Planning for retirement can seem like a daunting prospect with so much to consider. But building up a nest egg needn’t be an unnecessary stress, whatever your age.

Here are some tips for putting your money to work wisely and future-proofing your savings with easy and safe investments as well as tips for your timeline. 

1. Work out how much you will need
2. Work out your timeline
3. Think about your investment options
4. Check what you actually have in your pension
5. Boost your retirement income

1. Understand How Much You Will Need

The first step to truly being able to plan for retirement is to understand how much the average person needs to save for a comfortable future. 

According to Retirement Living Standards, a couple needs £59,000 per year for a comfortable retirement, while singles will be looking at an income of £43,108 per annum. This all also depends, of course, on where you live and what you deem “essential”.

The absolute bare minimum figures are £14,400 for a single person and £22,400, if you are willing to watch your budget throughout your retirement. Of course, by the time you retire, these figures will also have increased due to inflation.

Take a look at our article that explains how much you need to have saved into a pension for more on this point.

Individuals get just over £11,502.40 a year from the full State pension in 2024 (that will change over the years of course) so if you’re about to retire you can factor that in to your annual income. However, even to get another £10,000 a year in income from your investments, assuming a 3% return (which is a fairly safe assumption to ride out spikes and troughs) you would need a retirement pot of at least £250,000. 

The ‘multiply by 25 rule’

One way to calculate how much you might need in retirement is to follow the “multiply by 25” rule.

Multiply your desired annual income in retirement by 25. This will bring you to an approximate figure for how much you need to save. 

Understanding Auto-Enrolment and Your Workplace Pension

2. Understand Your Timeline

Once you’ve understood how much you might need from retirement age, you have to look at your timeline to achieve that, too. 

You can never start saving too early. How much money you will need for an estimated number of years can be hard to calculate, but there are steps you can take as you enter different phases of your life.

Your 20s

Saving in your 20s means you benefit from more long-term savings plans which could yield better returns over time.

Even small contributions each month means compound interest will be on your side. 

Really, you could put in a tenner a month and, thanks to compound interest over decades, it would still create a really decent pot for you when you come to retire.

It’s also a really good idea to join your workplace pension as you then get ‘free money’ from your employer, plus the tax back from the Government that all pension schemes get.

If you’re self-employed you just get the tax advantage but it’s still worth having.

Making smart choices early on will set you up well for later life and might even lead to you being able to take early retirement. 

It’s also really worth considering taking out a LISA (Lifetime ISA) as the Government adds another 25% to anything you put in (you can deposit up to £4,000 a year into one of these).

Your 30s

You’re still young enough to make a significant dent in what you’ll need to save to retire.

As time of writing, you’ll have 38 years to go until you reach State Pension age of 68 and a lot of time to gain a good savings pot from workplace pensions, where employers contribute a minimum of 3%. 

Alongside this, you might think about building up value from other assets, such as a house, to boost retirement value. 

Again, don’t forget the LISA which will help you put a deposit on a home or contribute towards your retirement.

Your 40s

In your 40s you might be established in your career and on a better earnings track than in your 20s and 30s. So this will free up more money for later on in life. 

When you save for retirement in your 40s, larger amounts need to be set aside than in your previous decades.

You’re also more likely to be on the housing ladder and can consider using your property to help fund your retirement later on. However, it’s much better, on the whole, to have investments separate from your home, so make some time to really look into good places to help your money grow.

Your 50s 

Your 50s is a good time to seriously consider when you want to retire – if you want to. Many people, especially those who own their business, enjoy what they do and don’t want to retire!

You might also want to look at how you could go about taking your pension out of the pot, be it with annuities, a drawdown or a lump sum, now or later on. You can access a private pension from the age of 55. Taking money out now will reduce what you have invested for your later retirement.

Check to see that you have paid enough NI over your life to qualify for the full State pension. If you haven’t, you are allowed to pay for some years in some cases, and it could be a good idea to do that. Check your State pension age, too.

When you’re in your fifties you qualify for a free advice session with Pensionwise. It’s worth getting that so that you can have a good idea of what money you can expect to make in retirement and, also, whether you need to put more aside now in order to fund yourself later on.

It’s also a good idea to pay for independent financial advice at this stage. It’s about funding the rest of your life so you need to get it right. Find a recommended financial advisor here at VouchedFor.

Your 60s

In your sixties you could still be working or you may have already taken early retirement if you have the cash to do it. Check when you qualify for the State pension and remember that you have to actually apply to receive it. It doesn’t come automatically.

It’s also a good idea to consider putting off your State pension by a year. You can get more per year by doing that and, if you think you’re going to live a good, long life then that’s worth considering.

Nowadays more people are choosing to reduce their working hours and opt for semi-retirement first, rather than give up work completely. Many people enjoy working in retirement. Why shouldn’t you keep in ‘life’ by working rather than staying at home?

If you’re looking to find a side-earner to supplement your income before or after pensionable age, we have loads of ideas in the Make Money section so take a look there.

3. Research Your Investment Options 

You might want to look into getting help from a financial planner or financial advisor to understand the investment options that will best help you retire with a healthy savings pot. Doing this as soon as possible means your money is put to work in more productive ways from the get go. 

Find a recommended financial advisor at VouchedFor.

• Look at investing, or, if you already do, how you can maximise your various investments (called a portfolio) on an ongoing basis, is a good way of making sure your money is being put to work in the right places.
• This could mean investing in ISAs, bonds or floating some money on the stock market, which has been proven to be one of the best ways of growing your money long-term. 
• Once you decide to invest you need to think about whether you want to do-it-yourself or hire in help. Here’s a guide to using a financial advisor or going it alone and DIY investing. 

4. Check Your Pension

It can be confusing to know exactly what you have from the different pots available. Here are a few ways to check your pension annually. 

State pension

It’s a good idea to regularly check your State pension forecast. You can do it online or request a State Pension statement so you can see how much State Pension you’ve built up so far.

You can apply for one online or by phone or post if you are aged 16 or over and at least 30 days away from your State Pension age.

You’ll find details about how to do this at GOV.UK

Defined benefit (final salary) pensions (DB)

Final salary pensions pay a retirement income based on your salary and the amount of time you’ve been part of the scheme. 

It’s generally only public sector or older workplace pension schemes that offer DB pensions, and members of one will usually be sent an annual statement by the scheme.

If you don’t receive this, you can request it.

The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.

Defined contribution (DC) pensions

These schemes mean you build up a pot of money you can use to provide yourself with an income in retirement. The value of the pot is based on your contributions, your employer’s contributions plus investment returns and tax relief. 

