10 pension mistakes you really want to avoid

Too many people bury their head in the sand when it comes to planning for their financial future. In this article I want to look at some of the issues that you really cannot afford to ignore. When I use the term ‘pension’ I am referring to any kind of investment being used as retirement provision, rather than just traditional plans and as expats such arrangement are rarely available to us.

The facts are that most people are facing a significant shortfall in their retirement income, According to the Association of British Insurers, the average UK pension pot at retirement is less than £40,000. In the US, the Employee Benefit Research Institute has calculated that 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. Worrying figures indeed.

If you want to ensure you have enough money to live comfortably when you retire, here is my list of the top 10 pension mistakes to avoid.

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News: Increased DEWA charges

There seems to have been little coverage of this in the press, but with effect from 21st September 2014, DEWA (Dubai Electricity & Water Authority) has increased the security deposits required on  taking up residency in a property.

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UK Pensions – what’s the rush?

I’m not one for scaremongering, but for once there is a genuine deadline to take action for people in certain UK pension arrangements. If you are an expat with a UK occupational pension, often known as a Final Salary scheme, then you need to be aware of these changes.

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Finances & The Family

When you are busy raising your children it is all to easy to get distracted by the day to day issues, but it is still important to take a little time to plan your finances. To make this task a little easier I have put together a brief list of the priorities so you can focus on these first.

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News: New tax concerns for UK expats & investors

At the present time everyone whether resident in the UK or living abroad benefits from the personal allowance, meaning that they can earn up to £10,000 a year in the UK before being liable to income tax, but under new Government proposals this is likely to change. This will affect anyone who receives an income from renting out a property whilst they are living overseas.
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300 On Your Side columns

When I started writing the On Your Side column for The National newspaper nearly six years ago I never imagined that we’d still be going strong 300 columns later. 300 feels like a milestone and in that time I have answered over a thousand queries in print, solved numerous problems for readers and received thousands of emails.

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Need to know: Renting in Dubai

This is the first in an occasional series on topics where I receive a great number of queries. With rental prices in Dubai, and across the UAE generally, increasing significantly, many people have been asked for excessive increases or asked to vacate illegally, so this article is a brief overview of tenants’ rights in Dubai. This article can also be found in the May issue of Good magazine. Continue reading

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