| UPDATED: 09:01, Thu, Feb 25, 2021
Link copied Make the most of your money by signing up to our newsletter for FREE now
SUBSCRIBE Invalid email
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
Rishi Sunak will be revealing his Budget on March 3 and many expect the Chancellor to lay out how the Government will rein in their coronavirus spending. This could include the raising of taxes or reducing state support elsewhere, with an example being the triple lock on state pensions.
BITCOIN is predicted by many experts within the field to go mainstream in 2021 as the momentum behind cryptocurrencies shows no sign of abating. In recent weeks, the Bitcoin price has skyrocketed to unprecedented highs and this has brought with it attention from a whole generation of investors and savers.
Trending
Martin went on to give his own views on annuities: Yeah I mean, annuity rates are appalling at the moment because interest rates are so low. I would express it like this, annuity is a bit like a fixed rate mortgage you know what you re going to get but the rate might not be very good. Drawdown is variable, you can hope it s going to perform better for you but it may go wrong. Without a crystal ball you won t know which one wins im afraid.
There is less flexibility with state pensions (Image: EXPRESS)
READ MORE
It should be noted that these are not the only options retirees have available to them.
There are several different types of pensions which can suit whatever your wants and needs.
Final salary pensions, also known as defined benefit schemes, are largely funded by employers, though staff may also pay into them.
These pension schemes are often used within public service professions.
Money purchase pensions, also known as defined contribution schemes, are most often used as workplace and personal pensions.
The money you put into your pension plan is invested and what you have at retirement depends on how those investments have performed.
You can also save in the following pensions: workplace, trust-based, group personal, stakeholder and self-invested personal pensions (Sipps).
Link copied Make the most of your money by signing up to our newsletter for FREE now
SUBSCRIBE Invalid email
When you subscribe we will use the information you provide to send you these newsletters.
Sometimes they ll include recommendations for other related newsletters or services we offer.
Our Privacy Notice explains more about how we use your data, and your rights.
You can unsubscribe at any time.
Mortgage availability has risen for the fourth consecutive month according to analysis from moneyfacts.co.uk. Since October 2020, the total product choice has increased by 42 percent, the largest four-monthly rise seen since 2007.
Related articles