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Most Britons don't want to downsize - here's how to do it successfully

Less than a quarter of people are planning to move to a smaller or cheaper home in older age, with cost and attachment to their existing home the main reasons. Only 23% of people are planning to downsize in retirement, according to the study commissioned by the investment platform, Hargreaves Lansdown. It also found that the older Britons are, the less likely they are to consider downsizing.

One in 10 older workers would delay retiring if their boss let them work from home

One in 10 workers is prepared to slow down or delay retirement due to improved flexible opportunities, new research reveals. New rules on hours and where you work have become much more widespread since the pandemic. However, due to Covid there is now a shortfall in the workforce as many older people gave up work for good. Among those rethinking retirement, 60 per cent said the change in working practices allowed them to transition to retirement more slowly, for example by going part-time, according to the research by adviser network Wesleyan Financial Services.

More bereaved relatives condemn DWP over mystery state pension payouts

Bereaved people say the DWP is leaving them hanging for months after sending letters about possible errors in their late relatives' state pensions. Graham Meyrick, now aged 83, pictured with his wife Betty who died in 1994, received an unexpected letter from the DWP in February then heard nothing more. Karen Mitchell says a letter out of the blue in May 'stirred everything up' about her mother's death a decade ago. She called the DWP repeatedly for information and was given a different answer each time.

The Department of Education said my wife had to wait for a CETV due to staff shortages. This has been dragging on for months and months with no end in sight.

Many people believe a will must be carried out to the letter, but that is not true. Executors of a will can in fact ignore parts of it, provided they have a good reason.

DWP says my late mother was underpaid state pension, so who inherits this money? STEVE

I've been told by the DWP that my late mother is owed five years' worth of pension credits. Would this form part of my mother's estate or are the payments made direct to the next of kin? Steve Webb answers his 400th question from a This is Money reader today...

Steve receives more questions about the state pension than anything else, and we've compiled his columns on the most frequently raised topics here.

Most popular Steve Webb columns on private pensions: The 12 hot topics

This is Money columnist Steve Webb receives many questions about private pensions. We've compiled his columns on 12 frequently raised topics - including finding lost pensions, rogue employers, starting to save late in life, and more.

Steve Webb answered his 400th reader question this week. 'I think it should be compulsory for every Pensions Minister to read my inbox every week,' he says.

When I first offered to answer readers' questions on pensions, little did I realise that I would still be going eight years later, says Steve Webb.

How buy-to-let landlords selling up can recoup capital gains tax AND boost their pension

It has been suggested that the Chancellor, Rachel Reeves, will look towards CGT as part of her bid to fill a £22billion hole in the UK's finances - which is a worry for landlords selling their properties. However, they could consider paying the proceeds of their sale into a self-invested personal pension as a way to claw back their CGT loss on the sale and provide a boost to their pension in one fell swoop.

For more than half a million British ­retirees, the shine has come off their 'gold-plated' pensions. Many have seen their retirement incomes plummet, slashing their purchasing power.

Could you stump up £43,100 a year without earning another penny? No, neither could I. Yet, the pensions industry estimates that this is how much someone needs for a comfortable retirement.

Are YOU rich enough to pay inheritance tax? How it works and the chances of a Budget raid

The Government is raking in ever higher sums because frozen thresholds and the property price boom mean more bereaved people's estates are becoming liable for inheritance tax. The latest figures show that from April to August this year estates have paid £3.5 billion, which is £0.3billion more than the same period in 2023. So how do you work out if your family will have to pay inheritance tax under the current rules, and how might any Government changes in the Budget on 30 October affect you.

Three quarters of pension savers have never heard of 'lifestyling', the derisking strategy that has left many sitting on investment losses at retirement, new research shows.

If someone gives you power of ­attorney, it means you have a legal ­document that allows you to organise their financial affairs when they are no longer capable.