They can be run through an insurance company, master trust provider or you might be a member of a bespoke scheme set up by your employer. 

Annual statements will give you an idea of the monthly retirement income you can expect. It might not assume that you take your tax-free cash lump sum, however. 

In this type of scheme you have freedom over how you can access your funds if you’re over the age of 55. 

Combining your pot 

Consolidating your pensions from different workplace plans can make it easier to know what you have in total. PensionBee is one company that does this, and they provide an easy to use platform for both choosing what type of pension you want and consolidating existing pensions. 

Find out more about PensionBee and how you can retire early with this free eBook that we produced.

5. Boost Retirement Income 

One way to boost your retirement income is to increase your regular savings early on.

• Adding to regular savings pots over the years can pay dividends later on in life. 
• Adding lump sums to your pension is another way to boost savings. If you receive some inheritance or are given a sum of money the interest on that over 20 years in a pension savings account could more than double it. 
• Other things you could consider are retiring later in life, moving to a less expensive area or downsizing, or rent out part of your house (even renting out your driveway could earn you money). 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

The post 5 easy steps to plan a comfortable retirement appeared first on MoneyMagpie.

The survey, conducted by Opinium for investment platform AJ Bell, analysed responses from 1,071 women who have gone through, or are going through, the menopause. The results reinforced the importance of employers needing to put menopause policies in place to support women who are facing the challenges that come with entering a different stage of their lives.

Survey Results

• More than a quarter of respondents agreed that going through the menopause had hindered their work life in some way, which also had a knock on effect on their financial lives.
• Among those experiencing the menopause and working full time, an impact on confidence and performance at work was the most common challenge (32%).
• Other issues included the need to reduce hours (6%), take an absence or holiday from work (15%), and leaving work or changing jobs (4%).
• More than one in ten (14%) said their finances had been impacted by the menopause:
• Reasons include reducing hours leading to lower earnings (7%), using up holiday/sick pay entitlement (3%), taking unpaid leave (3%), changing roles or employer with lower earnings (2%).
• Of those that said it impacted their finances, half (51%) cut their outgoings in order to manage financially and 59% of the women surveyed saying they don’t have or aren’t sure if they have sufficient savings to fund their retirement.

Menopause policies

Whilst some workplaces are beginning to understand the importance of putting menopause policies in place, it remains a relatively taboo subject.

Well over 8 in 10 (84%) of those still working said their employer either had no menopause policy or they weren’t aware of one being in place. Only 11% felt their employer had an adequate menopause policy in place, with 5% saying an inadequate policy existed in their workplace.

Despite those poor figures, workplaces have actually improved their approach in recent years. Among those women now retired but who went through the menopause while they were in work, just 1% say they were aware of their employer having had a menopause policy in place.

WHY IT IS SO IMPORTANT

The UK labour market remains fragile. The government wants (and needs) to encourage people into employment, or to work more hours, to boost the economy. Women in their 40s and 50s are a valuable asset in any workplace, with years of experience under their belts. Losing these women because of a lack of support while they go through the menopause is completely avoidable.

As the survey results show, it isn’t just about the economy and keeping older women working. If they can’t work, they can’t save and this will have a direct and dire impact on them in later life. This is turn could have further negative repercussions on the economy as these women will need additional support from the state.

Breaking the silence around the menopause, encouraging employers and staff to recognise the impact it can have, and ensuring adequate policies are in place, could have a big influence.

Danni Hewson, AJ Bell financial analyst, comments, “Despite the fact all women go through the menopause it’s still something that many find difficult to talk about. Whilst companies are getting much better at recognising the importance of having a menopause policy in place there’s still a massive stigma attached to the subject.

“Most women experience the menopause between the ages of 45 and 55.  It often coincides with a hugely significant period in someone’s work and financial life, with many thinking seriously about their retirement for the first time and considering whether they have enough set aside.”

What can Employers do?

Jo James, Head of HR at AJ Bell, says, “Employers can support staff affected by the menopause to help prevent this important group of workers either stepping down from key roles or leaving employment earlier than they planned to.

A good place to start is to introduce a Menopause Policy into the workplace which provides clear guidance for both the employee and their line manager, with support from HR. Training for managers which builds awareness and understanding will help achieve better outcomes for menopausal staff.”

MORE INFORMATION

for women:

• womens-health-concern.org
• www.themenopausecharity.org
• www.menopauseandme.co.uk

for employers:

• menopauseintheworkplace.co.uk
• www.acas.org.uk/menopause-at-work
• www.talkingmenopause.co.uk

The post Negative Impact of Menopause on Women’s Working Lives appeared first on MoneyMagpie.

Sadly that’s not how it is for everyone.

However, if you do some planning – even if you’ve left it really late – you can create more wealth for yourself for that lovely time of life so that you don’t have to scrimp and save or keep on working to get the cash in.

Here are eight pitfalls you must avoid in order to gather up enough cash to keep you going and going and going!

1. Don’t withdraw your savings from your pension too early
2. Make sure you understand how your pension is invested
3. Grab any forgotten pensions using our free service
4. Get some advice from someone who really knows
5. Don’t worry about leaving it too late
6. Watch out for pensions scams
7. Shop around
8. Remember the tax (ugh)

1. Don’t withdraw your savings from your pension too early.

According to retirement specialists, Wealth at Work, the rising cost of living has meant that one in 10 (10%) over 55s in full-time employment have withdrawn some of their pension savings earlier than they originally intended to in order to supplement their income. Actually, nearly a third also say they might have to withdraw savings early, in the future.

Try and do everything you can to avoid dipping into your pension pot early.It’s better to take on extra work or get a side hustle (we have LOADS of ideas for those) to help you and your family through the tough times, rather than reducing your retirement fund.

Taking some of your pension out early should be seen as a last resort, because even taking a few thousand out of your pension early can mean a big drop in your income later on. It could either mean that you have to work longer or you live on less in retirement.

If you’re in your fifties or early sixties and looking for a long and prosperous retirement, you should be adding in as much of your money as possible to your retirement fund.  As the cost of living goes up you actually need more money, not less, in retirement to keep some sort of standard of living, specifically if you need senior living accommodations.

That’s not to say that it’s not also a great idea to keep your hand in with some sort of work when you’re retired. Loads of people do that and it adds some fun and interest to their lives. So don’t beat yourself up if you find that you really need to do at least some part-time work when you’re retired. For many people it gives them a reason to get up and puts them in touch with the public in a way that they might not do if they didn’t work.

