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24.02.2014 admin
The new pension changes may allow you complete access to your pension pot once you have reached 55 years of age. However, if you are planning to use them to provide an income in retirement; then you need to be aware of a number of factors that will affect the value of your pension savings and how you might use them. Longevity risk is where you live for a long time but run out of money to support yourself in retirement. Did you know that a male retiring now at age 65 can expect to live on average to age 83 and a female to age 85? However, these figures are average life expectancies and some individuals will live longer which means their money has to last longer too. The table below shows the likelihood of someone aged 65, or at least one member of a couple both aged 65, surviving to a particular age in the UK.
So if you are male aged 65 you have about a 1 in 4 chance of surviving to age 90, if you are female you have about a 1 in 3 chance.
Remember when you are planning your retirement income, the trend in people living longer has been historical fact for over a century and is expected to continue into the future. Mortality risk is the risk that you will pass away shortly after you retire and won’t enjoy the value from your pension and benefits that you have worked to provide. For example, if you were to buy an annuity with a ?25,000 pension fund based on your life only (not taking into account any spouse’s benefits and depending on your circumstances), you could receive around ?1,200 per year. Using 2% and 3% as example inflation rates, the following table details what ?100 will be worth in today’s terms after a number of time periods. The following table shows what ?100 would be worth in today’s terms (October 2014), over a number of time periods, using actual historic inflation rates. For example, if you were to spend ?100 on groceries today, then a 3% inflation rate could mean that within 10 years, you would have to spend ?134 in order to buy exactly the same items. It makes sense to plan your retirement with the same degree of flexibility that you planned your finances during your working life. Assisted and Supported stages – are mainly about failing health and incurring social care and health costs, perhaps in later life moving into residential care.
It is advisable to plan your finances to be able to adapt to changing income needs in retirement, as well as the other risks for example inflation risk.


Investment risk is where an investments return will be different to what was originally expected; this includes the possibility of losing some or all of the original investment. It is important to understand that accepting some investment risk may be necessary to offset other types of risk, for example inflation risk, or achieve your investment objectives (which differ for different people) .
Typically you experience increasing levels of investment risk when investing in Cash, Bonds, Property and Equities respectively, but conversely you should expect greater returns over time as well.
In general, the greater level of investment risk you accept, the greater the return you should expect to receive over the longer term.
All income taken from your pension savings will be taxed according to your particular rate of income tax (marginal rate). We share some of our top tips for individuals wanting to cut their costs and boost their savings.
Joseph Klepadlo, 94, a South Scranton resident, died Saturday at the VNA Hospice Unit at Geisinger Community Medical Center. In such circumstances if you take your savings and spend them, then that is your choice and the new pension changes will allow you the freedom and flexibility to do so. This risk can also extend to dependents that you have not provided for should you pass away earlier than expected. If you were to pass away shortly after your retirement, you would have received just ?1,200 in return for you spending ?25,000. Females generally live longer than males so, if they are married and a retirement income is not planned for both of them the survivor could have to rely on state benefits alone. With increased life expectancy you might need to support your retirement for longer, and if you don’t protect yourself against inflation then you could have to live your retirement on an income that will buy you less and less over time.
The chart below shows when people typically need their money in retirement, spending more at the beginning and at the end of their retirement.
It is important to remember however that investments can fall as well as rise and you might not get back what you originally invested.
My Memorials™ helps you honor departed family members, friends, and even favorite celebrities – all on your Facebook page. He was preceded in death by his wife, the former Jean Sevitski.Born in Scranton, son of the late Charles and Aldophina Kuplinski Klepadlo, he attended Scranton schools.


Before retirement, he was employed at Sauquoit Silk Mill and later worked at Sacred Hearts of Jesus and Mary Church. The couple was married 52 years on April 6.Born in Woodside, he was a Navy veteran of the Korean War. Born in Pittston Junction on March 30, 1914, she was a daughter of the late Stephen and Catherine Merga Harmanos.
She was born in Wilkes-Barre on March 26, 1943, a daughter of the late Fred and Elizabeth May Perschau. Before retirement, he was employed as a systems analyst at IBM, New York City, and later worked as a bartender. The couple was married in December of 1951.Born in Dickson City, he was the son of the late John and Mariann Glovacka Romanczuk. John the Evangelist Church, Pittston, a member of the Cosmopolitan Senior Citizens, Exeter, and member of the Ladies Pennsylvania Slovak Catholic Union. He was a regular attendee of The Chapel and was a Talking Book Repair Volunteer from 1998 to 2014. She was formerly employed for 36 years at Carter Footwear and she was later employed at the CEO Senior Citizen's Center, for three years, prior to her retirement. Joseph loved spending time with his family and friends, and was known for his sense of humor and being the life of the party. Prior to her retirement, she was employed in the local garment industry and was a member of the International Ladies Garment Workers' Union.
Mark Lutheran Church, Wilkes-Barre, where she was a member of the choir and the Ladies Aid Society, she also served as the treasurer of the Sunday School, the Flower Fund and as a cookie baker. Surviving are her sisters, Phyllis Adams and her husband, Eugene, Mehoopany, Elizabeth Perschau, at home; nieces, Elizabeth Stackhouse, Christine Swilley and Dr.
Mary's Road, Elmhurst, PA 18444, or to the VNA Hospice, 301 Delaware Ave., Olyphant, PA 18447.



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