Clare Macnaughton's Blog, page 34
October 17, 2013
Five top tips for building your pension
For many, the idea of a pension – or having to actually do something about it – seems remote and strange. It seems like a bridge they’ll ‘cross when they come to it’ and, strangely enough, they refuse to come to it for many years.
In short, it seems to many like something to live on when you’re old and to save for when you’re old. In reality though, if you want security and a high standard of life in your autumn years, you need to start planning early.
Here are just a few tips on how to get your pension plan on its fee
1. Seek detailed, tailored advice
This is a profoundly important matter: get as much and as detailed advice as possible. Initially try online tools, such as a pension calculator from Money Vista and know what you affects your pensions. Don’t be afraid to invest money in getting professional advice on this either.
2. Employer pension schemes
If you have not already done so, go straight to your employer and find out what pension schemes they offer. Many employers pledge to pay regularly into workplace pension schemes on top of salaries so if you’re not benefiting from this you’re simply throwing away extra wages!
3. Assess your debts and regular outgoings
In order to assess what you can afford to pay into your pension scheme and when (a major factor in deciding on a pension type), you need to make a general assessment of your finances.
Calculate all your outstanding debts and judge whether it’s best to channel your income into paying these off more quickly or if it’s feasible to start paying into a pension fund.
4. Research
Do plenty of research into the types of pension out there and the rates different firms are offering. Don’t end up with a fixed payment personal pension if you’re unable to commit to the set monthly pay-in amount.
If you’re only able to pay in variable amounts, research stakeholder pension schemes which can accommodate this.
5. Investment
Though this will be most important later, when your pension fund has grown through your chosen pension scheme, look into possible stable investments for your pension.
The post Five top tips for building your pension appeared first on Modern Military Mother .
October 8, 2013
Salisbury Cathedral Concert – in aid of British Military ABF The Soldiers’ Charity and Help for Heroes
Salisbury Cathedral Concert
in aid of ABF The Soldiers’ Charity and Help for Heroes
Friday 6th December 2013.
In aid of British Military charities The Soldier’s Charity and Help for Heroes
We, Jenny Snowball and Caroline Cary (in a previous life both British military army wives!) along with Melissa and Patrick Cordingley and a committee of friends, have a vision to produce a spectacular carol concert in Salisbury Cathedral. This will include traditional carols, outstanding music from the Band and Bugles of The Rifles, the famous Military Wives Choir, a soloist and the renowned Cathedral Choir, all in the glorious surroundings of Salisbury Cathedral.
There will be readings by: *Actress Emilia Fox, a familiar face from the BBC1 series ‘Silent Witness’, her father, the highly respected stage and screen actor *Edward Fox OBE, stage and television actor *David Oakes well known for playing George – Duke of Clarence in the BBC’s recent production, The White Queen; plus a British military veteran from Afghanistan, Captain David Henson, Royal Engineers.
A champagne and canapés reception will be taking place prior to the concert for VIPs, special guests and £55 ticket holders, at the Wardrobe (The Rifles Regimental Museum). This is located in The Close itself and is a few minutes’ walk from the Cathedral.
Tickets: Champagne Reception and Concert Ticket (Limited Numbers)
£55*
SOLD OUT
Concert Tickets Only £28* £22*
Please note, there is no parking in The Close.
*All tickets purchased online will be subject to a £1.50 booking fee per ticket. Tickets purchased in person or on the telephone do not incur additional charges.
*Professional Engagements permitting.
To view all terms and conditions of sale please click here
Help for Heroes, a company limited by guarantee. Registered in England and Wales under number 6363256. Registered charity number 1120920. Registered office: 14 Parkers Close, Downton Business Centre, Salisbury, SP5 3RB. ABF The Soldiers’ Charity is a registered charity in England and Wales (1146420) and registered as a company limited by guarantee in England and Wales (07974609). Registered Office: Mountbarrow House, 6-20 Elizabeth Street, London, SW1W 9RB
Proceeds for this event will be equally shared between both charities.
To book please click on link to City Hall Salisbury
Clare Macnaughton is a Modern Military Mother, a feminist, British, military spouse and lifestyle journalist writing about real life adventures.
The post Salisbury Cathedral Concert – in aid of British Military ABF The Soldiers’ Charity and Help for Heroes appeared first on Modern Military Mother .
October 3, 2013
Macnaughty UNCUT – Real Life Adventures – Read all about it!
I wrote recently about my real life adventures and it’s not going to be used so I am going to use it. I hate waste after all and so why waste it.