Gen Z workers neglect pensions to cope with daily costs

More than half of Gen Z workers have stopped paying into their pension during their short career as they struggle with daily expenses, according to research. Some 21% of youngsters said they are currently saving nothing towards their retirement, data from recruitment firm Robert Walters reveals, while 51% have paused their contributions at some point.

You are far more likely to be better off in retirement if you take an active interest in your work pension. Here's what you need to know...

Women, those working part time, young adults and lower earners would particularly benefit from a minimum pension contribution, the IFS said.

Should my brother and I buy our 91-year-old mother's house - is there tax to pay?

My mother at present is fine and well. Would there be any repercussions if my brother and I were to buy her house, which is worth approximately £180,000, and she has about £20,000 in the bank. We are just trying to think ahead in case she has to eventually go into a home. I know she is well under the £325,000 for inheritance tax. Lawyer Ben Tyer, pictured, of SAS Daniels replies.

Reeves is set to follow through with Sir Keir Starmer's ­warning that those with the 'broadest shoulders' will bear the brunt of tax hikes in her first Budget next month.

Inheritance tax was blasted as a mess six years ago - and it's only got worse since, says

in January 2018, Philip Hammond asked the Office of Tax Simplification to carry out a review of inheritance tax - its verdict was damning. It painted a picture of a total mess of a tax, which despite only being paid by a small percentage of estates manages to create an administration nightmare for many more and where the merely rich pay a higher effective rate than the really rich.

Rachel Reeves is widely thought to be considering a cut to income tax relief on retirement savings for top-rate taxpayers.

Most retirees are missing out on Winter Fuel Payments worth £100 to £300 a year, but there are other ways of getting help with energy bills this winter.

My 76-year-old mum is selling her £300,000 property - what should she do with the money?

My 76-year-old mother has moved in with me (her daughter) and my partner and has just instructed our local estate agent to put her property on the market. My mum will hopefully have £300,000-plus from the sale and I am looking to see what the best thing is for her to do with this money. I have thought about Premium Bonds, Isa account, fixed savings account and possibly buying a small property to rent. What is the best course of action?

State pension in line for a £460 rise to £11,960 next April, as millions are set to lose

The full flat rate state pension will hit £230.05 a week. People who retired before April 2016 on the old basic state pension should get £176.30 a week. The state pension is increased every year by the highest of inflation, average wage growth or 2.5 per cent under the triple lock pledge to pensioners. The Labour Government promised during the recent election to maintain the triple lock for the whole of the current parliament.

Winter fuel payment axe is PASSED by the Commons despite Keir Starmer suffering Labour

Scrapping the winter fuel payment was approved by the Commons today despite Keir Starmer suffering a revolt. MPs signed off the controversial measure by 348 to 228 to this afternoon. It appears around 50 Labour abstained from the division - which technically was on a Tory motion to annul the plan. Just one MP, Jon Trickett, voted with the opposition, but the Government's majority still fell to 120 from its theoretical strength of 167.

Doing anything to help a loved one die can mean forfeiting any inheritance, warns a lawyer

Helping a loved one in their request to die could affect your family inheritance, says Nicola Waldman of Hodge Jones & Allen. A new assisted dying bill has begun its journey through the House of Lords but a change in the law remains a long way off, she writes. Until then, anyone who helps a family member to end their own life could automatically forfeit their right to any inheritance as a result, even if they avoid prosecution.

How can we cut our controlling, greedy son-in-law out of inheritance AND avoid tax?

Our daughter has a controlling husband who has eyes set on her inheritance. We want to ringfence her share whilst allowing our two sons immediate access to theirs. In order to minimise inheritance tax we want to take advantage of the residential nil rate band. We have been told that this is possible if we set up a trust and the boys opt out of it within two years. We would be most grateful for your opinion on this matter.

Rachel Reeves, in her 'Fixing the Foundations' audit of the public finances on July 30, axed, without warning, proposed changes to social care.

