You can see what you might look like in the future — now start planning for it with a pension


EVERYONE is finding out how they will look when they are older with FaceApp.

The fun gizmo adds years to people’s faces — and millions of users including celebrities are posting “elderly” photos of themselves online.


The latest craze shows us what we could look like when we’re older and celebs are loving it[/caption]


However, experts are saying that seeing ourselves as ‘elderly’ is forcing us to face up to our futures[/caption]

But experts believe seeing your face with wrinkles is also making people think about saving better for their pension.

Joe Roxborough, financial adviser at Ascot Lloyd, said: “This might have encouraged the more practically minded to think about what they might be doing in many decades’ time. And equally as importantly, how they are going to get there.”

So if you feel it’s time to face your pension goals, here are Mr Money’s top tips for saving.

  1. Start early: The earlier you start saving, the better.

Analysts at wealth manager AJ Bell say that someone aged 65 ­wanting to retire today with an income close to the average £29,000 salary until 100 would need a ­pension pot of £447,000.

This would get you almost £20,000 a year, which could be topped up with a full state pension, worth £8,770 a year. Tom Selby, of AJ Bell, called it a “daunting target”, adding: “The best way to ensure a comfortable retirement is to start saving early and often.”

If you start at 25, you’d get there by contributing £235 a month. If you start at 35, the contribution necessary rises to £428.

Leave things for another decade and it’s £859 a month.

2. Increase contributions: Put in as much as you can — as the savings will compound over the years and you’ll also get more tax relief from the government.

If you have been auto-enrolled in a pension scheme at work, you’ll likely be paying in five per cent on all or part of your salary and your employer puts in three per cent.

But Rory Murphy, a pensions ­executive and campaigner for children’s personal finance education, warns this is not enough.

He added: “The rule of thumb is that the percentage of your salary you need to contribute towards your pension (employer and own contribution combined) is your age halved.

“An International Longevity Centre report similarly says that some 20 per cent of earnings need to be saved each year to achieve the same income in retirement that current retirees receive.”

3. Check investments: Millions of people in workplace pension schemes have their savings invested in a “default fund” which may not be giving them the best returns, according to research.

These “one size fits all” options are usually conservatively managed and less risky. Typically, there are about 65 per cent invested in shares with the rest in bonds or cash.

Patrick Connolly, of financial ­advisers Chase de Vere, said they are good for people who do not want to make investment decisions. But if you are confident enough, switching to a riskier fund with more shares could adds tens of thousands to your pot.

Nathan Long, of Hargreaves ­Lansdown, said they should deliver bigger returns, although they might fluctuate more in value in the short term.

Decide how much risk you want to take and ask your provider for the options available.

Someone investing £100 a month from age 25 to 65 would, with investment growth of four per cent, have a pot worth £118,590. The same investment achieving growth of six per cent would at 65 have a pot worth £200,145.

Remember default fund charges are capped at 0.75 per cent but if you switch you may end up paying more in fees.

4. Keep watch: Do not forget to check your pension statements at least once a year — plus your State Pension.

You’ll need 35 qualifying years of National Insurance contributions to qualify for the full pension, which is currently £168.60. The State Pension age is currently 65, but by 2028 it will be 67. And it could rise again, experts have warned.

Three makes customers 5G offer

MOBILE phone network Three will offer the next generation 5G service at no extra cost to new and existing customers.

It will go live in August and follows on from rivals EE, the biggest network, and Vodafone who both have their networks up and running.

Three will now offer 5G service at no extra cost to new and existing customers

There was also news this week from O2, who said it will roll out 5G in October, making it the last of the main four providers. Three’s prices undercut EE and Vodafone, while O2 has not revealed any price plans.

Existing Three customers will get 5G at no extra cost if they have a compatible handset – and new contracts will include the next-gen connection in areas where it is available.

Three will offer unlimited data without a speed limit for £22 a month on sim-only tariffs – the same price it currently charges for its 4G tariffs.

EE’s cheapest is £32 a month with a 20GB data download cap. Vodafone charges £30 a month for true full-speed 5G, though has cheaper deals but speeds can be limited.

Sky Mobile has also said its 5G service will begin this year on handsets like the Samsung Galaxy S10 5G

Telecoms analyst Kester Mann, from CCS Insight consultancy, said: “The UK is rapidly becoming the most competitive market for 5G and Three’s announcement raises the ante once again.

“It is surely only a matter of time before all four UK operators offer unlimited 5G data.”

Phones on offer with Three include the brand new Huawei Mate 20 X 5G (available now) and Xiaomi Mi Mix 3 5G (soon).

O2 will launch in 20 towns and cities in October, and will prioritise transport hubs and big venues like The O2 and Twickenham Stadium.

Phones on the offer with Three include the Xiaomi Mi Mix 3 5G

Handsets such as the Xiaomi Mi Mix 3 5G will be available next month, using 4G until the new network switches on.

Smaller provider Sky Mobile said its 5G service will start in November with handsets like the new Huawei Mate 20 X 5G and Samsung Galaxy S10 5G.

Sky Mobile rolls unused data over, allows yearly phone upgrades and even lets users stream movies and TV on Sky’s apps without using any data allowance.

My mobile

IT is the summer of sound as a raft of amazing value and top-notch speakers and headphones hit stores.  The pick are great and highly affordable speakers from Ikea, with great audio pedigree thanks to Sonos.

Other options cover the garden and an “investment” speaker plus headphones with noise cancelling built in.


CRANE 2019

If you want to invest in a quality sound system that will last you a good few years, opt for the Naim Mu-so 2nd generation available at John Lewis[/caption]

NAIM Mu-so 2nd generation, £1,299, John Lewis: This is the pricey one. The thing is, it’s so good you’ll probably be listening to it in 20 years’ time. Consider it an investment.

It’s one long, sumptuous-looking speaker with great build quality, as though it’s carved from one huge slab of aluminium. It sounds phenomenal.

It has Spotify and Tidal built in, and you can stream direct from your phone as well, of course.

Garden or park

A portable Marshall speaker is great to listen to outside as it has plenty of bass and more than 20 hours battery life between charges

MARSHALL Stockwell II, £159, Currys: If you want to listen al fresco then you’ll need something portable.

The latest Bluetooth speaker from Marshall, with nearly 60 years heritage making guitar amps, is light and attractive. It even looks like a mini amp.

There’s plenty of bass and more than 20 hours battery life between charges. Can also act as a power bank to charge phones.

Blend in

Ikea have worked with Sonos to create easily-disguised speakers

SONOS Symfonisk Speakers – table lamp £150, and bookshelf, £99, Ikea: These are really cool, speakers made for Ikea with Sonos, whose audio streaming skills are off the scale. And both sound great.

One can sit on a bookcase, and the other is in disguise – a table lamp with a speaker built in. Out next month.

On the go – top notch

Sony’s in-ear speakers are small and light but are still noise-cancelling

SONY WF-1000XM3, £219, Currys: These new in-ear headphones from Sony are great.

They’re small and light, fit the ears well and they even manage to include noise-cancelling, something rare in tiny headphones like these.

The battery charging case has lots of charge, adding up to 24 hours of listening in all.

On the go – budget

JBL headphones have a great battery life and are noise-cancelling, which is great for just £59

JBL Tune 600BTNC, £59, Currys: The JBL over-ears are a solid fit and have decent battery life.

The audio is balanced, lively and fun. Noise-cancelling is built in, too, which is a bonus at this price.

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