My take on being a military wife:
I don’t pretend it’s easy. I didn’t know what I was getting myself into. I don’t always enjoy it. It’s a rollercoaster. It’s not all bad. I liked the cheap booze and the drinking culture. Summer balls were awesome, but I was always getting myself into trouble. Classic quote by me, when mounting the bucking bronco, pissed as a fart, wearing a ball dress, at an Officer’s Mess Summer ball, “if you make me cum I’ll give you a tenner” I said to the bronco operator. Two lunges of said bronco and I hit the deck. My behaviour at summer balls became a thing of lore as tales of my real life adventures spread like wildfire. I got my tits out on the dodgems once, and got told off by a senior officer; but the irony of this tale is that he turned out to be the biggest philanderer on the planet having multiple affairs. He got caught with his pants down by his mistress, and then his wife found out about his dirty doings because his mistress called her to tell her he was being unfaithful to both of them! Getting your tits out is nothing compared that level of deceit. Oh yes, and he was a devout Christian who sported a fish symbol sticker on his car. Thankfully, the Lord is man of great forgiveness, or so I have heard anyway.
On the other hand the male officers know that I am good for a laugh. At one ball I was having a little dance, then all of a sudden a naked officer streaked in, picked me up, carried me in a fireman’s lift to the stage, climbed on the stage, spun me around, put me down and ran off again. The next day he rang me up to apologise but I hadn’t remembered it happening until he reminded me. I didn’t mind. I thought it was funny.
I didn’t particularly respect the rule of ‘wife observes shenanigans at dining in nights (Officer Mess dinners where everyone gets shitfaced – big alcohol culture in the military), tuts lovingly and shakes head ‘those boys’. I tended to get stuck in and raise the stakes. Such as, crawling out of dining room to go for a wee during speeches (rule is no weeing until after the speeches) and then heckling the station commander shouting ‘boring’ because he went on a bit. I just said what everyone was thinking! The apocryphal myth of the night has been replayed that I called him ‘a boring cunt’ but I am not sure if that is strictly true!
I also enjoyed the adventurous nature of the service as we had many real life adventures. Before children, we were wakeboarding regularly, sailing and skiing. It was all joie de vivre. I also liked the intensity of the debates within our peer groups. We were always having heated arguments around the dinner table. But this was because I was the lone girlfriend; it was Hagar and his bachelor mates and I was one of the lads. Then when they got girlfriends everything changed. The girls took over the social life and they didn’t like me because I wasn’t very fluffy or particularly interested in shoes, handbags or where they bought a particular garment. I was much more interested in whether we should be going to war with Iraq or not.
On the whole I am not self sacrificing. I express my opinion. I am not in the military. I don’t want to be in the military. I take the piss out of the military just like they take the piss out of people who aren’t in the military. I think I am normal.
The audio book:
I recorded the audio book with producer, Anthony Clark who lives in my village. He’s a musician who played with Haircut 100, T’Pau and Rick Astley and last year he did a tour of Canada with The Bay City Rollers. He did it for mate’s rates. I tried to publish it with Audible (the audio platform for Amazon) but they need a minimum of 5 properties. Self-publishing in the UK isn’t as well set up as it is in USA. In USA you only need one property. Sally Page at Audible was very understanding of my plight and she put me in touch with Nic Jones at Strathmore Publishing and he agreed to publish it for me. It should be ready to go live in the next two weeks.
The 1st edition:
I published it via Amazon KDP and Createspace – I did it in 72 hours from deciding ‘fuck it I am just going to do it’ to it being live on the bookshelf. I did all the graphic design, layout and cover myself in a crazy marathon of preparation so needless to say it’s not as good as it could be. There are a few typos but I have managed to shift 628 copies so I am happy and it has tested the water. I know it resonates with some military wives because they have thanked me and messaged me privately to say it was like a breath of fresh air. Some of the reviews reflect this. It makes it all worthwhile. I am not alone and neither are those wives who feel like they are going crazy because they don’t fit the mold.
For the 2nd edition, which I am currently working on, my friend Fiona, who is a professional graphic designer and previously worked at Carlton books, is going to redo it. I have had it professionally proof read so it will be better. Createspace isn’t set up to distribute print on demand into retail in the UK in the same way it is in USA so I am looking at how to overcome that hurdle. The Amazon self-publishing platforms are tailored towards the USA market so this has been limiting for me because I know there is a demand. People saw my interview with BBC Breakfast and are curious about the book because I have met people who have heard of the book but didn’t know how to get hold of it. Books need to be in shops to be more accessible.
