Savings and pension - how much is enough?


Daniel Middle, Financial Planner


Everywhere you look people are urging you to use your tax efficient allowances - ISAs, Pensions, Income Tax, Capital Gains Tax, Inheritance Tax. Old Mill are no exception and in this newsletter you have seen some suggestions.


However - do you ever ask yourself why? It’s good once in a while to stop and think


When will you receive a State Pension?


Mark Higginson, Chartered


Financial Planner


The recent austerity measures have meant a change to the age at which you will receive State Pension Benefits.


State Pension Ages When were you born?


Men Born before: 5th December 1953 6th April 1954 6th April 1968 6th April 1969 6th April 1977 6th April 1978


Men born after 5th April 1978


Women Born before: 6th April 1954 6th April 1968 6th April 1969 6th April 1977 6th April 1978


Women born after 5th April 1978 10 When will you eligible for State Pension?


Retirement Age 65


Between 65 and 66* 66


Between 66 and 67* 67


Between 67 and 68* 68


Between 60 and 66* 66


Between 66 and 67* 67


Between 67 and 68* 68


* Speak to your Old Mill Financial Planner to get a more accurate age.


about what you are trying to achieve with your finances. Will using all these allowances be enough to live the life you want to lead, or should you be saving more?


Alternatively you may be saving too much; perhaps you have enough to retire now and are passing up on life opportunities, or storing up problems for the future such as Inheritance Tax.


If you’re not sure, or just want to discuss with someone about ‘how much is enough’ for you then please contact a member of our Financial Planning team.


It is widely anticipated that these ages will change again, especially the transition to the age of 67 and 68. Remember this may not be when you want to retire and if you are planning to stop working earlier then you will need to account for waiting longer to receive this additional income.


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