Welcome
to the issue 10 of the weekly Polar Money Tips
newsletter. In this edition we discuss how to
build up money for a comfortable retirement and
how taking out pet insurance really can save you
hundreds – even thousands – of pounds
in the future!
Ensuring
a comfortable retirement |
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|  However
far your retirement is away, whether
it is 5, 10, or 25 years’ time,
it’s important that you make adequate
provision so that you can enjoy a financially
comfortable retirement. After all, with
life expectancy the highest it has ever
been, the average worker can expect
to spend a third of his or her life
in retirement!
While
the thought of being able to do whatever
you’ve planned, from pottering
around the garden to travelling or taking
up water sports sounds great, you won’t
be able to do these things or enjoy
your retirement if you don't have enough
money to live on.
A
recent report by Clerical Medical, showed
that less than half of us (49%) currently
contributes to a pension, with 55% of
us not confident of a comfortable retirement.
That all being said and done, over three
quarters of us feel we should be doing
more for our retirement.
So
what simple steps can you take to ensure
a financially comfortable future? With
estimates that you’ll need to
build a £300,000 fund just to
enjoy a modest retirement income, you
need to invest wisely and stash away
as much cash as you can!
If
you are saving monthly - perhaps with
a long term, index tracker ISA/savings
accounts - then already you are well
on your way to build that pot of gold
for the future.
If
you haven’t got a pension in place,
you can easily set up a cheap stakeholder
pension to take advantage of the tax
efficiency of pensions – the government
encourages saving towards your pension
by giving you ‘tax relief’
on the money you put in. This in effect
means that for every pound you put into
your pension, the government takes away
less tax from the total amount that
you pay on your income.
So,
if you’re a basic rate taxpayer
who pays 22% tax – which means
that for every pound you earn, you owe
the government 22p - if you put a pound
into your pension the government will
refund you that 22p, meaning you pay
less tax overall.
As
an example, if you wanted £200
to be added to your pension scheme,
you would only need to actually pay
in £156. Your pension scheme get
for £44 from the HM Revenue &
Customs (HMRC) – as your share
of tax relief which would then be invested
back into your pensions scheme. It’s
almost like free money!
If
you are lucky enough to have an employer
who offers a pension scheme which they
also contribute to ion your behalf,
then this is something you seriously
consider doing. Try to set aside as
much as you can for your pension –
as a rule of thumb, half your age and
put that away as a percentage of your
salary.
To
get the most from your pension every
time you get a pay rise, increase how
much you pay in. Even just an extra
1% contribution will make a huge difference
to your retirement fund.
Visit
http://www.thepensionservice.gov.uk/
for general information on pensions.
|
|
Take
a quick trip to marbles |
|
|
If a marbles credit card were a city it’d
be Barcelona – funky, cosmopolitan, nice
to look at and decent value for money.
You get an excellent 0%
pa fixed for 6 months from account opening
on balance transfers, plus a fantastic
0.5% cashback on all purchases. Once
the six months are up, it will revert
to a variable rate. Typical
**11.9% APR** (variable).
So just apply
now.
You also get cool stuff like free travel
accident insurance* and exclusive offers
from our travel partners as well as
up to 52 days' interest free credit
and of course no tedious annual fee.
For a decision in principle in 60 seconds,
as well as more info about marbles,
click
here
Important,
please read the following information
before you apply. marbles
credit card is issued by HFC Bank Limited
and is only available to persons aged
21 or over, who are resident in the
U.K. or Channel Islands and who are
not already (or have not recently been)
marbles card account holders and is
subject to status and conditions. If
you do not qualify for a marbles credit
card, we may, with your specific permission
only, pass on your details to other
divisions of HFC Bank Limited, who may
be able to offer you an alternative
credit card product. Written quotations
are available on request from marbles,
PO Box 3615, Birmingham B3 2RJ. marbles
and marbles card are trading names of
HFC Bank Limited. HFC Bank Limited is
a member of the Financial Ombudsman
Scheme (further details are available
upon request) and is regulated by the
Financial Services Authority.
*Terms
and Conditions apply.
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|
MONEY
SAVING SNIPPET – save £’s
on your petrol |
|
|  Check out www.findcheappetrol.com
to see where the cheapest fuel is in
your area. And save around a fiver a
week when you fill up a 60-litre tank.
|
The
importance of Pet Insurance |
|
|  While
most of us never think twice about getting
home contents insurance – after
all, it is not compulsory – it
is surprising how many pet owners do
not take out pet insurance.
Yet,
you are three times more likely to need
to make a claim on your pet insurance
(if you have it) compared to your contents
insurance!
Many
cat and dog owners see pet insurance
as unnecessary, yet every year, one
in three pets make an unexpected trip
to the vet, meaning their owner will
need to find the money to pay for their
treatment. These costs can literally
run into hundreds – sometimes
even thousands – of pounds.
As
example, when 12 year old Timmy - a
Bombay cat - was adopted from a local
rescue by the Ashcroft family, they
immediately got him checked over by
their vet and then took out pet insurance
at a cost of £10.85 a month.
Mrs
Ashcroft says: “Having been a
cat owner for many years, and knowing
how vets bills can mount up, it seemed
the natural thing to insure Timmy. We
are so glad we did now. Just four months
after we took out the insurance, a routine
check up showed up a heart murmur. Diagnostic
tests to discover just how the bad the
problem was, plus ongoing medication
and visits to the vet cost us well over
£700 in just a year.
“After
that, further tests revealed a thyroid
problem. Medication, tests and a operation
the following year cost us another £700-odd.
Thankfully, our insurance covered most
of these costs - we only had an £80
excess to pay. Timmy will be on medication
for the rest of his life and will need
twice-yearly check ups, and the insurance
policy will pay for this. It’s
comforting to know that we can afford
to give him the best medical treatment
and attention for the rest of his life”.
There
are many specialist insurance companies
offering pet insurance for your pet,
from rats, rabbits and reptiles through
to cats, dogs and horses, at affordable
prices. And while cover varies from
provider to provider and depends on
the type of pet you are insuring, as
a basic rule, injuries and illnesses
are covered. (You should note that preventative
treatment, such as vaccinations or dentals
are not covered).
Each
time you claim for a separate injury
or illness, you will be expected to
pay an excess - rather like your car
or home insurance.
When
choosing the right policy for you and
your pet, bear in mind that while the
concept is the same for all the insurers,
each has its own terms, conditions and
criteria. The following should be taken
into consideration:
-
Check that there is no limit on how
long you can claim for each illness.
For example, if your cat need tablets
to control heart problems, or your
dog has arthritis, the problem will
need to be controlled for the rest
of their life, not just a year or
24 months
- Check
that the limit per illness is realistic
- over time treatment for a single
illness can cost hundreds of pounds
- Check
that your pet will still be covered
in later life when they will need
it most. Some insurers terminate policies
when a pet reaches a certain age
- Look
out for special discounts, such as
those offered in multi-pet households
and for pensioners
For
more information, visit:
Churchill
Pet Insurance
Direct
Line Pet Insurance
Lloyds
TSB Pet Insurance
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| Tell Us What You Think |
|
| We would love to hear what you think of this issue of Polar
Money Tips. And of course,
if you have any suggestions for upcoming
issues that you'd like to share with
us, please send those, too!
Just e-mail me at: moneytips@polarloans.co.uk
PLEASE DO NOT RESPOND TO THIS EMAIL!
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In
This Issue:
- Ensuring
a comfortable retirement
- Take
a quick trip to marbles
- MONEY
SAVING SNIPPET
- The
importance of Pet Insurance
Polar
Services
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Mortgages
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