The French Version
The French translation has been done. Hagar is working on this massive tank exercise in France next year because we are sharing our military assets with France now. I think it’s relevant to do this – so why not. Amazon makes it possible and maybe the French will get behind it. My French translator was uncertain at first but even she is batting for team Macnaughton now. I have had to remove the chapter ‘Bumholes’ out of the French version because the expression ‘blowing goats’ doesn’t translate very well other than ‘goat fellatio’ so the subtlety of the gag is lost. (The blowing goats chapter has already had one Amazon reviewer wanting to report me to child services)
The court case:
When Hagar was arrested it ceased to be about his infidelity and it became more of a survival situation as a family. There was a lot of soul searching and many hours of discussion. If anything it re-created our friendship that had been eroded after the pounding of intense military operations. For me, I could see that my children need a positive constructive relationship with their father, and to be honest, I think their needs are greater than mine, so I am willing to swallow how I feel in order to give them as stable an upbringing as possible. The dialogue continues between Hagar and I, and it is ongoing, but we are eternally separated. We are not going back. How we move forward is taken one step at a time. I want my independence; but by this I don’t want to asset strip our marriage so for now Hagar is supporting my choices. Finally, the military can’t influence what I do because we are separated.
How the military has treated me:
We talk about the military as a whole entity but the reality is that it is a sum of the people who deliver the rules, which are always open to interpretation. Individuals in the military have treated me appallingly in the name of the military, but these actions have not always been officially sanctioned. It’s often sabre rattling, and so then it’s for me to establish- what are my rights? What is the perceived threat? How do I respond? Hagar has been summoned into his boss’ office and told to stop me. They have threatened me with his career – if you do this, he will be court martialed, if you do that, he will lose his job; but it’s bullying and threats, which those who issue them forget about this minor detail called the legal system and statutory rights. Fortunately, I am lucky enough to have access to some friendly lawyers who let me know the lay of the land.
The marital problems:
The stress of combat cannot be understated. The pressure to be perfect is something unique to the particular squadron Hagar was working for. The workload they undertake is top secret and unprecedented. But it’s a volunteer squadron and some level it’s a drug. They need the best pilots, they do the best, grittiest jobs and so it’s addictive – the conveyor belt works hard and fast. It’s inevitable that they are going to come out of it fucked up. And yes, most of them are fucked up. But then the greater the danger, the greater the highs and undoubtedly, the greater the comedown. Somehow, I ended up raising two kids alone, but also running my business and the house. It’s very mechanical and exhausting. You think ‘shit how did I end up here – married, single, celibate, fucked up and in a prison, of sorts.’ Fortunately, I am not there anymore.
Available from 17th October
- Amazon
- iTunes
Clare Macnaughton is a modern military mother a feminist British military lifestyle journalist writing about real life adventures.
The post Macnaughty UNCUT – Real Life Adventures – Read all about it! appeared first on Modern Military Mother .
Macnaughty UNCUT – Read all about it!
I wrote this recently and it’s not going to be used so I am going to use it. I hate waste after all and so why waste it.
My take on being a military wife:
I don’t pretend it’s easy. I didn’t know what I was getting myself into. I don’t always enjoy it. It’s a rollercoaster. It’s not all bad. I liked the cheap booze and the drinking culture. Summer balls were awesome, but I was always getting myself into trouble. Classic quote by me, when mounting the bucking bronco, pissed as a fart, wearing a ball dress, at an Officer’s Mess Summer ball, “if you make me cum I’ll give you a tenner” I said to the bronco operator. Two lunges of said bronco and I hit the deck. My behaviour at summer balls became a thing of lore. I got my tits out on the dodgems once, and got told off by a senior officer; but the irony of this tale is that he turned out to be the biggest philanderer on the planet having multiple affairs. He got caught with his pants down by his mistress, and then his wife found out about his dirty doings because his mistress called her to tell her he was being unfaithful to both of them! Getting your tits out is nothing compared that level of deceit. Oh yes, and he was a devout Christian who sported a fish symbol sticker on his car. Thankfully, the Lord is man of great forgiveness, or so I have heard anyway.
On the other hand the male officers know that I am good for a laugh. At one ball I was having a little dance, then all of a sudden a naked officer streaked in, picked me up, carried me in a fireman’s lift to the stage, climbed on the stage, spun me around, put me down and ran off again. The next day he rang me up to apologise but I hadn’t remembered it happening until he reminded me. I didn’t mind. I thought it was funny.
