DOING ONE SIMPLE THING COULD SAVE YOU THOUSANDS
Pension savers could lose up to £10,000 by forgetting to update their default retirement age with their pension provider2, insurance firm Aviva has cautioned. This is due to a process called de-risking, whereby your pension provider moves your money from higher to lower risk funds as you approach retirement. As higher risk funds typically offer higher returns, you could lose thousands of pounds if the de-risking process is triggered early (e.g. because the default age on your pension scheme is set at 63 rather than 68). It’s important to keep this updated.
GRANDPARENTS – WORTH THEIR WEIGHT IN GOLD!
Childcare is a major expense for many families. It comes as no surprise then, that many parents are turning to their own parents for help. Research3 highlights that a massive 85% of grandparents offer some kind of support with childcare, spending an average of eight hours a week taking care of their grandchildren. This helping hand is saving families a startling £22 billion per year – an average of £4,027 per family.