Mosaac Financial Blog

New research has highlighted the groups on track for a retirement of scrimping. Several investment institutions publish annual reports on the state of the retirement market. The latest, from Scottish Widows, does not paint a rosy picture. Its National Retirement Forecast (NRF), conducted in conjunction with a leading economic forecaster, found that: · 39% of people aged between 22 and 65 are on track for a less-than-minimum lifestyle in retirement. In monetary terms, that equ

Research has shown the lack of awareness about the next change to the State Pension Age (SPA). Changes to SPA have proved fertile grounds for controversy. The move to equalise women’s and men’s SPA at 65, completed in November 2018, is still a source of dispute. In March 2024, the Parliamentary and Health Service Ombudsman (PHSO) published a report recommending that the women affected by that change should each receive up to £3,000 compensation. A couple of days before parlia

Taxpayers relying on HMRC to sort out the tax due on interest are given a warning. As had often been noted over the last few years, one of the strategies adopted by successive governments to increase tax revenue is the freezing of tax allowances and bands. As inflation increases income, the net result is generally to: · bring more people into the tax system; and · make existing taxpayers pay more tax, both in absolute terms and as a proportion of their income. One frozen allo