I didn’t particularly respect the rule of ‘wife observes shenanigans at dining in nights (Officer Mess dinners where everyone gets shitfaced – big alcohol culture in the military), tuts lovingly and shakes head ‘those boys’. I tended to get stuck in and raise the stakes. Such as, crawling out of dining room to go for a wee during speeches (rule is no weeing until after the speeches) and then heckling the station commander shouting ‘boring’ because he went on a bit. I just said what everyone was thinking! The apocryphal myth of the night has been replayed that I called him ‘a boring cunt’ but I am not sure if that is strictly true!
I also enjoyed the adventurous nature of the service. Before children, we were wakeboarding regularly, sailing and skiing. It was all joie de vivre. I also liked the intensity of the debates within our peer groups. We were always having heated arguments around the dinner table. But this was because I was the lone girlfriend; it was Hagar and his bachelor mates and I was one of the lads. Then when they got girlfriends everything changed. The girls took over the social life and they didn’t like me because I wasn’t very fluffy or particularly interested in shoes, handbags or where they bought a particular garment. I was much more interested in whether we should be going to war with Iraq or not.
On the whole I am not self sacrificing. I express my opinion. I am not in the military. I don’t want to be in the military. I take the piss out of the military just like they take the piss out of people who aren’t in the military. I think I am normal.
The audio book:
I recorded the audio book with producer, Anthony Clark who lives in my village. He’s a musician who played with Haircut 100, T’Pau and Rick Astley and last year he did a tour of Canada with The Bay City Rollers. He did it for mate’s rates. I tried to publish it with Audible (the audio platform for Amazon) but they need a minimum of 5 properties. Self-publishing in the UK isn’t as well set up as it is in USA. In USA you only need one property. Sally Page at Audible was very understanding of my plight and she put me in touch with Nic Jones at Strathmore Publishing and he agreed to publish it for me. It should be ready to go live in the next two weeks.
The 1st edition:
I published it via Amazon KDP and Createspace – I did it in 72 hours from deciding ‘fuck it I am just going to do it’ to it being live on the bookshelf. I did all the graphic design, layout and cover myself in a crazy marathon of preparation so needless to say it’s not as good as it could be. There are a few typos but I have managed to shift 628 copies so I am happy and it has tested the water. I know it resonates with some military wives because they have thanked me and messaged me privately to say it was like a breath of fresh air. Some of the reviews reflect this. It makes it all worthwhile. I am not alone and neither are those wives who feel like they are going crazy because they don’t fit the mold.
For the 2nd edition, which I am currently working on, my friend Fiona, who is a professional graphic designer and previously worked at Carlton books, is going to redo it. I have had it professionally proof read so it will be better. Createspace isn’t set up to distribute print on demand into retail in the UK in the same way it is in USA so I am looking at how to overcome that hurdle. The Amazon self-publishing platforms are tailored towards the USA market so this has been limiting for me because I know there is a demand. People saw my interview with BBC Breakfast and are curious about the book because I have met people who have heard of the book but didn’t know how to get hold of it. Books need to be in shops to be more accessible.
The French Version
The French translation has been done. Hagar is working on this massive tank exercise in France next year because we are sharing our military assets with France now. I think it’s relevant to do this – so why not. Amazon makes it possible and maybe the French will get behind it. My French translator was uncertain at first but even she is batting for team Macnaughton now. I have had to remove the chapter ‘Bumholes’ out of the French version because the expression ‘blowing goats’ doesn’t translate very well other than ‘goat fellatio’ so the subtlety of the gag is lost. (The blowing goats chapter has already had one Amazon reviewer wanting to report me to child services)
The court case:
When Hagar was arrested it ceased to be about his infidelity and it became more of a survival situation as a family. There was a lot of soul searching and many hours of discussion. If anything it re-created our friendship that had been eroded after the pounding of intense military operations. For me, I could see that my children need a positive constructive relationship with their father, and to be honest, I think their needs are greater than mine, so I am willing to swallow how I feel in order to give them as stable an upbringing as possible. The dialogue continues between Hagar and I, and it is ongoing, but we are eternally separated. We are not going back. How we move forward is taken one step at a time. I want my independence; but by this I don’t want to asset strip our marriage so for now Hagar is supporting my choices. Finally, the military can’t influence what I do because we are separated.
