Children of the 70s... and holidays!
11 July, 2017
If you were born between 6th April 1970 and 5th April 1978 then you’re going to have to wait up to a year longer to get your State Pension. Yup, the State Pension age is rising to 68 and it’s now going to kick in a full 7 years earlier than we had all thought.
Just as an aside… This is often written up incorrectly and we are told that “our retirement age will be 68”. This is of course nonsense. We can retire when we flipping well like (and when we can afford to...). There are no Pensions Police making sure we all retire at State Pension (https://www.boringmoney.co.uk/learn/investing-guides/product-guides/state-pension/) age. But it’s amazing how we still have a tendency to ‘do what we’re told’ by the powers that be when it comes to money.
So some people retire when they think they are ‘supposed to’. And at the same time they politely accept a cr@ppy annuity from the group they have their pension with and don’t shop around. Remember it’s your money and your retirement! You have more freedom with this than ever before.
Schools are nearly out and holidays are looming. I’m fed up of being fleeced on currency exchange so this week I ordered myself a Monzo card. I’m clearly not quite their target demographic – their demo shows expenditure at American Apparel, Pieminster and Costa. However, uncool as I am, I have slipped through the ranks to sign up and I have to say the application process was actually enjoyable. I can’t quite believe I’m saying that about a bank... But I’m interested in digital stuff and how people talk to their customers and this was nice. You do have to top it up with at least £100 from a debit card to get your Monzo card sent out. Fair dos.
There are no fees and you get very good exchange rates. You don't convert your pounds into any given currency. The conversion is actually done when you use the card, so if there’s anything left when you get home simply take it out of a cash machine. Whatever you do, don’t leave it all to the last minute and get currency at the airport and pay for stuff on your normal debit card! This will literally add hundreds of pounds to the average family holiday.