Your attitude to money management is not the same across different stages of your life. Indeed your attitude to money management changes as you grow older and you assume greater life responsibilities. The stages in your life journey when it comes to money management are basically 5. The Table below presents how your attitude and…
Retrospective – If you stop working for a period during your working life and resume at a later stage, your state pension may be affected. If you do not have a full contribution record, you risk not qualifying for the full two-thirds pension. This means you will have a reduced pension income. If you are…
An important aspect you need to take into account when you are planning for retirement is determining when you will actually retire. Do you wish to retire on your statutory date of retirement? Do you know your statutory date of retirement? If you do not, these are presented in Table I below. Table I– Understanding…
The ĠEMMA team has revamped its Compound Interest Calculator. The compound interest principle is one of the most important principles in money management. Compound interest and time are your most effective strategy tools to accumulate wealth. Even small deposits to a savings or retirement plan started early and invested over the long term will significantly…
The ‘Tools’ section on the ĠEMMA portal has been refreshed. On this page you will now find the following:Calculators Eligibility Calculator for Retirement Pension Children’s Allowance Calculator In Work Benefit Calculator Tapering of Benefits Calculator Unemployment Benefit Calculator Widows Pension Calculator My Services Gateway – This gives you access to the following services: Application monitoring…
What is instant gratification? Do you struggle with instant gratification? Why do you suffer from instant gratification? What can be done? What is instant gratification? Instant gratification is the desire to experience pleasure or fulfillment now without any delay. It is the opposite of what we have been taught – that of trying hard to…
Remarrying or living with a new partner or spouse often involves adjusting to a different financial relationship. Accommodating changed money roles and personalities may require breaking old patterns and adopting new ones. There are typical issues that arise with any newly married couple such as when to spend versus save, how much debt is too…
Most of us will have some memory loss as we age. Significant memory loss, arising from illnesses such as dementia, can, for some people, be a problem. Memory loss can make it difficult to stay in control of your money. Things you found easy before – like checking your bank statements or paying your bills…
Claiming a pension at state pension age (as per new pensions reform), not at the age of 61 (early-opt-out) and remaining in employment beyond retirement has a lot of positive benefits: to boost your pension to keep fit and active to enjoy a higher quality of life (basically two incomes – a pension and a…
In our prior posts, we have discussed the assessment of benefit claims, the outcome of which is your pension payment issued on a four-weekly basis. Is the state pension paid monthly? It has been a while, since the 1980s, that pension payments from the Department of Social Security have been paid in advance and every…
