Financial wellbeing
Money’s all right to mention
Pack up your money worries
Money worries can be incredibly stressful - so establishing and maintaining healthy finances can have a huge effect on your physical and mental wellbeing. We don’t want you to be stressed. We were going to bake you a cake – then we had a better idea. So, we cracked a dozen articles into a mixing-bowl, added two cups of educational videos, a spoonful of advice from our experts and put it in the oven for 45 mins on a low heat. So go on – enjoy a slice or two of info with your afternoon cuppa.
Five things you can do to curb the cost of living
Here are five things to do that could help you take back control of your money in this crisis.
Eight easy ways to get your finances in order
With a little time and effort, it’s easy to get your money in order.
Money management masterclass: the ultimate budgeting template
Good budgeting should be life-changing, not soul-destroying. And a little effort goes a long way. Don’t know where to start? You’ve come to the right place.
The kids are alright
Easy money lessons for kids
It’s never too early to start teaching kids about how to handle their money – in fact, the earlier they can develop good habits, the better.
Pensions and retirement planning
Pension Credit: What is it and could it help you?
Pension Credit is a state benefit designed to help people who are over the State Pension age and on lower incomes. Find out more here.
We can all afford one hour to invest in our pensions
Putting aside a little time to track down old pensions could bring be an investment that’s well worth making.
Options for taking an income from your pension
We look at the things to consider before you take your money from your personal or workplace pension, including the potential impact of coronavirus on your pension fund.
Pension primers
Pensions can be like an ice cream parlour – definitely a good thing, but with a few too many flavours to choose from. We’ve put together this video to help you understand how the stock market can affect your investments. Give it a watch and you’ll soon be able to tell your pistachio from your mint choc chip.
Pension Freedoms
Transcript for video Pension Freedoms
Nowadays, when going to the cinema, do you notice how many different choices there are to make before we can even view the film?
Do we want Premier Seating? Do we want the popcorn and drink deal? Do we want to go extra large?
There’s a lot to think about and the same can be said when considering how we can take money from our pension savings.
When you reach age 55, (or age 57 from 6th April 2028) you are free to take the money you have saved from your defined contribution pension.
There are 3 main ways to access your money:
Option 1: If you prefer the security of a guaranteed income for life, you can use your savings to buy an insurance policy, known as an annuity. This income may be smaller than with the other options, but you won’t have to worry about running out of money in the future. Just be aware that once you’ve bought an annuity you can’t change your mind.
Option 2: You can take money from your pension as and when you want it and the money you leave in your pot stays invested - as it was when you were paying into your pension. Charges will still be taken but leaving it invested may give it more chance to grow. There is a risk that the value of your investments could go down and you may not get back what has been put in. Remember, there is no guarantee that the money will last a lifetime with this option.
Option 3: You can take all of your money out as cash but as tempting as that is, you’ll need to think carefully about any tax implications and how long your savings will last, as taking large sums of cash could put you into a higher income tax bracket and you could run out of money in the future if you don’t budget carefully.
It is possible to mix the different options too, if you want to.
Before you do anything, you can normally take 25% from your savings tax-free, so you could pay off any debts, travel, or just treat yourself to the small things in life. The remaining 75% of the savings you will take will be treated like your salary and taxed as income.
You don’t have to do anything with your savings either. You can leave your pension exactly where it is.
Whatever choice you make, it’s worth reviewing the options carefully and getting advice.
You should also shop around and compare the different levels of income you could get from different providers.
Here at Aviva, we have dedicated staff available to talk you through your options, so whatever route you choose, we can help you set the scene for the retirement you want.
Helpful links
Citizens Advice
No matter what your money worries – whether they seem insignificant and you feel silly for worrying at all, or they're like an unclimbable mountain stretching into the clouds and blocking your path -there’s always someone you can talk to, and there’s always something you can do.
Citizens Advice offers independent and confidential info and assistance to people with all kinds of worries, including legal, consumer, financial and housing issues.
Money Helper
Money Helper has loads of free online info and guides and they offer advice and guidance on all financial issues, including debt, mortgages and pensions.
Cancer information and support
If you or someone you care about has been diagnosed with cancer, Macmillan can provide help with physical, financial and emotional concerns.
Cancer information and support