2. 2. Make sure you understand how your pension pot is invested

Pension managers tend to move the investments in your pension to less risky (and therefore less rewarding) products when you come closer to retirement. It’s called ‘lifestyling’ your pension and the ideas is that it stops nasty shocks when you come to use the pot of cash in there.

However, although Lifestyling pensions used to make sense when people had to buy an annuity in retirement, now many people access their pensions using income drawdown (kind of using your pension pot as a bank account), so it doesn’t work so well.

In fact, it could be better for your pension to stay invested in riskier (and more rewarding) investments long into retirement, to give the money the potential to keep growing. It’s worth speaking to your pension provider to find out what the pension is invested in and if it’s making enough money for you If you have a company pension, ask HR to talk to you about it and put you in touch with the pension managers.

3. 3. Grab any forgotten pensions using our free service

Did you know there were £26.6 billion in lost pensions in the UK in 2022? Some of that money could be yours so why not go and grab it?!

Loads of people have pensions from old jobs that they had forgotten about or lost sight of. It’s a really good idea to trace these and, possibly, move them into one pension, if that’s feasible.

It’s not always a good idea to consolidate pensions as there might be extra benefits attached to one or more of the pensions, but it is definitely worth having those lost pots anyway.

It’s actually not that hard to find old, lot pensions. You can use the free pension-finder service, Gretel.co.uk, which will search the pension companies for you and then let you know if they have found anything. It might take a few days or weeks for them to trace these old pensions, but it’s worth the wait!

Find out here how to trace lost or forgotten pensions and what to do with then once you’ve found them!

4. Get some advice from someone who really knows!

Your retirement is likely to be a good long time. Average retirements now last 20-30 years, which is quite a stretch to pay for if you’re not planning on working anymore.

Research  from Wealth at Work has found that more than half of workers say they get advice about their pensions from family, friends or colleagues. Sometimes they don’t even bother asking anyone at all. Certainly very few speak to a professional like their pension provider, employer, a regulated financial adviser, which means many people go into retirement without much of a clue of how they can maximise their savings. This is not a good idea!

It’s really important to make the very most of the money you have invested in pensions and other investments. The more, proper advice you get on it early on, and close to retirement the better. It means you can maximise your money and avoid any nasty shocks!

It’s worth paying for some good advice. You can get one free session with Pensiohwise once you are 50 or over, which you should grab with both hands because…well…it’s free! But it’s also worth paying for advice from a proper financial advisor, even if it’s just as a one-off, to go through your investments, make suggestions as to whether you should do drawdown or take an annuity, or both, and look at other aspects of your finances such as life insurance, making a will, cutting down inheritance tax and making provision for care.

It you don’ tpersonally  know a good financial advisor, there are step-by-step instructions here on how to find a good, independent financial advisor here including how to get free sessions.

6. 5. Don’t worry about leaving it too late

According to investment platform Hargreaves Lansdown (HL), people often worry that they’ve left retirement planning too late, although, with a bit of help, they can usually build up their pot even if they start late.

HL’s research has found that nearly a quarter of workers wished they had started investing sooner. Admittedly, it is best to start putting money way as early as possible as the longer you leave your money in an investment the better it will grow. However, even making small increases to your contributions in your 50s or 60s can make a big difference to what you end up with. If your employer offers to match your contribution increase, that can give you an even bigger pot.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown says “it’s never too late to make a difference. Calculations using HL’s pension calculator shows that someone aged 45 earning £34,000 per year with a pension worth £60,000 could have amassed as much as £160,000 by the age of 68 if they continue contributing at auto-enrolment minimum levels. However, if they boosted their contribution by around £50 per month, they would see that grow to £180,000. Boosting it by £100 per month could see it climb even further up to around £198,000.

So if you’re kicking yourself for leaving it all so late, don’t be hard on yourself. Millions of people wish they had put more into their retirement funds and done more about it earlier. But it’s never too late so get some advice and take it from there.

6. Watch out for pensions scams

Pension scams are cruel and sadly happen all the time. The Pensions Regulator estimates that £2.5 trillion-worth of pension wealth in the UK is ‘accessible’ to fraudsters, which means we all have to be on our guard.

If you’re planning on moving your retirement savings to a different investment company, make sure it’s registered with the FCA (the Financial Conduct Authority) That will reduce the likelihood that you’re dealing with scammers. Also, if the worst happens and the fund collapses, it means that your money (or much of it) will be covered by the Financial Services Compensation Scheme (FSCS). The FSCS cover quite a lot of financial products and it’s useful to check their website to see when you could be compensated for.

7. Shop around

Many people are choosing to use income drawdown instead of an annuity in retirement.

However, it’s crucial that you shop around to make sure they are getting the best deal.

In 2022 , Which? found that the difference in growth between the cheapest and most expensive drawdown plans for a £260,000 pot was nearly £18,000 over a 20-year period.

Again, if you speak to an advisor you can find out the best value way to draw your money in retirement.

6. 8. Remember the tax (ugh)

Some people don’t realise that income tax is due on their pensions once the 25% tax-free lump sum has been taken. This means that someone who has never been a higher rate tax-payer, suddenly could find themselves in that bracket, especially if they are still working.

It’s so annoying as you pay tax all your working life and then find that you have to do it again when you’re retired. If you do well with your money you might even pay more than before!

Wealth at Work gives an example: if someone aged over 55 is earning £40,000 a year and has £30,000 in pension savings, decides to withdraw all their pension, 25% of this (£7,500) would be tax- free, but the remaining £22,500 would be eligible for tax. Their taxable income for that year would be £62,500 (£40,000 salary and £22,500 pension), meaning that they would become a higher rate taxpayer. This means they would be taxed 40% on the £12,230 income that exceeds the £50,270 higher tax threshold.

It’s possible that other savings and investments may be a better source of short-term cash than pensions, especially while you’re still working, as it can help to avoid unnecessary tax being paid and allows the pension to grow in a tax-free environment.

If you don’t know a good financial advisor, take a look at Vouchedfor.com which has a list of advisors near you that have good reviews from other customers. Try it out here.

The post Coming up to retirement? Don’t make these mistakes! appeared first on MoneyMagpie.

October 29 is National Pension Tracing Day. However account tracing service Gretel are here to remind us that it is not only pensions that need tracing and that a suspected £78 Billion lies in dormant account. Could this be the answer to all of your financial woes? 

