women to 65 by 2018 – two years earlier than the Government had promised.

There will then be an increase in State pension age for everyone to 66 by 2020. But it means 330,000 women aged between 56 and 57 now would have to wait up to two years longer to collect their State pension – losing the equivalent of up to £5,000 in income each year. Age UK claims unmarried women and women who are widowed or divorced will be particularly affected. Many women in this age group are also unable to work because of their family commitments. Today currently women can expect to retire on an average pension income of £12,900 a year compared with £19,400 for men. About 330,000 women aged between 56 and 57 will be hit hardest by the Pension Bill reforms. If you are affected, the first step is to find out exactly when you will get the State pension under the new rules.

The universal State pension, which promises a flat rate income (expected to be the equivalent of about £155 a week) should start in 2016 – thereby benefiting women now aged between 56 and 57. This new pension will remove means-testing so people should benefit from every penny saved. If you are concerned, the best thing to do is to check your employer’s pension provision to see whether you are eligible to join, or if you can increase contributions. See whether your employer offers a salary exchange, which is a tax-efficient way to invest more of your wage in a pension. Review existing savings and investments to see how they are performing and switch where necessary. Don’t take big risks with investments and pensions, particularly in your 50s.

You should spread the risk by investing in a broad range of equity funds, fixed-interest bonds and deposit savings.

Popularity: 4% [?]

Some of the hardest hit people during the recession – or credit crunch if you like – were those involved in Mutual Funds. Stocks and Shares were the hardest hit sector of the industry and this saw billions lost in the wake of the economic crash. It is time to redirect your investments – what you have you need to protect – and it is still possible to invest like the big boys and see your investments thrive even in the current climate. Companies such as MarketRiders can steer you away from the exhorbitant fees and charges that independent ‘experts’ and ‘advisors’ take to do basically gamble your money. They will help to protect your money from the devastating fees and taxes that eat away at your capitol by implementing asset allocation as the strategy for your investment portfolio.

One of the problems with packaged investments and particularly tax privileged investments such as IRA investments is that the investment element tends to get neglected or at least it’s overshadowed by the magic words “tax deductible”. Yes, it’s clearly to your advantage to get those tax deductions but don’t forget that it’s an investment that you’re making and any tax deduction can be far outweighed by charges or duff performance.

Popularity: 31% [?]