How the military has treated me:
We talk about the military as a whole entity but the reality is that it is a sum of the people who deliver the rules, which are always open to interpretation. Individuals in the military have treated me appallingly in the name of the military, but these actions have not always been officially sanctioned. It’s often sabre rattling, and so then it’s for me to establish- what are my rights? What is the perceived threat? How do I respond? Hagar has been summoned into his boss’ office and told to stop me. They have threatened me with his career – if you do this, he will be court martialed, if you do that, he will lose his job; but it’s bullying and threats, which those who issue them forget about this minor detail called the legal system and statutory rights. Fortunately, I am lucky enough to have access to some friendly lawyers who let me know the lay of the land.
The marital problems:
The stress of combat cannot be understated. The pressure to be perfect is something unique to the particular squadron Hagar was working for. The workload they undertake is top secret and unprecedented. But it’s a volunteer squadron and some level it’s a drug. They need the best pilots, they do the best, grittiest jobs and so it’s addictive – the conveyor belt works hard and fast. It’s inevitable that they are going to come out of it fucked up. And yes, most of them are fucked up. But then the greater the danger, the greater the highs and undoubtedly, the greater the comedown. Somehow, I ended up raising two kids alone, but also running my business and the house. It’s very mechanical and exhausting. You think ‘shit how did I end up here – married, single, celibate, fucked up and in a prison, of sorts.’ Fortunately, I am not there anymore.
A Modern Military Mother – Tales from the Domestic Frontline – Paperback
A Modern Military Mother – Tales from the Domestic Frontline – KINDLE
Available from 17th October
- Amazon
- iTunes
The post Macnaughty UNCUT – Read all about it! appeared first on Modern Military Mother .
Campbells Soup is Souper Art – I don’t want to eat mine!
CAMPBELL’S SOUP SALUTES ANDY WARHOL
WITH LIMITED EDITION TOMATO SOUP CANS
Fifty years after Andy Warhol developed his iconic series, 32 Campbell’s Soup Cans, Campbell’s is paying tribute to his work by introducing limited-edition cans of Campbell’s Condensed Tomato Soup with labels derived from original Warhol artwork.
The cans will be available in supermarkets from mid September 2013. Three years ago Warhol’s Big Campbell’s Soup Can With Can Opener sold at auction for $23.8 million. Thankfully for UK soup lovers, these Warhol-inspired masterpieces will retail at less than a pound!
The stunning four new designs have been produced in partnership with The Andy Warhol Foundation. They reflect Warhol’s pop-art style and use vibrant, eye-catching color combinations like red and blue, and pink and teal.
“We are delighted to celebrate the enduring legacy of these two icons by bringing Warhol’s art back to the Campbell’s soup cans that provided him with inspiration,” said Michael Hermann, Director of Licensing at The Andy Warhol Foundation. “Moreover, it is wonderful to note that this project shall contribute generously to the Foundation’s endowment from which it distributes grants in fulfillment of its charitable mission to advance the visual arts.”
Campbell Soup Company never commissioned Warhol to paint the original soup cans; he found his own inspiration from the classic red-and-white Campbell’s label that made its debut in 1898. When once asked why he painted the soup cans, Warhol noted, “I used to have the same (Campbell’s soup) lunch every day for 20 years. ” Further reflecting on his career, Warhol claimed that 32 Campbell’s Soup Cans was his favourite work.
When the Campbell’s brand was first featured in Warhol’s 1962 artwork, then President and CEO, William Beverly Murphy, indicated that he had some initial concerns. The company took a ‘wait and see’ approach and quickly became a supporter of Warhol’s work – sending him cases of Campbell’s Condensed Tomato soup, commissioning two paintings and establishing the Andy Warhol Scholarship Fund with the New York Art Academy.
Campbell’s Tomato soup was the first soup created by Campbell Soup Company, 116 years ago. Today Campbell’s Condensed Tomato soup continues to be enjoyed by more than 25 million people in over 100 countries every week.
Campbell’s offers several delicious varieties of Condensed Soup including favourites like Cream of Tomato, Cream of Mushroom, Cream of Chicken. These tasty soups can be enjoyed on their own or used as a versatile ingredient for casseroles, stews and pasta bakes.
Campbell’s Condensed Soup RRP 95p, is available from all major supermarkets. For more details visit www.campbellsoup.co.uk
About The Andy Warhol Foundation for the Visual Arts, Inc.