It almost sounds too good to be true doesn’t it? Well Gretel is a free service that we can all use to help us see if we are due a lost fortune.

Pensions

Let’s start with pensions. Whilst we all think we would never just lose a significant amount of money, losing or forgetting a pension is way more common than you would think. Recently we discovered that 1 in 4 pensions in the UK are currently “missing” or “unclaimed”, valued between £27bn and £64bn. How has this happened? And how likely are you to be someone who has an unclaimed pension?

There are four primary reasons that people lose track of their pensions:

• You received the pension with a job that you left
• Life’s changes – house moves, marriage and divorce, becoming widowed
• Consolidation across the financial services industry
• Distrust unsolicited letters as a result of pensions scams

It is important that we share these reasons as people start to see that it could possibly happen to them.

So you can see that it isn’t simply a case of losing a bank card. If absolutely any of these sound possible, then contact Gretel. It is free to use and could help you find any missing amounts. So, if you have even 1 per cent doubt. Click THIS Link.

Unclaimed Life Insurance

Unclaimed insurance makes up a staggering £2 Billion sitting in dormant products such as life and annuity policies. A huge number of people, some two and a half million to be precise, don’t even know they are owed it.

Gretel suggest that the main reasons you could have lost a life insurance policy are if you:

1. Didn’t realise there were benefits due or you thought it had become worthless
2. Had one you think might have lapsed after you stopped paying the premium
3. Misplaced the policy details through house moves, lost pieces of paper, or as a result of any number of other life events
4. Are unsure if the financial organisation holding your policy still exists

Residual benefits on a cancelled or old policy remain the most common reason people haven’t claimed. Duncan Stevens from Gretel says “even if you paid into a policy, but stopped years ago – there may well still be entitlement on it, never just assume there is nothing as you don’t currently have one”.

Missing Bank Accounts

Whilst it feels like we track every penny we spend and couldn’t possibly have mislaid a whole account, over 11.5 million lost and forgotten bank, building society and National Savings accounts exist, with a total of £4.5 Billion sitting unclaimed as a result. So that’s a huge number of us that actually do have unclaimed money owed to us.  One possibility is that you simply stopped using the account and left it open to accrue interest on a tiny amount, or much like the pervious accounts you have a distrust of scams. Gretel state the main reasons for having lost a current account are:

1. Someone took it out for you, possibly a long time ago
2. You changed banks and the abandoned account accrued interest
3. Major life events – house moves, marriage and divorce, becoming widowed
4. Changes in in bank and building society brand names
5. Account was with a failed provider (e.g. Bradford & Bingley) but was actually protected by the Financial Services Compensation Scheme
6. Distrust as a result of scams

Child Trust Funds

The Child Trust Fund scheme was launched in January 2005 for children born on or after 1 September 2002. Its aim was to ensure every child had savings at the age of 18. Approximately 6.3 million of these accounts had been set up by the time they were replaced with Junior ISAs in January 2011. While the majority of these were set up by parents who were made aware of the scheme, some 1.76 million were set up by the Government – HMRC to be precise – as the child was either in care or the parents took no action. While the Government paid in between £250 and £500 depending on circumstances, parents and other family members could also make regular contributions to increase the end value.

By the Spring of 2023, an incredible 42% of 18-20 year olds had not claimed their savings – that’s almost a million accounts already unclaimed, with many more potentially lost but due to a child under the age of 18. With 18 years between the account being set up and when it matures, and with the account typically held in the name of an adult as Registered Contact until that point, the most common causes of lost CTFs are:

1. It was set up by HMRC without you or your parent’s knowledge
2. Major life events for parents – house moves, marriage and divorce, bereavement
3. Consolidation amongst CTF providers

In order to for Gretel to search for a child trust fund all they will need:

• Your name, current address, and date of birth (or those of the adult who was noted by the provider as Registered Contact, if the child is still under the age of 18)
• The ability to verify past addresses

Lost Shares

This one seems far more plausible and even if you don’t play the market, there are chances you were given shares as some sort of employment or contract.

In fact, the privatisation of state-owned businesses in the 1980s led to a wave of first-time shareholders in the UK.

British Gas’s now famous ‘tell SID’ campaign was part of this, incentivising people who had previously never dabbled in the stock market to create one of the biggest share registers in the country. To this day a huge amount of these lie unclaimed.

Also there is the issue with historic shares being held on paper. Certificates can easily become lost or invalid. Gretel estimates that over 2 million shareholdings worth approximately £2.5 Billion remain unclaimed.

How Long Will it Take For Gretel to Help Me?

Once you have decided to take them up on their free search (and let’s face it, we have nothing to lose and a lot to gain) then it takes literal minutes for them to tell you about anything they can find. Even if you don’t immediately uncover a lost account, Gretel will continue searching for you every 14 days, to capture information from new companies that have added their customer data to the service. In the event of a future match, you will receive an email from Gretel advising you to log into your account, so you don’t even need to keep checking.

So, what are you waiting for? Let us know if you find anything as we would love to hear your success stories and whether some of the lost billions has found its way home.

Create a Gretel account here. 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

The post Find out Today Whether Some of The Unclaimed £78 Billion is Yours appeared first on MoneyMagpie.

Earlier this year, it announced a delay to July 31, 2023, when a surge in calls put too much pressure on HMRC administration. This delay pushes the deadline beyond the general election, so by paying additional NI contributions, taxpayers approaching retirement can possibly increase their state pension, but it could also be helpful to younger people struggling.

Tom Selby, AJ Bell head of retirement policy, said: “Delaying the state pension top-up deadline will offer people valuable breathing room, but this is now the second time the deadline has been pushed back. While the original postponement until July this year offered a short extension, the deadline has now been put back until April 2025, a full two years after the original cut-off. Crucially, it also shifts the problem beyond the general election – potentially creating a ticking time bomb for the next government to deal with.

“The original extension was only ever going to be effective if DWP then staffed its helplines sufficiently to clear the existing backlog and deal with the extra claims that were inevitably going to result.

“Unfortunately, the phone lines are once again jammed, which suggests this hasn’t happened and people are unable to get through to enquire about topping up their NI record. Government should have known that a large volume of calls would be coming in and prepared accordingly.

“For those trying to get through to top-up their state pension, today’s announcement at least gives them extra time, although that still doesn’t tell them when they’ll actually be able to get through on the helpline.”

A quick guide to voluntary NI contributions

A £275 annual income boost for just £824…

“While some of the jargon and complexity involved might be off-putting, boosting your state pension entitlement can deliver significant financial benefits.