The life insurance and pensions firm said it is investing £100m to improve its digital offering, including launching its TikTok channel.

Inheritance disputes on the rise as families feud over grant of probate

More than 10,000 applications to stop probate being granted were made last year, up 14% on 2022 and 43% higher than the year before the pandemic. Wrangles about probate can involve family disagreements about who should be in charge, but also be the forerunner of a full-blown legal battle over a will.

How much emergency cash should you keep in retirement?

Retired people are advised to keep far more cash on hand than the three to six months of wages that workers are typically told to put aside for a rainy day. This is because it is easier to recover from financial shocks when you can still earn a salary. For retirees, the decision depends on what you consider essential outgoings and how much you spend on those things, says Hargreaves Lansdown's head of personal finance Sarah Coles.

Due to the Brexit withdrawal agreement, some pensioners living in the EU will still be able to claim the allowance, even if their wealth breaches Reeves' newly imposed thresholds.

Attendance Allowance boosts the state pension for retirees that need extra help with a disability or illness, and now it can be accessed online as well as by post.

Autumn Budget 2024: When it is and what experts predict will happen - from tax rises to

Sir Keir Starmer has laid the groundwork for an increase in taxes after warning the Autumn Budget on 30 October will be 'painful'. Increases to income tax, national insurance and VAT have already been ruled out, making it harder to balance Britain's books.

Have YOU received a DWP letter about underpaid state pension? It's vital to reply, says

The sums due could range from a few pounds to more than £100,000 - but unless recipients come forward they will never find out and the Government will keep the money. 'In thousands of cases, the person who was underpaid is sadly no longer with us, but their heirs should still benefit,' says This is Money's retirement columnist Steve Webb .

The number of people over the age of 60 who are self-employed has reached a record high of almost one million, research suggests.

Still at the golf course? Worklessness among the over-50s hasn't budged since Jeremy Hunt told them to put down their putters and get back to the office.

One in FOUR will turn heating off when energy bills rise in October, says Citizens Advice

Citizens Advice said that one in four people (25%) are so worried about increases in energy costs that they say they will be forced to turn off their heating and hot water this winter. This increases to 31% of households with children, and 39% of bill payers on a low income.

It's no secret that the state pension pays out different amounts to pensioners across Britain. But did you know there's a disparity in the average sums pensioners are receiving in different regions?

Dear Chancellor, Your decision last month to deprive some ten million pensioners of their annual winter fuel payment has spawned an outpouring of fury so red hot you simply cannot ignore it

Have annuity deals peaked? Interest rate cuts will diminish future offers

The headline inflation rate is hovering around its target level of 2%, prompting policymakers to cut interest rates from 5.25% to 5% at the start of this month. Higher interest rates mean annuity providers can fund more attractive deals, and annuity rates have now fallen back from their highs. The Bank of England looks likely to make two more interest rate cuts this year, according to Hargreaves Lansdown's head of retirement analysis Helen Morrissey.

The campaign to improve take-up of Pension Credit comes amid growing anger that Labour has taken away energy subsidies for up to 10 million older people.from the state.

Pension credit claims slide again, sparking calls for new sign-up drive

The news on take-up follows the Government's announcement that the Winter Fuel Payment will be limited to those who claim pension credit or certain other benefits. This has prompted calls for a fresh pension credit sign-up drive before the winter. Tom Selby of AJ Bell, says: 'Failure to do this would risk leaving vulnerable pensioners in a desperate financial position when the cold hits.'

The scheme to boost your retirement savings is so generous that, were it not given by the Government, I'd suspect it was a scam. If you put £80 in your pension, the government will chip in a free £20

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Investing: don't miss

How to invest your pension in drawdown

While many people dislike the idea of an annuity, the alternative means keeping your pension invested in retirement and managing it yourself - a process that can be confusing and full of pitfalls. So here's a checklist, from investing, to income, taxes, the state pension, inheritance, illness, financial advice and much else.