As the preeminent American artist of the 20th Century, Andy Warhol challenged the world to see art differently. Since its founding in 1987 in accordance with Andy Warhol’s will, the foundation has established itself as among the leading funders of contemporary art in the United States having distributed nearly $250,000,000 in grants. The foundation’s ongoing efforts to protect and enhance its founder’s creative legacy ensure that Warhol’s inventive, open-minded spirit will have a profound impact on the visual arts for generations to come. For more information please visit http://www.warholfoundation.org.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s” and “V8.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes.
The post Campbells Soup is Souper Art – I don’t want to eat mine! appeared first on Modern Military Mother .
September 30, 2013
Rugged Interiors
I live in a big, old house in the country. With the best will in the world I can’t be precious over my carpets. We made a decision when we agreed to the rent the property that they could leave the old, stained carpets down as I have two children 10 years old and 5 years old, who traipse in and out without any concern for the flooring.
Not to mention in the garden; two piggies, five ducks and six chickens that need tending to daily, feeding, flushing and collecting the duck and chuck eggs. Our lives are messy, so doorbells and phones ringing tend to cause rapid leaps from outside to in. Yes, we made a decision that we will manage the mess with an array of rugs to cover the stains of everyday living.
Inspiration leaves rug
I like to mix the rugs up with the old and the new. I have either a modern style rug or older kilims that we have picked up on our travels. Before children, we visited Morocco, which is great for rugs and it’s amazing how well they can be crammed into hold luggage if you put your mind to it. There are not many advantages to being deployed to Iraq but one of them was that Hagar was able to pick up a very nice Berber rug that adorns the hall floor. Not quite the war memento you’d expect but the Middle East and carpets go hand in hand. It definitely isn’t magic but it’s not bad at hiding the dirt. I also bought a big coconut matting rug for my son’s bedroom. It has an amazing way of collecting the plasticine of the models he moulds day in and day out. Little malleable men who adventure far and wide into the make believe worlds he creates on his massive mat.
In my head when my children are older, these carpets will be professionally cleaned and sparkle and maybe I’ll live in a world where people take their shoes off before they walk through the door. It’s like a utopian fantasy. But for now, we are rugs a-plenty, literally pushing the dirt under the carpet.
The post Rugged Interiors appeared first on Modern Military Mother .
September 24, 2013
My partner isn’t my pension!
Parallel play is a form of interaction where children play adjacent to each other but do not always try to influence each other, or even engage with each other. They benefit from proximity, they are interested in what each other are doing and they’ll sometimes modify their play accordingly.
I wonder then, in these days of independently minded thinking and living, is the traditional concept of life after work an accurate reflection of how many people see retirement, with their partners? A more satisfying approach to retirement may be one of ‘parallel play’, or more accurately, ‘parallel retirement’. In fact, I spoke with Clare (she of this parish) about this last week, and that chat made me come up with this blog.
I’m not suggesting a life in self imposed isolation in order to support trendy dogma, a life where ‘he’ spends his life in the potting shed and ‘she’ spends her days at the WI is the norm - far from it. But more and more couples are finding that an easier, more harmonious existence where diversity and independence is not advocated and promoted – but recognised and accepted where it is appropriate is becoming more popular.
Reported this morning on the BBC, this is interesting.
http://www.bbc.co.uk/news/business-24106220#
Ivy Singh and her husband Lim Ho Seng had their retirement all planned out. They planned to move to Margaret River in Western Australia and have a place with enough land to grow plants. But circumstances have a funny way of changing things. The death of her best friend’s husband meant they successfully tendered for a lease on a 10-acre plot and turned it into a farm called Bollywood Veggies. Instead of the life of languid comfort, they found themselves thrust together to focus on a common goal.
This idea, of course, doesn’t always clash with the traditional view of retirement, where togetherness and mutual dependency have long been seen as a virtue. Many couples imagine that being joined at the hip when they’re no longer working, is a vision of contentment and peace after (invariably) a hard life in the service of the Crown and usually, an airline afterwards.
But then, if I entered retirement in say, 2023, I will have lived a dramatically different life compared to my mum and dad, and their parents. Women and men of my age (harrumph, 40 something for the record) have experienced womens lib and we are all aware that women have held responsible professional, voluntary and commercial positions.
As a man, I have worked with women and for women and as a member of the RAF, I have saluted them. I respected them and I see them without question, as a equal and not an underling. When I see reps from pension houses, insurance companies and fund managers, they are invariably female and I value their calm insight and patient, objective qualities. Indeed (whisper it quietly), I have even learned to cook and clean a little and as you see from the other week, know my way around an ironing board.