“You usually need to pay voluntary ‘Class 3’ NI contributions to top up your state pension entitlement. It costs £15.85 to buy one week’s worth of Class 3 NI, or £824.20 per year.

“Based on someone increasing their entitlement to the ‘new’ state pension (worth £185.15 per week in 2022/23), that could result in an income boost of £5.29 per week or £275.08 per year.

“What’s more, that income will be protected by the ‘triple-lock’, meaning it rises every year by the highest of average earnings, inflation or 2.5%. In April this year, the state pension increased by a whopping 10.1%, in line with inflation in September 2022.

“Broadly speaking, anyone who increases their state pension on these terms will need to live three to four years in order to be in ‘profit’ from the deal.

“Given average life expectancy at state pension age is around nine years for men and 11 years for women – with a decent chance of living into your 90s – those in good health who can boost their state pension could benefit handsomely by doing so.

“However, in some circumstances paying voluntary NI contributions will NOT boost your state pension” (see examples below).

Considerations for those thinking of paying voluntary NI

“Most obviously, the younger you are, the more likely you are to naturally build up the 35-year NI record needed to entitle you to the full state pension. In these circumstances, buying extra NI risks being a complete waste of money.

“If you have had gaps in employment due to caring for children or elderly relatives, you might be entitled to NI ‘credits’. These credits give you exactly the same entitlement to the state pension as voluntary NI contributions – but at zero cost.

“In addition, anyone who previously ‘contracted-out’ of the state pension under the old system (which existed before April 6, 2016) might also be entitled to less than the full state pension – even if they have a 35-year NI record.

“Contracting out (which no longer exists) just meant you paid lower NI and, in return, didn’t receive entitlement to the state second pension (the state pension used to be made up of two parts – the basic part and the state second pension, which was previously called ‘SERPS’).

“If you have previously contracted out, a deduction will be made to your state pension entitlement. If you aren’t entitled to the full state pension as a result of being contracted out, you can buy extra NI years to make up the gap.

“However, not everyone who was contracted-out will benefit from buying extra NI years. This is quite complicated and will depend on what you’d have been entitled to under the old system.”

Income tax considerations

“It’s also important to remember that your state pension will count towards your income tax bill. That means that by increasing the value of your state pension, you could also push yourself into a higher income tax bracket.

“Where this is the case, the benefit of buying extra state pension years will effectively be lower and so it will take a bit longer to ‘break even’.

“In many cases it will still be worthwhile to buy extra NI years, but you should take the time to fully think through the financial implications, ideally with the help of a regulated financial adviser.”

Useful resources

Full details of the Future Pension Centre are available here: Contact the Future Pension Centre – GOV.UK (www.gov.uk)

You can check your state pension forecast here: Check your State Pension forecast – GOV.UK (www.gov.uk)

If, after consulting the Future Pension Centre, you decide you want to pay voluntary NI, details for contacting HMRC are here: National Insurance: general enquiries – GOV.UK (www.gov.uk)

Our guide on all you need to know about pensions here.

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Nick Hubble is an economist, and Editor at Fortune & Freedom, a website dedicated to helping you take back control of your finances. Their mission is to educate and inform, helping you feel in control when it comes to your money. With plenty of fresh voices and new insights into the economy and the financial systems that impact you, Fortune & Freedom is a hub of information.

So, we thought there would be no one better to get insight from about inflation in Britain, than the Editor of Fortune & Freedom himself. We sat down with Nick to get his take on what inflation is, what the impacts are, and how you can protect you money.

Don’t forget to check out the Fortune & Freedom podcast, where Nick pulls back the curtain on everything from Bitcoin to gold and Brexit to interest rates.  

• What is inflation?
• What are the impacts of inflation?
• Can lower-middle classes survive inflation?
• How long until we see lower inflation?
• How can you protect your money from inflation?
• Where is the safest place to put your money?

What is inflation?

“The idea is that prices are rising, but it gets progressively more complicated from that point on,” Says Nick. “For example, how do you measure prices? What is causing the inflation?”.

He continues, “If you go back through history, the definition of inflation has changed as well.”

“But not all prices are included in the measure of inflation,” Nick points out. “For example, house prices are not included. So it gets a bit imprecise and you can play with the statistics and the different measures for inflation.”

Watch the full video above, or watch it on our Youtube Channel.

What are the impacts of inflation?

“The impacts depend on who you are, how you earn your income, whether your income is likely to go up or down with inflation or not,” Nick explains. He goes on to explain that if you are on a fixed income, such as living off pension savings, you will suffer more as your income won’t be adjusted for inflation.

“It is important to note that some people actually benefit from inflation,” he tells us. This is an interesting point. But who benefits? “People who borrow lots of money are actually benefitting from inflation.”

Watch the clip above or go to our Youtube Channel to watch it there.

Can lower-middle classes survive inflation?

“It depends where within those social classes you are. It depends on how you invest and how you earn your money and whether you can negotiate wage increases.” Nick explains.

Nick explains some people will do better than others in these times.”There’s division in society basically now, between those who understand the problem, and who can deal with it, and those who can’t.”

He continues, “Somebody who’s got a contract that’s fixed or is earning a wage that is not going to be raised until the end of the year are really suffering, because they are falling really far behind.”

Watch the full clip above, or check it out on our Youtube channel here.

How long until we see lower inflation?

“Once [central bankers] are faced with inflation above their target, they start to tighten monetary policy and they continue to do that until there’s some sort of financial crash. Until something goes badly wrong.” Nick explains.

What happens during a crisis? Well, inflation comes down. “Everyone’s focused on the crisis, not the fact that inflation has come down!”

“On the one hand, we all want inflation to come back down, but we don’t want a financial crisis,” says Nick. “The idea that central bankers can bring inflation back down again by tightening monetary policy, without causing some sort of major crisis, somewhere, is a myth.”

What the full clip above or click here to watch it on Youtube.

How can you protect your money from inflation?

“What makes investing so difficult right now, is that you need to protect yourself from both inflation and the financial crash, and there’s no investments that do that,” Nick tells us. “Other than perhaps gold.”

“The problem with a lot of the investments that benefit from inflation is that they do really badly during a crash.” What is an example of this type of investment? “Property is a good example of that.”

On the other hand, some investments that do badly during periods of inflation may do well during a financial crash. Government bonds, for example, suggests Nick.

Watch the clip above or click here to watch it on Youtube.

Where is the safest place to put your money?