The 40% inheritance tax rate is drastically high - but only applies if you have amassed enough assets for your loved ones to become liable on some chunk of them.

Appointing someone you trust, usually a family member or friend, as an attorney to take control of your affairs if you fall ill is a relatively straightforward business. Here's how it works.

What free help will your work pension offer when you decide to retire?

Turning your pension funds into an income that can replace your salary is among the most important financial moves you will make in your life. Here, we look at what you can expect from your work scheme as you get closer to retirement, and round up expert advice on how to maximise what you will have to live on in old age.

Beware market shocks in early retirement: How to avoid 'pound cost ravaging'

Investors can rack up big losses early on and never make them up if they aren't careful. People who persist in taking an income in those circumstances can pile up future problems. But you can put defences in place against market shocks before you retire, and there are ways to overcome investment setbacks in the early years too. Find out how...

PIP is tax free and is not affected by your income or savings, or most other benefits. We explain the rules, how to apply, and where you can turn for help below.

Pension credit boosts your weekly income and opens the door to a lot of additional help with housing costs, heating, council tax, TV licences and other bills.

What is pension lifestyling? Bond crash reveals de-risking dangers

The bond market crash in recent months has drawn attention to a little-known or understood investment strategy that many workers are 'defaulted' into in the run-up to retirement. Some older workers have discovered to their horror that they are sitting on huge losses right on the brink of retirement , which they might be forced to delay as a result. Here's what you need to know about pension lifestyling...

If you are new to investing, and feel lukewarm at the prospect, one easy and potentially lower cost option open to people with a work pension is to top up investments already held in their retirement fund.

Pension credit tops up weekly income to a minimum of £201.05 for single people and £306.85 for couples, and it can be more if you are a carer or disabled.

Will you inherit any state pension from your husband or wife?

This depends on when the surviving partner reaches or has passed state pension age and their spouse's date of birth and National Insurance record. What you might get if anything is far more limited if you reached or are still due to reach state pension age after April 2016.

Everyone is allowed to save for retirement out of untaxed income up to a pretty generous level every year, including the highest earners. So how does it work?

Prime Minister Rishi Sunak recently announced his intention for school pupils to learn maths to age 18. What would a real-world curriculum to help youngsters understand personal finance look like?

How to squeeze the most out of your work pension

Modern work pensions are essentially cheap investment products provided and subsidised by employers. At a time when money is tight, it's worth exploring what they can do for you - including some obscure and surprising add-on benefits. Auto enrolment into work pensions takes the hassle out of saving for retirement, but you could be missing a trick or two by not looking any further than that.

When it's time to stop work and enjoy retirement, you need to make the most of the money you have saved. That means turning pension funds into an income. We explain what you need to know.

Savers collect a string of pension pots during their working lives but many never bother merging any of them. It is not always advisable because you can lose valuable benefits - here's what to weigh up.

Underpaid state pension: How to find out if you are owed money

Elderly women could receive nearly £1.5billion in state pension arrears after being shortchanged for decades, the Government admitted this week. A lot of women are understandably asking if they missed out on thousands of pounds in state pension, and we explain how to find out and what to do if you are owed money by the DWP. The scandal was uncovered by former Pensions Minister Steve Webb and This is Money, after we launched an investigation into a reader question to his weekly column in early 2020.

Pensions are often neglected in divorce settlements despite their value to both partners. Find out how they can be divided fairly and some of the worst traps.

How to defend your pension from the taxman

No one wants to save up all their working life for a decent retirement only to get stuck with an avoidable tax bill. Unfortunately, there are many tax traps for the unwary when it comes to pensions. It's especially important to find out about them if you decide not to get financial advice when you start tapping your fund. We asked pension experts for their tips on what trips people up the most often, and how to keeping a retirement fund as safe as possible from the taxman.

