Page 26 - Phonebox Magazine July 2014

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Finance Matters
How would you cope if you lost your income?
Most of us are probably guilty of taking our income and our jobs for granted. Even if we are aware that jobs may not be as secure as they used to be, in the days of ‘jobs for life’, deep down many of us would expect to get back into employment relatively quickly if we did lose our jobs.
However, what would happen if you lost your job because you were unable to work through illness or injury? A recent survey carried out by Legal & General has the rather dramatic title of ‘Deadline to the Breadline’. Researched in November 2013, it measures various factors surrounding how households would cope in the event of losing an income.
The rather shocking average figure shows that it would take people in the UK just 26 days before being on the breadline. Worse still, amongst working age families (18–64 year olds) it falls to just 11 days. As you would expect, there are regional differences with London and the South East having the highest level of savings and the North East the least.
A further cause for concern is that, on average, people thought that they could manage on their savings three times longer than they actually could.
Whilst it is impractical to insure against all eventualities, ensuring that there is still an income for the household if you are unable to work through illness or injury is undoubtedly a prudent step to take!
If you would like to discuss or review your own investments, protection or pensions, or look at how you would be able to cope with a loss of income then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
What would you like your retirement to look like?
A 65 year old male retiring at the end of 2012 would, on average, receive 56% less pension than in 1994, and a 65 year old female, 50% less.
The same research issued by Moneyfacts in early 2013 also shows annuity rates in the
UK have fallen in 15 of the last 18 years and the reduction was 11.5% in 2012 alone.
If you wish to review your pension arrangements or you are approaching retirement, why not contact Advison to see how we may be able to maximise the benefit from your retirement planning.
Our financial advisers will help you to:
• ensure you have a clear financial plan for the future
• provide protection and peace of mind for your family
• make the most of your hard earned savings and investments • save for your retirement
• minimise your personal tax liabilities
• protect your estate for your beneficiaries
...and give you access to ongoing advice and support
Speak to the experts...
Speak to Advison now on 01908 285690
www.advison.co.uk
Advison Ltd is an appointed representative of IN Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Tax advice is not regulated by the Financial Conduct Authority. Registered (England) No. 5009271
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