How Early Should You Start Planning for Retirement?

Planning for retirement is often but on hold because Boomerang-kids are returning home during the period of time when parents need to speed up their retirement savings. I thought this article was particularly appropriate after writing the segment about the subject. Later Life is an organization providing educational workshops for future retirees. They had this to say about retirement planning. b+

Many people wonder when the best time to start planning for their retirement is. Some people think that the fact that we pay into a pension from a young age is enough, but few people realize that we should really up their efforts in planning for retirement around ten years before we’re due to stop working. This gives us sufficient time to prepare our finances and assess our options. Retirement is an exciting prospect; after all your hard work over the years, you finally get the chance to relax and spend more time with your family and friends, take up new hobbies, and enjoy yourself!

When should you begin...
 

As mentioned, some of us may pay money regularly into pensions and savings account, but then make no forward planning, and others may not have saved at all. When you reach the ten year mark, it’s time to assess your finances and begin to keep an eye on those all important funds. Think about the money you’re spending, and create a budget for yourself. Perhaps set a monthly or weekly budget, and check your bank balance on a regular basis.

Everybody sometimes underestimates how much they spend per day, especially on a food or clothes shopping trip with a debit or credit card! If you have Internet access, why not set up an Internet banking account? You can then check your account at your own leisure instead of waiting for your bank statement or going into your local bank, and transfer money across to your pension fund or savings account.

If you’re able to make more cut backs now, you’ll benefit yourself in the future. Pensions are usually a minimal budget, so saving now means that during your retirement you’ll have the money to still go on holidays and enjoy days out. You’ll certainly have lots of free time on your hands, so why not use it?

As retirement draws closer…

If possible, a few years before your retirement clear any debts to take away that added pressure during your retirement. Perhaps consider downsizing your home, or changing your vehicle to one that is more financially practical. Not only will both of these be cheaper for you, they may be more realistic as you enter into retirement.

How about also cutting down on your workload or work hours? Retirement is such a different way of life, that many retirees consider it a difficult adjustment - some feeling bored, or at times worthless. No longer do you need to be up early, work from nine until five and make your way home through rush hour traffic. You now have no obligations and are free to live a life of leisure! It’s best to ease yourself into retirement so that it’s not such a shock to the system. 

Use your final year wisely

It’s important to seek advice from a financial advisor in the last year of your working life. Not only can you gain valuable information and guidance, it allows you to make a plan for you and your finances in your retired life. Make sure that you have also informed the appropriate organizations of your retirement date. These may vary from the HMRC, who will help you to gain any benefits you may be eligible for, to applying for pension credit if you have been on a lower income.

A lot of people also find help in the form of retirement courses extremely useful. These courses, which can sometimes be organised through your place of work, can help you prepare for your upcoming change both financially and emotionally.

The trick to settling into retirement quickly and happily really is in the planning. Giving yourself plenty of time to prepare will  take away any extra pressure that you can definitely do without once you stop working.

British Expats Find Retiring Abroad the Right Choice

My sponsored guest today is Michael Jones. He is a freelance writer and blogger who writes on such topics as international affairs, world finance, retirement and investment. His areas of expertise include European, Asian and Latin/South American economic policy and QROPS. When not at work, he enjoys anything and everything outdoors. 

 

With the recent falling standards of living in Britain, many retirees are taking the plunge and heading overseas to enjoy their golden years in more fiscally serene environs. For those that no longer have to work every day, dreams of warm weather and lower costs of living are motivating retirees in droves to such countries as Spain and Australia.

It is estimated that more than 1 million Brit’s have moved overseas to retire. The most popular place to retire in Europe is Spain, long one of the most popular vacation destinations for British citizenry. Approximately 104,000 pensioners live there. The most popular country for British pensioners is Australia, with over 250,000 taking up residence there.

This article will look at the reasons many choose Spain as their retirement home. Besides the warmer and sunnier climate, many retired expats find other reasons to move as well. For example, the lifestyle is laid back and the standard of living is comparable to that of the UK.

Without the benefit of a QROPS, many retirees would find it impossible to live overseas. The formidable tax break that a QROPS provides is a big factor in retirees being able to afford living overseas. But regardless of where a British Expat decides to retire, it is quite important for them to keep up with their QROPS like they would with any other investment. Fluctuations in the market and rising costs of living in their country of residence should play into a retirement strategy that ensures a comfortable standard of living can be maintained for the life of the pensioner.

Cost of Living

The cost of living for most places in Spain is cheaper than in the UK. Other countries.com figures that the cost of living is 20 to 30 percent cheaper overall in Spain than in the UK. Thirty percent is quite a substantial amount, and no doubt contributes to the popularity of retiring to Spain. However, unexpected costs like heating and air conditioning in particular during the summer months may mean higher electricity bills than what might be expected.

Housing costs are quite reasonable when compared to the UK but can be higher in the cities and more popular tourist areas. For a pensioner, the profit from selling a detached home in the UK can be put into a home or apartment in Spain and leave the pensioner some extra money to invest or spend on other items.