Men and women in their 50s are more adventurous than previous generations and have been, as well as much more independent, very comfortable with change. We have fewer social rules and constricts, we are less judgmental, and we are more accepting of people who are different from us – and the norm.
Why the shock horror then, that couples in retirement are becoming less tied to each other, and more interested in parallel play? It meets our needs for freedom and involvement and is quickly becoming the system in which many older adults are thriving.
I’m not supporting the idea that we trash our ideas of togetherness (the idea of spending the next 40 years or so with my girl makes me very happy) and neither am I advocating wholesale changes to society which see aged retirees burning, not so much their bras, but their compression stockings.
But for so many reasons, whether they be financial, legislative, legal, emotional, rational.. partners should plan for, and grow their own pension funds. Whether not wanting to be being the victim of a shabby pension sharing order in divorce or simply wanting to be as tax efficient as possible, or maybe having income of your own and a sense of independence is what you’re after.. the sooner you start setting money aside for yourself so that you might live that harmonious retirement, however it evolves, with your partner the better.
Here’s the bit to keep my insurers happy. A pension isn’t for everyone so as ever, always take regulated financial advice you trust!
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Reclaiming lost child benefit – because you need it more than the state
You don’t need me to tell you. For service families these days, life is grim. No wage increases, longer absences, pension decimation, career uncertainty, lower budgets all round. To add insult to injury, if you or your partner earns more than £50,000 per annum (and you won’t need me to tell you this either) the government has taken away some or all of your child benefit allowance.
The current weekly entitlement is £20.30 for your first child and £13.40 for any additional children. But if the person (or their partner) claiming child benefit earns more than £50,000 in a tax year, HMRC will tax you. How much? Well, for every £100 of income over the £50,000 threshold, a 1% reduction will be applied to the amount of child benefit. Where any income exceeds £60,000, a charge equal to the entire amount of child benefit being received will be applied.
This example shows the effects of paying the charge.
Tony has a taxable income of £58,000 and his wife Lucy has no income. They have two children so Lucy receives annual Child Benefit of £1,752. Since Tony’s income is £8,000 over the limit though, he’ll face a tax charge of 80% of that £1,752 (ie; £1,402). Therefore, the overall value of their Child Benefit has been reduced to just £350 (£1,752 – £1,402). Even Labour suggested last week that anyone earning £60,000 these days isn’t rich, so that hurts.
You can recover all or some of it though. Pension contributions made by anyone who earns over £50,000, whether gross contributions to an occupational pension scheme or grossed up contributions to a personal pension will reduce your ‘adjusted net income’. Why is that important? Because if your net adjusted income drops to £50,000, you get all of your child benefit back and because the recovery is graduated, a drop to something closer to £50,000, sees at least some clawback.
So, using Tony as our example, if he pays net pension contributions of £6,400 in the tax year, this will be immediately increased to £8,000 because of the effect of 20% tax relief (and he will receive an additional 20% back at the end of the tax year; more of that in a sec). More importantly, because his taxable income is also reduced by this amount, his adjusted net income falls to £50,000 and no charge is payable. In other words, you now keep all of your child benefit.
By paying the £6,400 then, he’s saved the £1,402 child benefit they would have lost, and assuming all of the pension contribution lies in the higher rate tax band, he’ll also be able to claim that additional £1,600 in tax relief (20% of £8,000) through his tax return. So his £8,000 pension contribution has in fact cost him just £3,398 (£6,400 – £1,402 – £1,600). In this day and age, that’s not bad.
Just because you can do something, doesn’t always mean you should. This strategy won’t be appropriate or right for everyone so always take qualified financial advice that you can trust. If you have any questions please don’t hesitate to drop me a line – and if you know someone who might benefit from this blog, go ahead.. like it and share it. The more people who know, the more money might possibly be saved. And like I said, I’m thinking you need it more than the state.. right?
Good luck.
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September 23, 2013
Labour party buying military votes?
Lots of talk this morning in the Labour party conference about naming streets after those who die in our names and making it an offence to beat up servicemen (isn’t it already then?). Isn’t this grasping at straws and I wonder what Labour has in mind for the families, spouses and partners? I wonder where the money for more childcare is going to come from and I doubt if that alone will automatically make spouses more employable. Those partners married to servicemen and women on a career path who will see lots of movement and domestic turbulence could still well find increased military salaries being offset by lower partner financial contributions to the household.
http://www.bbc.co.uk/news/uk-politics-24204253
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Sisters.. aren’t doing it for themselves
And that’s the problem.
