Tag: TheMoneyPig

Retirement around the world

With the Tories seemingly considering changes to the retirement age, how does the UK compare to other countries aroud the world?

Men and women in the Netherlands and South Korea work longer than adults in any other country according to new research.

The team at personal finance experts TheMoneyPig.com have looked at 41 countries around the globe to find the age for retirement.

People in the Netherlands work until they’re 68 with South Koreans working until they’re 68 and 67 for men and women respectively.

Norway, Italy, Israel, Iceland and Greece are close behind with the age of retirement set at 67 years old.

Many countries in Europe retire at around 65 – 66 years old, including the UK, although that age looks set to rise over the coming years.

Others with 65 years as the retirement age include New Zealand, Mexico, Jamaica, Hong Kong, Canada and Brazil. In Asia countries including China, Japan and Thailand retire at 60 years old.

The country with the lowest retirement age is the United Arab Emirates with Emiratis able to retire at just 49 years old. Expats aren’t quite so fortunate, retiring at 65 years.

There is still some discrepancy between the ages men and women can retire. In most countries the retirement age is the same although women are able to retire at a younger age in China, Qatar, Turkey, Russia, the Czech republic, Austria, Brazil, Gibraltar, Jamaica, Poland, Switzerland, Israel and South Korea.

A spokesperson for TheMoneyPig.com said: “Retirement ages differ slightly around the world but not massively. Looking at the data it would be fair to say that mid 60s is around the average age for retirement.

“What is important wherever you live, is to plan for your retirement so you can enjoy it without the financial concerns it can bring.

“It’s important to think about this early and to be realistic on just how much money you need, how much you can afford to pay in now and if there are ways you can boost your pension pot.

Here are TheMoneyPig.com’s tips for planning for retirement:

1. Your retirement income

It’s important to work out your potential retirement income. Factor in your state pension and any private pensions you pay in to and you should come up with an accurate figure. Also factor any savings or investments you have available to use when you retire.

2. Boost your pension pot

Think about paying in more to your pension if you can. This will give you a greater sum when you retire. To boost it further you could set you retirement date later.

3. Day to day spending

Think about what you’ll spend when you retire. Work related costs like commuting, lunch and work clothes will all stop. Do factor in increases elsewhere like leisure and healthcare.

4. Clear your debts

Aim to clear any debts before you retire. If you can get the mortgage paid off, then do. Look at credit cards and any other debts too and pay off those with the highest interest first.

5. Retirement age

Consider what age you want to retire at and be realistic about if you can afford to.

6. Get advice

If you’re not sure, it’s always worth getting some financial advice. A good adviser will be able to talk you through the options to help you work out what’s right for you.

Table in full:

CountryRetirement age – MENRetirement age – WOMEN
UAE49 for emiratis, 60  – 65 for expats49, 65 expats
China6050 – 55
Japan6060
Qatar6055
South Africa6060
Thailand6060
Turkey6058
India60 – 6560 – 65
Russia60.555.5
Singapore62 – 6562 – 65
France62 – 6762 – 67
USA62 – 6762 – 67
Czech Republic62.858 – 62
Hungary6363
Austria6560
Belgium6565
Brazil6562
Canada6565
Cyprus6565
Denmark6565
Gibraltar6560
Hong Kong6565
Jamaica6560
Mexico6565
New Zealand6565
Poland6560
Sweden6565
Switzerland6564
Spain65.2565.25
Germany65.565.5
United Kingdom65.565.5
Australia6666
Ireland6666
Portugal66.366.3
Greece6767
Iceland6767
Israel6762
Italy6767
Norway6767
Netherlands6868
S.Korea6867

Cheap and easy bike maintenance to save time AND money

man riding bicycle on city street

With the country being urged to exercise more to prioritise their health and wellbeing, new cyclists have been offered seven beginner’s tips to maintain bikes and save hefty bills in the long run.

Penny pinching pros at personal finance comparison site TheMoneyPig.com have researched and revealed seven bike components to check regularly to save having to pay for expensive replacements as often.

The government recently announced the Fix Your Bike Voucher Scheme as part of a £2 billion package to encourage walking and cycling.

The scheme allows British cyclists to claim a voucher worth up to £50 towards the cost of repairing a bike – but you will have to hurry as the first round of 50,000 vouchers went within hours.

For those unable to bag one of the 500,000 vouchers up for grabs, getting a bike back on the road can be costly.

But keeping on top of basic maintenance can dramatically prolong the life of bike components, which in turn will save cyclists money.

It can also greatly improve the general cycling experience, plus make it much safer.

activity bicycle bike biker
Photo by Pixabay on Pexels.com

A spokesperson for The Money Pig said: “The benefits of cycling are seemingly endless. It improves mental wellbeing, promotes weight loss, builds muscle, and is a low impact form of cardio exercise.

“It can also be very enjoyable – there’s nothing like a relaxed bike ride around a country park at the weekend.

“But buying and maintaining a bicycle can be costly, so anything you can do to prevent having to shell out for expensive replacements often is a win.

“We’ve researched seven components to keep on top of and listed what to look out for, to save hefty repair bills.”

1. Drive train

If your bike is making the not-so-sweet sound of metal rubbing against metal, chances are all the appropriate lubrication has worn off. This can shorten the life expectancy of your chain and sprockets, which are not cheap to replace. Save yourself the unnecessary cost by regularly cleaning and lubricating the drive train. The more often you clean and lube, the less time it takes every time you do it.

2. Tyres

Tyres can make a huge difference in the quality of your bike ride. If the pressure is too low, you have to work a lot more to keep the same speed than with proper high pressure, and you will get flats more easily, especially when hitting a curb hard. Make sure you check your tyre pressure at least once every two weeks. Even if you’re not going to ride your bike for a significant period of time, try to remember to keep them inflated. If this isn’t possible, take the tyres off. This will prevent cracks developing on the sides.

3. Brakes

Ensuring your brakes work effectively won’t only save you from having to pay for expensive replacements, but it’s a matter of safety. If you have to pull the brake lever until it touches the handlebar, you should adjust the brake pads closer to the rim or disc. It’s also important to keep both the pads and the braking surface clean from dirt and oil. Dirty pads wear out themselves and the braking surface much quicker.

4. Nuts and bolts

Check regularly to ensure screws, bolts and nuts aren’t coming loose. If they need tightening, do so, but be careful not to overtighten them. With some newer bike models, the parts have the maximum torque limit written on them and you can buy tools that apply only a specified amount of torque.

5. Gears

After riding your bike for some time, you will probably realize that the gears don’t shift as smooth as when your bike was new. Provided the cables or derailleurs are not damaged, you can easily re-index the gears by yourself at home. There are tutorials online that you can follow.

6. Chain

Regularly cleaning the chain will allow you to squeeze more miles out of it before needing a replacement. You can easily check the chain wear using a chain checker. If the chain stretch is above 0.75% it’s time to get a new chain. A worn-out chain will quickly wear out the cassette and chainrings, which could lead to even costlier replacements.

7. Saddle

Quite often saddles will squeak, quite rhythmically, with each pedal stroke. To remedy this remove the saddle from the clamp, clean the rails then apply a couple of drops of light oil before wiping off. Then replace.