“This is an incredibly difficult question,” replies Nick. “I think gold definitely should be part of everybody’s investment portfolio, because it has that protection from both extremes – the financial crash and the inflationary side.”

Own a small business? You could do better than you expect from a financial crash. Nick explains; “Owning a small productive business that actually generates cash and has a reliable revenue stream is another good option.”

“I recommend avoiding debt as much as you can,” He continues. “Paying off debt is probably a better idea than investing right now.”

See everything Nick Hubble had to say by watching the clip or check it out on Youtube.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

The post What does it all mean? Economist Nick Hubble gives you the answers you need appeared first on MoneyMagpie.

Welcome to Ask Jasmine, the column where I round up some of the questions I have received from readers. In this edition, I answer questions about pensions, dealing with letting agencies, and Lifetime ISAs.

I hope these answers can help you with any questions you may have. Don’t forget to leave any questions you have in the comments below or email me on askjasmine@moneymagpie.com.

• What is happening with my pension?
• I need advice regarding a letting agency
• How does interest on Lifetime ISAs work?

What is happening with my pension?

Good morning, Jasmine, I am so grateful to know that there is someone – you – to offer me help on pensions. 

I really do not know how much pension money I am due, weekly or monthly. I cannot get through to any of the following people: AgeUK, Wimbledon Guild and more. Nearly every day I pick up the phone and dial one of these institutions. Immediately, their phone states that “due to a backlog we are unable to help: please try again.”. I sit for at least half an hour waiting for someone to pick up their phone, all to no avail. 

All I want to know is: What is happening about my pension? I was given a pamphlet when I went to AgeUK in Mitcham nearly two months ago. Then, I was that told that due to staff working from home they could not help because of the long queue “so please phone later”. 

I look at my bank statement every month and wonder why my pay is lower than advertised. I’m 80 years old and my weekly pension is sometimes only £100.  Can you help me please?  I would be very grateful. 

Jasmine says:

I’m so sorry to hear that you have had such a difficult time in trying to speak to various organisations. Unfortunately, you are not alone in this. 

It would definitely be worth contacting the Pension Service directly. They should be able to quickly confirm exactly what you are entitled to.  

You can contact them on 0800 731 0469. They, too, may have call-waiting times, I’m afraid. 

Here is a link to the government’s website on pensions where you may also find some useful information. Click here. 

I do hope you get the answers you need and that this will be rectified soon. 

Please do let me know how you get on. 

I need advice regarding a letting agency

Hello Jasmine  

I need advice regarding the matter of a letting agency who didn’t investigate or check on the tenants in a property belonging to my daughter and her partner. The property was trashed and the rent is sometimes not paid. Is there a time limit on such matters? It has left my daughter very stressed.  

Jasmine says:

Unfortunately, I am not an expert in this field, however there are steps your daughter can take. 

Has your daughter already made a written complaint via the letting agent’s complaints procedure – or directly to the manager/owner? 

If not, she should write to them ensuring her letter includes:  

• What the complaint is about.
• What she wants them to do about the problem.
• Dates and times the problem took place.
• Details of any conversations with her letting agent and what they agreed to do.
• Copies of any letters or emails between you and your letting agent. 
• Photographs of damage or disrepair. 

If she has already taken this step and has not received a response or satisfactory answer, she can take this further and complain to an independent complaints body.  

The letting agent should be a member of either the Property Ombudsman or the Property Redress Scheme. 

Both of these bodies allow you to make a complaint. Each site also has a search facility where you can enter the letting agent’s name to see which body they belong to. Again, do include any correspondence with the agents to date. 

If your daughter would prefer to speak to them first, the contact numbers are:

• The Property Ombudsman – 01722 335 458
• Property Redress Scheme – 0333 321 9418 

I do hope this will be able to help and I wish your daughter every success in being able to resolve this in her favour. 

How does interest on Lifetime ISAs work?

If I open a Lifetime ISA in March 2023, putting £4,000 in the bank, will I get given £1,000 in April as the tax year ends then? 

Do I get £1,000 as it is 25% of what I put in, but with only one month’s interest on top? 

Also, I understand can only withdraw the bonus money after it [has been] in the Lifetime ISA for a year, but after a year, can I put another £4,000 in there, meaning a total of £9,000 plus 25% from the government on top? If so, by April 2024, will my initial £8,000 become £11,250 due to the 25% bonus from the government, plus interest? 

Jasmine says:

That’s nearly right, but the £1,000 (25%) you get from the government isn’t actual interest, so it doesn’t quite work like that. 

Certainly, at the end of March 2023, if you put £4,000 in you will get an extra £1,000. 

Then at the end of March 2024, if you have put another £4,000 in you will get an extra £1,000 added in. So, you will definitely have £10,000. 

However, the interest you get on the ISA overall will depend on what you have put the money into. If you put it in a Cash ISA that gives you 2% then you will get 2% on the money you have had in the ISA over those months (amount will vary as the actual cash you and the government will have put in will change over those months). If you put it into a Stocks and Shares ISA that gives you a 7% return then, again, you will make 7% on whatever money is in the ISA. 

The 25% extra that the government puts in isn’t actually interest – it’s just a bonus really. 

Hope that helps. 

The post Ask Jasmine: What is happening with my pension? appeared first on MoneyMagpie.

Millions of people are at risk of missing out on a more secure retirement because of this. Needless to say, there are multiple benefits to tracing lost and forgotten pensions.

This Sunday, 30th October is Pension Tracing Day. Why not take the time to track down any missing pension pots and investigate your personal finances?

Leading online pension provider PensionBee offer a range of tips surrounding how to trace your lost pensions. They have a list of actions to take if you want control of any lost or miscellaneous pension pots.

• Why should you trace your pensions?
• How to trace old pensions
• How to contact your pension provider
• Consolidating and combining your pension pots
• What the experts are saying

Why should you trace your pensions?

The benefits of tracing your pensions include potential financial gain. Similarly, it makes access in the future and during retirement much easier.  You could be missing out on thousands of pounds. This is both through a loss of compound interest, or from high fees you didn’t know you were paying.

It can be harder to trace pensions if you have switched employers or moved home multiple times. Make sure to notify your pension provider each time!

How to trace old pensions

There are a number of ways in which you can begin to trace your old pensions. According to PensionBee, if you don’t have a recent pension statement, the best way to start your research is to contact your pension provider, if you know who they are. This will enable you to find out your current pension value and any additional benefits you may be entitled to.

If you cannot remember who your pension provider is, contact your former employers to find out about your old workplace pensions. They should be able to inform you of who your provider is.