Food is relatively cheap compared to the UK. However, dining out can get expensive especially if it is in a tourist hotspot. But that is the same wherever you live. Grocery expenses tend to run 10-15 percent cheaper in Spain than in the UK. But if you prefer already prepared food the cost is likely to be about the same or a little less than what was spent in the UK.

Petrol for vehicles and maintenance are cheaper in Spain. Buying a used vehicle in Spain, however, is more expensive than buying one in the UK. Car insurance is about the same in both countries. It is far cheaper to insure a vehicle registered in Spain than it is to insure one that has a UK registration.

The Downside

There are some downsides to living in Spain. Electricity can run about 20 percent higher than in the UK for a similar sized piece of property. Gas for heating and cooking is not readily available in all parts of the country. Where it is it typically runs about 20 percent higher than in the UK. Bottled gas is quite expensive in Spain.

Some older apartments don’t have central heating and cooling so it is important to consider the cost of using bottled gas to heat the home during the winter months, which can be quite cold.

Note: QROPS is defined as

Qualifying Recognised Overseas Pension Schemes (QROPS)

6 Wonderful Train Journeys for Visitors to Britain

By Derin Clark

As the birthplace of modern rail travel it is no wonder that Britain has some of the best train journeys in the world, making it an ideal relaxing holiday destination for retirees. The UK’s rail network covers some of the wildest and most remote parts of the island, along with picturesque landscapes that the nation is famous for.

This, together with the fact that train travel in Britain is relatively cheap, makes it the perfect form of transport for international tourists – even if you’re on a budget. To give you an idea of what you would be missing if you passed up the opportunity to explore Britain by rail, here are half a dozen fantastic British train journeys:

 
Far North Line

The Far North Line is the most northern train line on mainland Britain. The track connects Inverness to Wick in Scotland and the route passes through some of Scotland’s wildest and most remote areas. Most of the line follows the coast and there are times when the train is almost next to the shore, making this one of the most desolately beautiful journeys in Britain, as well as touching on the least populated areas of mainland Britain.

Perfect For: This route is ideal for those wanting to escape the tourist crowds and see some of Britain’s wildest and most remote regions.

Tyne Valley Line

This 60 mile train line connects the city of Newcastle upon Tyne in the east of England with the Cumbrian city, Carlisle, in the west. This is the oldest coast-to-coast passenger line in the UK and was completed in 1838. The line not only connects the east and west of northern England, but also follows sections of Hadrian’s Wall, which was built 2000 years ago by the Romans. Along with its history, this route provides views of northern England’s picturesque countryside.

Perfect For: If you need to get from the east of England to the west and want some stunning scenery with a bit of history thrown in, then this is the route for you. 

The Bittern Line

Named after a rare bird found in the Norfolk wetlands, The Bittern Line is one of the most scenic routes in the east of England. The line connects the city of Norwich with Sheringham, a popular town on the North Norfolk coast. Along the way the route passes parts of the Norfolk Broads, as well as Norfolk’s wild, open, and sometimes bleak, countryside. 

Perfect For: This route is ideal for those who love the outdoors, as North Norfolk is a great location to indulge in activities such as  hiking, cycling and sailing.

The Heart of Wales

Journey through the stunning Welsh countryside well known for its rolling hills, picturesque valleys and tranquil streams. This single-track route takes passengers through the centre of Wales while also connecting nearly 30 rural towns along the way.

Perfect For: This train line is great for those wanting to explore deeper into the Welsh countryside.

Exeter-Penzance

The Exeter-Penzance line takes in some of the most scenic parts of Devon and Cornwall coast and is described as one of the finest routes in Britain. This train journey takes passengers through landscape that include sandy beaches, small fishing villages and rugged cliff edges. As well as this, it is the perfect starting off point for visiting Devon and Cornwall, two of Britain’s most laid-back and trendy counties.

Perfect For: Those who want to discover England’s most popular coastal towns, villages and countryside.

North Yorkshire Moors Railway

Have you ever dreamt of travelling on an old-fashioned steam engine? If so, head up to Yorkshire where you can book a seat on one of the steam engines that regularly travel on the North Yorkshire Moors Railway. Although tickets are a bit pricey, the cost usually includes a lunch or dinner, along with the chance to travel on a unique train through the famous Yorkshire Moors.

Perfect For: Those who have always wanted to experience the golden age of rail travel.

About the author

Derin Clark is a journalist and writer. She often writes about travel and holidays, and has been published across a range of magazines and websites. 

All photos are compliments of Train Chartering and Private Rail Cars.

Travel: The Best Places to Relax in The UK’s Peak District

A neatly kept mini-patchwork quilt of lush valleys, velvet meadows, characterful Victorian market towns and gloriously open moorland, the UK’s Peak District sits plumb in the middle of the country’s backbone.

