Extra income in old age and providing for your heirs

Article Abstract:

A widow aged 70-years-old on a low income can supplement this by putting savings in an instant access account. Stocks are to be avoided for someone averse to risk, and a corporate bond personal equity plan may be preferable. The home may be the most important asset, and this can be sold to free funds for an income. Home income plans are alternative options, which have improved since adverse publicity following problems in the 1980s. A will is important and will help heirs deal with affairs more rapidly, while lack of a will means that the government decides on the distribution of assets.

Publisher: FT Business
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
Aged, Elderly, Finance

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Putting spare cash aside for a rainy day

Article Abstract:

A couple near or at retirement with an endowment policy should continue with the policy until its maturity since they may be penalized if it is cashed in early. They can consider tax-efficient savings vehicles such as individual savings accounts. Annuities may be poor value on the retirement date, and an income drawdown product may be preferable to an annuity. A cash reserve can be developed using monthly savings in a building society account with a competitive rate.

Publisher: FT Business
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
Retirement planning

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Subjects list: United Kingdom, Financial planning, Personal finance
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