If you can’t reach your previous employer for any reason, you can try the Pension Tracing Service. The Pension Tracing Service is a database of pension providers. It allows you to search your employer’s name and see if there’s a record of your pension provider. This is a free service provided by the UK Government.

Another place to start, is by following the paper trails you have access to. Look through any paperwork you have filed away, as well as any old emails you may have access to. You may find communications from your pension providers which will help you trace any pension pots you may have forgotten about.

Similarly, going over your employment history may offer insight into your previous pension schemes and providers. Old employment contracts, payslips and documents could give reference to pension deductions and scheme providers.

How to contact your pension provider

When you have gathered information about your current or previous pension providers, you can begin to contact them. Make sure you have as much information as possible to hand. For example, your date of birth and national insurance number.

Having an estimate of when your previous plans were set up and any policy numbers is also extremely helpful. You are entitled to ask any questions you wish, provided you have passed the security checks. Asking about the current value of your pension pot is a good question to start with.

You may also wish to discuss what your current scheme offers in terms of benefits, whether there are any deductions or charges as the result of management fees and who the nominated beneficiary is in the instance of death. If you are interested in moving your pension, it’s a good idea to ask if there are any exit fees associated with doing this.

Of course, asking the age at which you will have access to your pension is a key piece of information you should be aware of. Unless you meet strict criteria, most people can’t access their pensions until the age of 55, rising to 57 from 2028.

Consolidating and combining your pension pots

In most cases PensionBee can help savers combine their pensions into one plan with a few personal details. They’ll ask for some basic information from you to begin with. For example, your address, NI number and date of birth. They may ask the name of your old pension provider and your policy number, if you have it.

The more information you are able to provide, the faster they will be able to find and combine your pensions.

Consolidating your pensions into one pot can be beneficial. It enables you to see all of your retirement savings in one place, so you can work out if you’re on the right track, or if you’ll need to increase your contributions to reach your retirement goals. It also gives you the opportunity to do your research and move all your pension pots to one provider with lower fees, or one that better fits your values or investment needs.

However, before you move or combine your pension pots, it is essential that you check you will not lose any special benefits you may be entitled to if you transfer. Such benefits include guaranteed annuity rate.

What the experts are saying

James Andrews, personal finance expert at money.co.uk, says:

“When planning for the future, it is important to stay on top of your savings, including where your pensions are being held. Taking time to track down old pots can be invaluable to your future retirement prospects. 

“That’s because there might be changes since you last looked at them in where the money is being held as well as differences in management fees. Considering you can transfer money between registered pension schemes and keep all your tax benefits, it makes little sense to have some savings being charged higher fees than others.

“It’s also good to know what your money is invested in – so having all your savings in one place will make life far simpler to both check up on funds as well as move your cash where you want it to be.

“The government’s Pension Tracing Service is a great tool to use if you have exhausted all other avenues and it is entirely free to use. By using this tool and undergoing research of your own, you should be in the best position to track down your idle pension pots and in turn, provide more options for your future retirement.” 

Overall, the imperative thing is to know where your retirement savings are located. It’s beneficial to keep an eye on your accounts. When you have a handle on your pension pots, whether in a consolidated pot or multiple accounts, remember to monitor the performance of your investments. Also, check how much you’re paying in fees regularly.

Make sure you tell your provider about any new jobs or changes to your address. Most importantly, continue your ongoing contributions in order to set yourself up for retirement!

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. Capital at risk. 

The post How to trace a lost pension appeared first on MoneyMagpie.

Welcome to Ask Jasmine, the column where I round up some of the questions I have received from readers. In this edition, I answer many questions about saving for family members, sending money abroad and how to provide for non-UK residents.

I hope these answers can help you with any questions you may have. Don’t forget to leave any questions you have in the comments below or email me on help@moneymagpie.com.

• Can you advise on trust funds?
• How can I save money for a non-UK resident?
• Are Junior ISAs the best option?
• How can I put my money towards my family’s future?
• Complaining
• What can I do for my grandchildren who live abroad?
• What is the best way to save?

Can you advise on trust funds?

Could you please advise on registering trust funds for grandchildren when they are held in share funds with a fund manager, as I believe this is a recent requirement. This was not mentioned in your article in The Mail regarding savings for children. 

–

Thank you for your question.  This is a handy guide on how to register a trust fund: Trust Registration Service Completion Guide on YouTube. Kind regards, Jasmine  

How can I save money for a non-UK resident?

Can you tell me how I can save money for my new Granddaughter who is not a UK resident? She has just been born in France. I tried to buy Premium bonds but couldn’t, and I also tried to open savings account with a bank but I was unable to. Any idea what I can do? 

–

Thank you for your query. In short, because of anti-money laundering and fraud rules it is extremely difficult to set up a nest egg for non-UK residents. You cannot open a savings account for a grandchild who lives abroad. You could open an account in your own name and save for them, but that would be liable for inheritance tax. Your best option is to send money to the parents who can then save for their children. 

If you are concerned about inheritance tax, you can find more information on gifting money here. All the best, Jasmine

Are Junior ISAs the best option?

I have a financial query I hope you can help with. I am a UK citizen but have lived overseas for many years and my son was born overseas in New Zealand. My family still live in the UK and want to invest some money at birthdays and Christmas for his future. 

I have looked at options like Junior ISAs, but they all seem to require the recipient to be a UK tax resident, which my son is not. Currently, the money is just sitting in a standard UK savings account, but I wonder if there are other options that will likely provide a better return in the longer term. I am happy for the money to be inaccessible until he is 18 if necessary. I would appreciate your advice. 

–

In a similar response to the previous question, because of anti-money laundering and fraud rules it is extremely difficult to set up savings for non-UK residents. Here is a link to the different types of savings accounts that could give you a better return on your investments.

I hope this helps! Jasmine 

How can I put my money towards my family’s future?

Being 80 years old and not having a great deal of money to spend, l pay £40 per month into a Lloyd’s Bank Easy Saver account for my two great grandchildren. Is there a better way of putting that money away for their future? I don’t think there is much interest to be earned at Lloyd’s. 

–

Thank you for your question. I suggest you visit the link I gave in the previous question, showing the different types of savings accounts that may result in a better return on your investments.

All the best  Jasmine 

Complaining

Hey Jasmine, I want to make a complaint about a company but I’m not getting any response from them. What’s the best way to proceed?

–

Most of us don’t like complaining, but sometimes it is vital we do to get the service we deserve.