Myth has it that the Peak District is the second most visited national park in the world after Mount Fuji. Whether your innate scepticism reflex can put that aside for a moment or not, once there you can certainly see why that might be true (and not just because of its geographical fortuitousness at the mid-point between the capitals of London and Edinburgh).

In many ways, the region (actually not that ‘peaky’ - you may be surprised to know) concisely captures many a picture of the hallowed rural England which film director Danny Boyle tried to represent in a segment of his London Olympics fandango: that rich verdant sheen, the chocolate-box villages, myriad colour-flecked flowerbeds and sheep - lots of sheep. Moreover, if you didn’t quite twig what was meant by the phrase ‘rolling countryside’ - when you have spent a week or two nosing round the different corners of the Peak District, you certainly will.

So, if you’re planning a nice trip to the UK soon, you may want to fold in a little trip to the Peakland, hole up in a cute little two-up two-down and explore the region. Here are some suggestions of the most relaxing spots to visit while you’re there;

Dovedale

Pictorially famous for its linear stepping stones, the views here are pretty definitive of the region as a whole. As the name suggests, as long as you miss the crowds on really sticky days, the peaceful feeling that permeates the valley is one to savour. Just a little further up the burbling stream, the heights on the left are known as Dovedale Castle.

A little further on is a grassy tuft locally nicknamed Lovers’ Leap which takes its moniker from a folk tale recounting a distraught maiden who threw herself off said tuft after a particularly disastrous romantic rejection. Fortunately, you are almost guaranteed to have a much more positive experience!

Chatsworth House

The majesty of Chatsworth House and its grounds has not gone unnoticed by film directors and television producers down the years. Nestled in a prime spot overlooking the Derwent and Wye valleys, Chatsworth and its extensive estate makes for a thoroughly enjoyable day out.

Rent a deck chair and pull up a pew mid-way up the slope of the main lawn and watch the bubbling weir on the River Derwent and the people passing by and take in the tree-covered hillside, the magnificent hunting tower, and the faded golden hue of the bridge down below.

Buxton

Constructed around thermal springs in the Wye valley, the delightful Roman settlement town of Buxton is now something of a cultural hotspot once again with a flourishing arts scene, popular annual festival and a plethora of eye-catching sandstone pavilion-style buildings and gardens, an opera house and classical churches.

That said, the best place to relax here are the natural baths. Sheer bliss.

Bakewell

A fairly typical-looking town for the region, Bakewell is famous for one thing in particular. They are sweet, they are almondy, they are a little jammy. They are the Bakewell Puddings and they are delicious. They are also often confused with their cakey brethren the Bakewell Tarts. Buyer beware - these are not the same sweetstuff at all. (But actually also really rather quite nice).

This in mind, the best thing to do in Bakewell is a find a sweet little traditional tearoom like the Lavender Tea Rooms for example, order yourself a nice fresh pot of English breakfast tea and award yourself a serious treat in the shape of a Bakewell Pudding. Delish.

Guest Author Bio: "Matthew Pink is a writer and editor working in digital publishing covering travel and culture. Originally from the Lake District in northwestern England, he also writes crime fiction which is set there. Scafell is his first novel."

Cardigans Rule...shopping for summer or fall!

The weather has turned on us. Day before yesterday we were dressed in blue jeans and a cardigan and now we are dressed in shorts and hunkering down as the temperature rises. At least we can be assured that here in the Northwestern United State the temperature will never be hot for very long.

People visit us here in Portland Oregon from around the world to spend a few days in a "European Style" city...or at least what we envision that to be. I think if you were to compare our city's weather with one in Europe the climate would be more like the UK than anywhere else. The grass is green and the trees hang over streets shading the sidewalk and dripping fresh raindrops on those misty days. The saying goes here that Oregonians don't tan they just rust. I think that might be true.

As a result of our ever present cool lingering in the air, we dress differently than people in the Southwest or even on the Eastern seaboard of the US. In the warmer climates corals or aquas are more popular. Blacks, browns and navy blues ever present here in the coolers parts of the nation. If designers decide to give us a respite from those colors a deep maroon, gray or even an forest green might creep in.

But, there are items of clothing that are classics in our closet regardless of what part of the world we live in. The cardigan is a perfect example. There are just so many ways to wear a cardigan and they are timeless. No matter what your age, the style is perfect...or at least I think so. We can dress them up with shear backs or lace inserts at the neck. My personal favorite is the layered look of a cropped cardigan over a shirt with casual slacks. However, I am older so I am aware that this look needs to be worn with some moderation.

Here in the United States we find cardigans in every department store and online.  The the one that caught my eye would work as a winter coat over slacks or a pencil skirt.   I loved the cable knit on the border and the neutral taupe color was perfect. Just give me a beautiful piece or two of costume jewelry and I am good to go.

Can you tell that I am ready to begin shopping for winter? And to think we have only had two days over 80 in a row. I guess it is because I love the winter way of dressing! I might add...I live in cardigans!

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