ICR241: How to prepare for the end of your life
I hate to break this to you, but you’re going to die at some point. This week on the show, I’m talking about how to prepare for the end of your life.
This one is for you regardless of your age, health or how close to the end of your life you think you might be. There is something in this episode for everyone.
What are the main financial things to consider when planning for the end?
Personal finance news
-More people are drawing cash from their pension pots without taking advice. The Financial Conduct Authority has warned of a big rise in people taking pension withdrawals without advice, up from 5% before pension freedoms were introduced to 30% today.
-House prices fell again in June, with the UK largest lender Halifax reporting a 1% fall. This is the largest monthly fall reported since January.
-A government review of employment practices has said all work should be “fair and decent”. The report by Matthew Taylor, a former aide to Tony Blair, focused on the so-called gig economy. Taylor recommended that workers for firms like Uber and Deliveroo should be classed as dependent contractors and receive extra benefits. In response to the report, Prime Minister Theresa May
-Consumers could be missing out on thousands of pounds in retirement by not shopping around for their pension product. Research conducted by the Pensions Policy Institute for LV= has found that in 2016 there were around 30,000 people who took out an annuity with their existing provider.
-More than a third of people are regularly playing ‘freemium’ games on their smartphones, with 17% admitting they are addicted to at least one game. The new research from GoCompare Money examined free-to-play games which offer the ability purchase extras, such as lives or special items, though in-app micro purchases.
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