It will be little consolation for the loss of your health, but there are ways to use your pension pot to relieve money troubles should you find yourself in this sad situation.

Ten ways to avoid inheritance tax legally

There are many legal ways to dodge the dreaded 40 per cent 'death tax' if you want to pass on the maximum sum possible and are prepared to plan ahead. Here's our round-up of 10 ways to reduce or avoid a large inheritance tax bill, some of which can be undertaken easily by any ordinary person without the need for elaborate arrangements or to pay for professional help.

Do you ever receive your tax code in the post, look at it and not really understand what it means? Tax expert Heather Rogers explains how to check it is correct, so you don't overpay tax.

Have you received a tax code for 2022/23 that is incorrect? Tax expert Heather Rogers explains the most common errors that crop up, and how to get HMRC to put them right.

Spend your pension pot last to defend savings from taxman

Hoard your pension and spend other cash and investments first, to keep your money away from the taxman. That's the advice experts dish out to retirees worried about inheritance tax. But anyone who wants to minimise their annual income tax, or use up their capital gains tax allowance efficiently, might also benefit from not spending a pension first.

Ideally I'd like to carry on paying my current higher contributions and getting them fully matched by my employer. Do I have a right to this?

When someone dies it is essential to deal with their estate, which is made up of their home, savings and investments and belongings. We explain probate.

How do I find a pension I had with an old employer?

Job switching, auto enrolment with every move, and people's tendency to lose pension information and not update schemes with contact details are all behind the rise in orphaned pots. The cost of living crisis has highlighted the importance of tracking down lost pensions to boost your eventual retirement income, according to an industry campaign to help people find them.

How do I apply for NHS CHC to cover my care bills?

James Urquhart-Burton, pictured, partner at Ridley & Hall Solicitors and an expert in care funding, explains how to make an application for yourself, or a loved one. It's crucial to check your eligibility to avoid unnecessary bills, and never too late to ask for an assessment, but you will have to be proactive, he says.

How do you appeal if your application for NHS CHC is refused?

Getting your or a loved one's care fees fully funded can be a struggle, and many families feel their cases are wrongly rejected. James Urquhart-Burton, partner at Ridley & Hall Solicitors and an expert in care funding, lays out the potential grounds for objecting to an NHS refusal and how to make a successful appeal.

Pension terms explained: What annuity, UFPLS, defined benefit and more mean

We decode some of the jargon, from the more commonplace to the exotic, that you might come across when exploring your pension options. It comes as research shows that while savers heartily welcomed pension freedoms launched in April 2015, they feel baffled and overwhelmed when dealing with the new choices opened up to over-55s of spending, saving and investing their retirement pot.

Can you use power of attorney to sell a house for less than its market value?

The house has been valued at £300,000 plus. However, my mum's sister is trying to sell it to another family member for almost £50,000 less. This seems illegal, as someone holding power of attorney is obligated to act in the best interest of the person they represent. My mum wants to ensure they get the highest possible price for their mother's property to properly cover her care expenses. Lawyer Chris Gilbert of Nalders replies.

To avoid in the future potentially my brother's wife being entitled to some of the inheritance we have discussed the option of my grandmother leaving 100 per cent to myself.

One of our children has some episodes of depression and anxiety and sometimes irrational behaviour. They have threatened suicide in the past. They also have a gambling issue.

Can I get rid of my useless financial adviser and manage my pension myself?

A few years ago I employed a financial adviser to consolidate all my company pensions, and my personal pension into one pension. Since signing up, I now pay a percentage of the value in fees to the financial adviser each year and I don't feel I'm getting value for money. Basically I have an annual review where they advise not to do anything with the pension. Do I have to have a financial adviser or am I allowed to manage my pension myself? Veteran money expert Henry Tapper, pictured, replies.

My dad is in a care home as he has vascular dementia. I may need to sell his house in order to pay for his care when his savings run out. Lawyer Jaz Virk, pictured, replies.

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