While financial advisors regularly warn against under-saving for retirement, the opposite problem – over-saving at the expense of present-day well-being – is becoming increasingly common among dedicated savers, one expert is warning.

People can become so fixated on their retirement number that they forget to live their lives. The irony is that over-saving can in fact work against your long-term happiness and financial health.

Six red flags you’re over-saving for retirement

Fred Harrington, a finance expert at Vetted Prop Firms, has observed a growing trend of savers who’ve swung too far in the direction of retirement preparation, often at significant personal cost. 

To help ensure you don’t fall into the over-saving trap, here are six warning signs that your retirement savings strategy might need a reality check.

1) You’re living like a college student despite earning well

Extreme frugality might seem admirable, but when you’re eating ramen noodles while earning a six-figure salary, something’s off. This behaviour often stems from deep-seated anxiety about financial security that transforms saving from a healthy habit into an obsession.

I’ve seen people who refuse to replace worn-out clothes or buy quality food because every dollar ‘should’ go toward retirement. They’re essentially punishing their present self for an uncertain future.

2) You haven’t taken a real vacation in years

If you can’t remember your last genuine getaway because you view travel as wasted money, you might be over-saving. The psychology here involves seeing any non-retirement spending as a personal failure, which can lead to social isolation and missed life experiences.

This approach often backfires spectacularly. People who deny themselves all pleasures frequently experience burnout that leads to impulsive, expensive decisions later, which is the financial equivalent of a crash diet followed by a binge.

3) Spending money triggers intense guilt

Normal purchases like dining out, buying gifts, or replacing broken items shouldn’t feel like moral failures. When spending becomes emotionally painful, it signals that retirement saving has become compulsive rather than strategic.

Healthy savers can enjoy reasonable purchases without guilt. But over-savers often describe physical anxiety when spending money on anything beyond absolute necessities.

4) Your relationships are suffering over money

Partner disagreements about spending often reveal over-saving patterns. If your significant other regularly argues that you’re being too restrictive with money, or if friends stop inviting you out because you always decline due to cost, your saving strategy may be damaging your relationships.

These social costs compound over time. Strong relationships contribute significantly to life satisfaction and even physical health, and these are benefits that no retirement account can provide.

5) You’re postponing medical and dental care

Perhaps the most dangerous red flag is delaying healthcare to preserve retirement funds. This penny-wise, pound-foolish approach can lead to minor issues becoming major – and expensive – problems later.

I’ve encountered people who avoid routine medical care or postpone necessary procedures because they’re so focused on their retirement number. They’re potentially sacrificing their health for money they may never get to enjoy.

6) You’re delaying major life milestones

Refusing to buy a home, start a family, or pursue education because it might impact retirement savings represents a fundamental misunderstanding of life’s timing. Some opportunities can’t be postponed indefinitely, and the regret from missed milestones often outweighs any financial benefit.

Find your financial sweet spot

If you’re worried you may be an over-aggressive retirement saver,  Harrington shares four strategies for rebalancing:

1. Redefine Enough: Calculate what you need for retirement rather than pursuing an arbitrary large number. Financial advisors usually suggest the 4% rule as a starting point for determining realistic retirement needs.
2. Create a Life Fund: Allocate 5-10% of your income specifically for experiences, travel, and spontaneous opportunities. This legitimises present-moment spending within your overall financial plan.
3. Set Spending Minimums: Just as you might set savings goals, establish minimum amounts you’ll spend on healthcare, relationships, and personal enjoyment. This prevents extreme frugality from taking over.
4. Schedule Regular Reviews: Quarterly check-ins can help you assess whether your saving rate still makes sense for your current life stage and goals.

Don’t save at the expense of life now

The emotional side of over-saving is fascinating but often misunderstood. What starts as responsible financial planning can morph into a form of financial anxiety where people become addicted to the security that growing numbers provide. They’re basically trying to control an uncertain future by controlling every present-day expense.

I’ve noticed that over-savers tend to develop what I call ‘scarcity thinking’, which is the belief that any spending today threatens their future security. This mindset ignores the reality that money is a tool for living, rather than just surviving. The behavioural psychology here is similar to hoarding: they get satisfaction from watching account balances grow but lose the ability to derive any joy from actually using money.

What’s especially tragic is that over-savers can reach retirement with impressive nest eggs but decades of missed experiences and health problems that could have been prevented. They’ve optimised for one metric while neglecting everything else that makes life meaningful. The goal shouldn’t be to stop saving, but instead to find sustainable balance that honours both your future needs and your present humanity.

Vetted Prop Firms is a trusted online platform dedicated to helping traders navigate the complex world of proprietary trading firms. It offers in-depth, data-driven reviews and rankings of prop firms across markets like forex, crypto, and futures, highlighting key metrics such as account sizes, profit splits, challenge requirements, payout reliability, and platform performance. The site features side-by-side comparisons, exclusive discount codes, and regularly updated evaluations to keep traders informed of the latest offers.

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Last week I was having a mentor session with an entrepreneur I have been working with for a couple of years. She’s had a successful 12 months with the products she’s launched, and told me she had over £100,000 sitting in her business bank account.

I asked her whether or not she had a pension, and she didn’t. So I recommended she open one before her business year end, and deposit £60,000 in it. This would not only give her a good starting point for saving for her retirement but, she was delighted to learn, it would also reduce her Corporation Tax bill by at least £11,400.