My Ask Jasmine columns are now sponsored by Resolver, and they’re a great service to use if you want to make a complaint.

Watch the video below to find out more about Resolver.

What can I do for my grandchildren who live abroad?

I cannot find out how to save money for my grandchildren who live in North Africa. They are getting older – I am getting poorer! You make all sorts of useful recommendations, but some aren’t accessible to foreigners. What can I do? 

–

You cannot open a savings account for a grandchild who lives abroad. You could open an account in your own name and save for them, but that would be liable for inheritance tax. Of course, if they do move back to the UK, you can gradually move those funds to their own accounts (a maximum of £3,000 a year can be gifted, after that, again they could be liable for inheritance tax). 

You can find more information on gifting money here. Your best option, in the short term, is to send money to the parents who can then save for their children. 

I hope this helps you! Jasmine 

What is the best way to save?

I am a 54-year-old male saving for my pension with a well-known London company. I have approx. £38,000 in the pot at present, but would like to obviously have more saved. As a modern-day parent, I have found it difficult to save more with 2 children and a wife. I also just put some towards my daughter’s wedding. 

Can you advise on best way to save? I have extra money in another account doing nothing.  

–

I recently hosted a webinar on the subject of how to save during a recession. I think it would give lots of answers to this question which could help you. You can watch it on catch up here.

Hopefully it gives you some answers you need Jasmine

–

Do you have a question for me? Leave it in the comments below, or email me your question on help@moneymagpie.com. I may just answer it in next week’s Ask Jasmine column.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

This blog is sponsored by Resolver

Resolver is the UK’s largest FREE, independent issue resolution service. Their aim is to help connect customers with organisations to resolve issues quickly and effectively.

They’ve set out to make it as easy as possible for anyone to get results and they ensure that you’ll always know you’re talking to the right person at the right time – and keep all the emails in one place for easy access. Working with thousands of household names, they have helped over 4m people tackle millions of issues and give companies invaluable insight so they can deliver the best service to their customers.

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The post ASK JASMINE 7: How can I send money to family abroad? appeared first on MoneyMagpie.

Welcome to Ask Jasmine, the column where I round up some of the questions I have received from readers each week. This week, I answer questions about the council’s duty of care, Queen memorabilia and more!

I hope these answers can help you with any questions you may have. Don’t forget to leave any questions you have in the comments below or email me on help@moneymagpie.com.

• Can I get grants to decorate my home?
• Does the council have a duty of care?
• Where can I sell my Queen memorabilia?
• Is there any financial help available for me?

Can I get grants to decorate my home?

I am living in a council flat in London and want to find best value for money for a home makeover (new flooring and wall painting). The indoor looks shabby (no flooring and wall paper is very old). The council do not provide any help with this. Could you please advise me where to get help or grant for this work? 

Thank you for your kind reply. 

– 

Unfortunately, councils no longer offer home repair/improvement grants, due to budget cuts. However, there are some other options you could investigate. 

Home Improvement Agencies in your area may be able to offer some help towards costs: https://www.findmyhia.org.uk/  

Alternatively, you could try Turn2Us which allows you to search for grants by geographical area and need: https://grants-search.turn2us.org.uk/  

You could also contact Citizen’s Advice and ask to speak to someone who deals with housing. They may be able to offer more help and guidance. https://www.citizensadvice.org.uk/housing/  

I wish all the best with this. 

Does the council have a duty of care?

I’m terminally ill and need carers. I thought the local council had a duty of care to help care for us or help us find private carers to do it. My local council carers got rid of everyone bar me in my area from their books. They are trying to get rid of us too. 

We can’t afford to go private. The local council does assessments to determine what care we need and how much it costs. We pay a lot in care considering I live off benefits. They want to get rid of us and want us to go private, which we can’t afford. Can they force us like that? Do they have a duty of care to us? 

I’m guessing its different in each country. I’m in Scotland. 

– 

Thank you for getting in contact. I am sorry to hear of your situation with the carers and the council.  

In answer to your question, unfortunately the level of care councils are duty bound to provide is open to interpretation. They should provide you with a certain level of care, depending on your needs, or help you find that provision. 

I spoke to someone at Marie Curie Scotland on your behalf, but she was unable to provide much information without knowing more about your situation. She did say you could contact them directly for more advice and guidance about your rights. The number is 0800 090 2309. 

There is also Care Information Scotland: 0800 011 3200 (open Monday to Friday 9am-5pm). They have lots of information on their website and an online chat portal:  https://www.careinfoscotland.scot/  

Do you have anyone close by who can advocate for you? This would be ideal as they could contact organisations on your behalf. If not, you could contact the Scottish Independent Advocacy Alliance 0131 510 9410 for help. 

I wish you all the very best with finding the care that you need. 

Where can I sell queen memorabilia?

I have a newspaper issue with the late Queen Elizabeth on it from her jubilee in 2002. I don’t know if anyone would want it or where I could sell it? I’d be grateful for advice. 

– 

Thank you for getting in contact regarding your newspaper featuring the Queen from 2002. 

I recommend that you list your item on eBay. You can either set a price or offer it up for auction. There are currently a large number of similar items for sale as there is understandably increased interest at the moment. 

It’s worth checking to see what other newspapers are selling for and also check what they are charging for postage. 

Good luck! 

Is there any financial help available for me?

I am in my mid-60s, live alone, and Iam on an income of approx. £600 per month. I am not yet eligible for the state pension and I am not eligible for universal credit. There doesn’t seem to be the same help available for the likes of me, as those on benefits or state pension. 

I have received some money from my local authority and have been recently awarded a grant towards heating from the Home Heating Support Fund. I am glad of these amounts, but they are not on a par with the amounts of money available to those I have just mentioned. 

Any advice appreciated. 

– 

From what I have read in your message, you are doing everything that I would have suggested. You have contacted the council for extra help and you have applied for grants.  

I think the best advice we can give is for you to contact an organisation like the Joseph Rowntree Foundation, which specialises in help for people on lower incomes. They are experts in this field and may be able to offer advice and guidance. The phone number is 01904 629241. 

We do get other queries like yours – from people who fall in the gaps between low income and benefits. If I find out anything more, I will get back in contact with you. I would also be very interested to hear how you get on. It is an area that needs attention and addressing. 

–

Do you have a question for me? Leave it in the comments below, or email me your question on help@moneymagpie.com. I may just answer it in next week’s Ask Jasmine column.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

The post ASK JASMINE 6: Does the council have a duty of care? appeared first on MoneyMagpie.