In a brutally honest moment, I ask myself. If I was interviewing for a job and a candidate told me that she was trying to start a family and may want time off to have a baby in 12 months time, however enlightened I might be, however hard I might try to safeguard that person’s rights, however well qualified for the role she might be.. would I offer her the job to the exclusion of all other factors? Similarly, if a candidate told me that he/she was married to a serviceman or woman who would be moving on in a year or two anyway.. I have to ask myself, reluctantly, would they be suitable for the job?
It annoys me, it is unfair. Don’t shoot me, I am trying to be honest. I have to balance the needs of the company and other employees with the need to do the right thing for the candidate. Invariably, like life, the answer isn’t clear cut.
I often reflect on this, ruefully. Separation and dislocation from ‘normal’ society, the upheaval of relentless postings, career breaks, caring for children who need to have (usually) dad’s extended sunny and sandy absences explained, the removal of child benefit tax breaks for anyone in a household where someone earns over £50,000, supporting someone who is worked until he wants to drop (I have seen just how hard servicemen and women are worked these days – no longer the carefree tours in Germany that I remember!), supporting a husband’s career and a tendency to relegate their own financial well-being to the bottom of the list. All these reasons, and more, mean that many military spouses are failing to earn decent wages and subsequently, save enough for retirement.
This and last year’s Scottish Widows annual UK pension report revealed problems. Fewer than 40% of women aged 30 to 50 are making adequate pension provision and I suspect that within military married patches, the number is lower, far lower than that. I base that on my personal and professional experience.
The public sector pay freeze and uncertain economic conditions are making things worse, but the tendency is to cut back on things that aren’t a necessity, and women cut back on pension contributions. Women are more inclined to cut back on their own needs (I remember that my mum would have smaller meals to ensure that we all ate well). Women usually put the family first, and it is easier to cut back on their own needs than it is to question those of their children. Women nurture, they care at home whilst men go out and bring home food for the pot.
But women have clout too.. and not just when the other half returns from a beer call or dining in night a little worse for wear. As I ventured the other day, they control the budget in the majority of households; Bright Grey research put the figure of women who are domestic Chancellors of the Exchequer as high as 71%. They usually put right the broken light bulbs and call in Work Services whenever there is something wrong with the house.
My clients’ wives are invariably articulate, educated to Degree standard, very bright, independently minded and savvy. They are also more likely to see their husband’s pension as a necessity.. but not their own. Which is crazy – women tend to live longer than men, so they need to make adequate provision. They are also more likely to be caring for those around them as they get older too. Paying into a pension is particularly important as they will not have as much time in employment to pay into one.
Another reason that a woman’s pension may be put on a back-burner is due to the career breaks she takes while having children - and having a child puts financial pressure on women as their income drops to maternity pay levels. When mum does go back to work she typically works part-time or flexible hours, which can reduce the amount available to pay into a pension.
Restarting saving when you restart work is vital before you get too used to the increased income and become to reward all those hard years and are less inclined to save. If you leave it for a year or so, it is much harder to start saving again and your pension will be affected. And in 10 years’ time you will be reading a blog about how you have not saved enough because you focused on your kids, the new plasma TV and didn’t save enough.
I am not a new man, I am not fluffy and ‘right on’ so please don’t think I am trying to ingratiate myself with a largely female audience. I can make scathing remarks about political correctness with the rest and the best of them. During my career of over 20 years though, I saw a lot of unfairness but never realised it; these days, we’d call it discrimination.
In my defence m’lud, I am (I am pretty sure in saying this) the only Independent Financial Adviser in the UK who was accredited to the National Association of Pension Funds, the Pensions Advisory Service and the Financial Service Authority’s voluntary community programmes so I like to think I do put my money where my mouth is. My job is about making money for my clients (and for me, lets be honest) but at least lets start from a level playing field. Military spouses and partners (men AND women) do get a bum deal and it wrankles.
I reflect too, that my opening paragraphs may have meant that in other circumstances, I may have been as much a part of the problem as I would like to have been, the solution. Thankfully, I have never been put in that position but I like to think I would do the right thing. In fact, I know I would.
Anyway, ask questions below if you like, please share this with your mates and friends, and you can also find me on LinkedIn here.
‘ bye for now.
Image used with the kind permission of the MoD image library.
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