The Good Retirement Guide 2023: Everything You Need to Know About Health, Property, Investment, Leisure, Work, Pensions and Tax

313 Pages·2023·2.58 MB·English

by  Jonquil Lowe (editor)

The Good Retirement Guide 2023
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The Good Retirement
Guide 2023
Everything you need to know about health,
property, investment, leisure, work,
pensions and tax
37TH EDITION
THIS PAGE IS INTENTIONALLY LEFT BLANK
Edited by Jonquil Lowe
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Publisher’s note
Every possible effort has been made to ensure that the information contained in this book is
accurate at the time of going to press, and the publisher and editor cannot accept responsibility
for any errors or omissions, however caused. No responsibility for loss or damage occasioned to
any person acting, or refraining from action, as a result of the material in this publication can be
accepted by the editor, the publisher or the author.
Thirty-seventh edition published in Great Britain and the United States in 2023 by Kogan Page Limited
Apart from any fair dealing for the purposes of research or private study, or criticism or review, as
permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced,
stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers,
or in the case of reprographic reproduction in accordance with the terms and licences issued by the
CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the
undermentioned addresses:
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EC1V 3RS USA New Delhi 110002
United Kingdom India
www.koganpage.com
Kogan Page books are printed on paper from sustainable forests.
© Kogan Page Limited, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
The right of Kogan Page Limited to be identified as the author of this work has been asserted by them
in accordance with the Copyright, Designs and Patents Act 1988.
ISBNs
Hardback 978 1 3986 0918 1
Paperback 978 1 3986 0916 7
eBook 978 1 3986 0917 4
ISSN 0959-2237
British Library Cataloguing-in-Publication Data
A CIP record for this book is available from the British Library.
Typeset by Integra Software Services, Pondicherry
Print production managed by Jellyfish
Printed and bound by CPI Group (UK) Ltd, Croydon CR0 4YY
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Contents
1 Are you looking forward to retirement? 1
How to use this book 2
Pre-retirement courses 3
Help with the cost-of-living crisis 4
New focus for the retired 4
Financial advice 5
Reporting scams 5
Additional resources 6
2 Money and budgeting 7
Having a plan 7
Doing the sums – budgeting 9
Possible ways to cut spending 14
Possible ways of boosting your retirement income 15
Spending and saving for later 21
Money if you are made redundant 24
More money information 26
3 Pensions 27
The State Pension 27
How much is the old State Pension? 33
How much is the new State Pension? 34
Deferring your State Pension 36
Advice about State Pensions and benefits 36
Private pensions 37
Information, guidance and advice about private pensions 48
Divorce and separation 50
Lifetime Individual Savings Accounts (LISAs) 52
4 Tax 53
Income tax – the basics 53
Tax-free income 59
Income tax on savings and investments 60
Paying and reclaiming income tax 63
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CONTENTs
National Insurance contributions (NICs) 68
Health and Social Care Levy 69
Capital gains tax 70
Information and advice about tax 72
5 Investment 75
General investment strategy 75
Annuities 81
National Savings & Investments (NS&I) 86
Bank and building society accounts 87
Fixed-interest securities 90
Peer-to-peer lending 91
Equities 93
Investment funds 95
Investment-type life insurance 99
Investor protection 100
6 Your home 103
Staying put 103
Moving to a new home 106
Homes that are different 111
How green is your home? 114
Tips for reducing your energy bills 118
Help with fuel bills 118
Improvement, repair and adaptations 119
Safety in the home 121
Home security 124
Personal safety 126
Home insurance 128
Raising money on your home – equity release 131
Using your home to earn money 132
Council tax and help with housing costs 135
7 Retiring abroad 139
The impact of Brexit 140
Healthcare overseas 141
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CONTENTs
Buying property abroad 142
UK pensions paid abroad 143
Taxation if you live abroad 143
8 Leisure activities 149
Adult education 150
Arts 151
Computing and IT 155
Creative writing 155
Dance 156
Games 156
Gardens and gardening 157
History 157
Museums 159
Nature and conservation 160
Public library service 161
Sciences and other related subjects 161
Special interests 161
Sport 162
Women’s organizations 164
For people with disabilities 165
9 Starting your own business 167
Taking stock 167
Getting organized 171
Finding customers 179
Dealing with tax 181
Other rules and regulations 189
Sources of help and advice 192
10 Looking for paid work 195
Financial considerations 196
Special measures to assist disabled people to work 197
Age discrimination and equality 198
Assessing your abilities 199
Training opportunities 200
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CONTENTs
Help with finding a job 202
CV writing 204
Interview technique 204
Employment ideas 205
11 Voluntary work 213
Types of work 213
Choosing the right voluntary work 215
12 Health 217
Keep fit 217
Sensible eating 218
Keeping healthy in the heat 219
Food safety 220
Drink 220
Smoking 221
Accident prevention 221
Aches, pains and other abnormalities 222
Health insurance 222
Health screening 225
The NHS 226
Alternative medicine 229
Eyes 230
Feet 231
Hearing 232
Teeth 233
Personal relationships 233
Depression 234
Other common afflictions 235
Disability 235
13 Holidays 237
Insurance 238
Travel and concessions 241
Health tips for travellers 244
Visas, passports and other requirements 246
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CONTENTs
14 Caring for elderly parents 247
Ways of adapting a home 247
Alarm systems 250
Main local authority services 250
Key voluntary organizations 252
Transport 253
Power of Attorney 254
Living-in help 255
Flexible care arrangements 256
Emergency care for pets 257
Practical help for carers 258
Special accommodation 259
Care homes 262
Some special problems 267
15 No one is immortal 269
Inheritance tax (IHT) 269
Wills 273
Provision for dependent adult children 280
Money and other worries – and how to minimize them 280
Funeral plans 282
State benefits and tax 285
Organizations that can help 287
Index 289
Additionally, an Autumn 2022 Budget update and a directory of useful
organizations and contacts is available online at:
www.koganpage.com/GRG2023
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