Social Security Programs and Retirement Around the Worl
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Is Pension Release really a sensible option?
Is Pension Release really a sensible option?
Changes in Pension legislation introduced in April 2006 made it easier for people to take up to a 25% tax free lump sum from their occupational or personal pension schemes, while still being able to reinvest the remaining money, carry on working and carry on contributing to their pension scheme, subject to their schemes specific rules. Initially the earliest that you could start to receive your pension benefits was 50 years old but as of April 2010 the age restriction has risen to 55 years old. With a steady increase in the number of people unemployed and redundancies on the increase is releasing money from your pension, possibly the most tax efficient saving scheme you have available, really a good idea?
Pension Release or Pension Unlocking, as it has become known, is certainly not a suitable option for the majority of people. By releasing cash from your pension scheme early you are reducing the pension pot you have accumulated over your working life, which will almost inevitably lead to a possibly substantial reduction in your retirement income. With life expectancy rates rising rapidly and the government set to increase the age at which we can receive out State Pension you need to think very carefully about whether you will be able to meet your living expenses in retirement on a potentially dramatically reduced income.
You may well find that in order to release the tax free cash from your pension, your pension will have to be transferred to a different pension provider which could incur financial penalties from your provider and you may well lose any final guarantee benefits offered by your original pension provider. If you are in receipt of some forms of State benefit you might find that an injection of cash will take you over your personal savings threshold and you may loose your benefit entitlement.
As far back as 2003, in an interview with David Kenmir, Director of the Investment Firms Division at the Financial Services Authority on Radio 4′s Money Box, he was quoted as saying, “It will affect your income and retirement for the rest of your life – there are likely to be better ways to address any short term cash needs so think very carefully about it.” In a previous interview on the same program he had warned, “Releasing cash can sound very tempting. But people need to consider whether it’s in their best financial interests. If you take cash out of your pension fund you will devalue your pension when you get to retirement.” Several pension release firms have already been fined by the FSA for failing to warn consumers properly of the risks of cashing in their pension early and the FSA are keeping a strict eye on firms involved with pension release to make sure that customers are always given appropriate advice.
Make sure that before you embark on any pension unlocking scheme you receive expert financial advice. Do shop around when looking for a suitable adviser; it is easy to contact the FSA to check the registration of any firm offering financial advice. Make sure that you understand implications of what you are doing and the fact that a reduced income during your retirement may well spoil previous plans that you have made. It is recommended that pension release only be considered after all other options for raising money have been eliminated and you may find that some firms that provide a pension unlocking service may not be able to offer you advice on other options that might be available.
Be careful, think hard, is this really the best option?
S.O.E.Pensions is a division of S.O.E.Conssultants Limited, a small firm of Independent Financial Advisers authorised and regulated by the Financial Services Authority in England and Wales, number 476574. Offering advice and recommendation on pensions, investments, mortgages and insurance. For more information please contact us.
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Despite Economy, Illinois Social Security Benefits Will Increase
Despite Economy, Illinois Social Security Benefits Will Increase
If you have been feeling the crunch of finding ways to curb your spending on an already fixed income, then you will be delighted to know that your Illinois social security benefits will increase beginning in January.
The Social Security Administration announced on Thursday, October 16 that social security benefits will increase by 5.8 percent in January 2009. It’s easy to see why most social security recipients will welcome this change. Illinois social security benefit payments have not seen an increase since 1982, well over 25 years ago. Illinois social security recipients may see as much as an additional in their monthly checks. Whether retirees receive Illinois social security checks as an Electronic Funds Transfer or by a paper check, they will find it a bit easier to breathe with an added bonus.
Although many people have felt the strain of increased food and gas prices as well as gas and electricity prices, this Illinois social security increase may lessen the pain of those rising costs. Illinois social security retirees have felt the pressure of having to resort to using their savings accounts as well as reaching into their retirement funds to pay for exorbitant basic monthly bills in addition to medical bills. Retirees and those on disability have felt the pain of rising prices more than most and hopefully the Illinois social security benefit increase will offset some of that sting.
With the market’s unpredictable fluctuations and overall economic unease apparently here to stay, many Illinois social security recipients worry that their retirement plans will also be affected. Furthermore, the Congressional Budget Office predicts that Americans’ retirement plans have actually lost as much as trillion over the past year and a half. This is, indeed, something to worry about and why it’s important to leave some of that 5.8 percent increase from Illinois social security paychecks in the bank.
Due to the Cost of Living Adjustment (COLA), Illinois social security retirees would have seen an even higher increase if it wasn’t for the dip in energy costs at the end of summer. Over the past 15 years, COLA has been much lower, so Illinois social security recipients should be thankful for this higher increase next year. However, the increase may not be enough to recover from recent months’ influx of daily living costs. The highest COLA occurred in 1980 with a 14.3 percent boost, which is nearly three times greater than the one beginning in January 2009. Illinois social security benefits have had an annual adjustment since 1975. If you need more information how this increase will affect your benefits, contact an Illinois social security attorney.
If you currently have Medicare, your Illinois social security benefit increase will not, for most retirees, be affected by higher premiums. However, those who are making more than 0,000 a year will see an increase in their premiums. This may be a relief to those earning below 0,000; however, if you’re in the latter category then your questions can be answered through an Illinois social security lawyer.
Whether you receive Illinois social security benefits, SSI, or disability benefits, everyone will see an increase in their monthly payments. Furthermore, if you are married you may see as much as 0 more combined a month.
Politicians and other public policy experts have predicted that social security benefits will eventually run dry and it may be sooner than the 78 million baby boomers who are soon to retire had expected. Although the social security trust fund may run out of funding by 2041, Illinois social security retirees and those who will be retiring in the next ten years will actually pay more into the fund than it collects beginning in 2017.
With nearly 170 million workers paying into the system with social security taxes next year, approximately 10 million of those workers will be paying higher taxes resulting from the COLA increase.
So does this mean that now is the right time to start receiving your Illinois social security benefits? That may depend on several things. Illinois social security recipients, along with those who are planning on starting to receive their social security payments within the next year, should ask an Illinois social security attorney any questions they have concerning their benefits, Medicare payments, social security disability payments and other factors that will affect their payments beginning in January.
Peter Drummond is a workers compensation and social security disability attorney licensed to practice in Illinois and Missouri, and owns a law firm called Drummond Law with offices throughout Illinois and Missouri.
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