An interesting article published by ThisMoney pointed out that banking customers may be able to save a great deal of money by switching to a more competitive firm. Not only can this equate to £70 pounds by reducing simple fees, but this same source observes that those burdened by overdrafts could save up to £260 pounds every year. Unfortunately, this same survey pointed out that most are simply too afraid of looking for greener pastures.

Ablating Trepidation

One of the main causes for this is that customers fear that such a switch takes a great deal of time and is seen to be risky. In truth, this process is normally quite simple and the fact of the matter is that watchdog agencies such as the Competition and Markets Authority (CMA) point out that banks do not do enough to cater to the needs of their customers. Still, this same firm found that 37 per cent of all customers have been with their current bank for more than two decades.

Instead, consumers should be proactive and seek life elsewhere if they feel that they have been overcharged, if the interest offered is quite low or if their physical branch has closed. It is their money and they should feel free to do whatever they want with such funds.

The Big Picture

Let’s not forget that making the correct decisions now will help towards retirement schemes in the future as well as the ability to provide for one’s family during times of hardship. For example, what if there is a sudden death in the family? What steps should be taken? While it is up to you do decide how you manage your personal finances, Compare Funeral Plans are happy to guide you along the way so that you can make the most appropriate choices. Never forget that your money is hard-earned and you deserve the bank that provides you with the most personalised services.

As you are likely already aware, a good deal of foresight is the best way to be sure that you are prepared for your upcoming retirement. Still, this can be a rather daunting transition in terms of life changes. There are a few things that you need to be made aware of as well as how the process itself will take place. Let’s have a closer look at what you should consider and what to expect.

The reality of Everyday Living

A recent article highlighted the fact that up to 100,000 Britons are expected to retire directly into poverty this year. Why is this the case? Well, it is certainly a lack of preparation as well as the retirement package itself not being sufficient to cover everyday expenses. This is one of the main reasons why it is critical that you tally up all bills, living expenses, tax obligations and other concerns to make certain that you do not fall within this category

The Process Itself

At approximately six months before the date of your retirement, you will normally receive a “reminder” letter informing you that you are soon to be leaving your job. Between two and three weeks before your retirement date, you will receive a concrete quote in regards to how much your pension will provide. This is a critical time, for you must be sure that the firm is offering you a fair deal. Should you doubt that this is the case, take a look at what other companies are willing to provide.

Being prepared ahead of time is key to enjoy your retirement. If you still find that you are coming up short, other options such as equity release schemes may very well be viable possibilities. Please contact us to learn more.