So how does this work?

How pension contributions reduce your business tax bill

If you run a limited company, you can invest up to £60,000 a year in a pension as a tax-free benefit. This means that the amount of money you pay tax on is reduced by the sum that you have put into your pension.

The small profits Corporation Tax rate for companies with profits under £50,000 is 19%, which means that for every £1,000 you invest in your pension, you could pay £190 less Corporation Tax. Here’s how much you can save for every £1,000 you invest:

• £1,000: £190
• £5,000: £950
• £10,000: £1,900
• £15,000: £2,850
• £20,000: £3,800
• £30,000: £5,700
• £40,000: £7,600
• £50,000: £9,500
• £60,000: £11,400

So even if you aren’t in the privileged position of having £60,000 to put into a pension, every penny that you can invest can help reduce your tax bill. Plus you’ll be benefiting from compound interest as you save for a more comfortable retirement.

How to save up to £15,000 a year in Corporation Tax

We have calculated these at the lowest rate of corporation tax, but if you are subject to a higher rate, you will save even more money.

For example, if your business profits are over £250,000 you will pay the main rate of Corporation Tax, which is 25%. If you were to invest £60,000 a year in your pension, this could save you a maximum of £15,000.

If your business profits are above £50,000 but below £250,000 you’ll be able to claim marginal relief. If you want an idea of what your tax might be, you can use free online calculators like this one.

You can carry forward your allowance from previous years

If you’re now kicking yourself that you didn’t take advantage of this before, we have more good news. Thanks to the pension carry forward rule, if you haven’t used all your pension allowance in previous tax years, you can carry the allowance forward for a maximum of three years.

So, if you have had an amazing year in business this year, and haven’t claimed any of your allowance from the previous years, you could also invest up to £180,000 in your pension which, at the main Corporation Tax rate would save you £45,000 in tax.

How to save in tax even if you don’t run a limited company

It’s not just limited company directors who can benefit from paying into a pension. If you are employed and meet the criteria, your employer must offer you a workplace pension scheme and contribute towards it.

There are benefits for freelancers, too. If you are self-employed, and a basic rate taxpayer you can get a 25% tax top up. This means that, for every £100 you invest in your pension, you’ll get another £25 from the government, making it £125.

As with the Corporation Tax benefit, you don’t need to be saving thousands into your pension to reap the rewards. Any money you put into your pension should work hard for you. So work out how much you can afford to invest now – then enjoy the tax benefits and long term rewards of compound interest.

Read more about pensions

Want to learn more about the benefits of pensions, and how to maximise your retirement income? We recommend checking out these articles:

• What kind of lifestyle could a £100,000 pension pot buy you?
• Two important reasons to consider ethical investing for your pension
• What to do if you have no pension at 50
• How safe is your pension?
  
  

The post How you can (legally) save as much as £15,000 a year in Corporation Tax  appeared first on Talented Ladies Club.

When you are working for an employer, you know how much you earn per year, and can plan a lifestyle you can afford around that. But what happens when you retire? What kind of a lifestyle will your pension buy you? 

To help answer this question, and to give you a goal to help you work towards (it’s always easier to stay motivated when you have a savings goal), we are going to look at three different sized pension pots, and get an idea of what kind of lifestyle you might be able to afford with each. 

We are going to look at pension pots of:

• £100,000
• £200,000
• £300,000

As well as looking at what each pension pot could buy you, we’ll also find out how much money you need to be investing now in order to save up a pension pot that size. 

How much money do you need to live on when you retire?

But first, let’s quickly look at how much money you might need to live on when you retire. 

According to the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards, if you are single when you retire, you would currently need:

• £14,400 a year for a minimum lifestyle
• £31,300 a year for a moderate lifestyle
• £43,100 a year for a comfortable lifestyle

And a couple would need: 

• £22,400 a year for a minimum lifestyle
• £43,100 a year for a moderate lifestyle
• £59,000 a year for a comfortable lifestyle

(You can read more about this and find out how ‘minimum’, ‘moderate’ and ‘comfortable’ lifestyles are defined here.)

What’s your ‘financial gap’ after receiving the State Pension?

In the UK, the full new State Pension for the 2025/2026 tax year is £11,973 a year, or £230.25 a week. This means that, if you are a single person, the current State Pension leaves you with a financial gap of:

• £2,427 a year for a minimum lifestyle
• £19,327 a year for a moderate lifestyle
• £31,127 a year for a comfortable lifestyle

And if you are in a couple, the gap you would need to fill is:

• Nothing for a minimum lifestyle (you will have an excess of £1,546 a year)
• £19,154 a year for a moderate lifestyle
• £35,054 a year for a comfortable lifestyle

It’s these gaps that a private pension can help you to fill. So let’s look at what kind of lifestyle different sized pension pots could give you. 

How much money should you take from your pension each year?

Before we look at how much your pension can pay you, we need to work out how much you can take from your pot each year. Once you retire, you are likely to have a finite amount of money to last you, and the more you withdraw to live on, the quicker you’ll run out of funds. 

This is where the 4% pension rule, or ‘safe withdrawal rate’ comes in. The concept is credited to US financial planner, William Bengen, and works on the presumption that if you start by withdrawing 4% from your pension pot and increasing this each year by the rate of inflation, you are unlikely to run out of money over a 30-year period.

So, for example, if your pension pot is worth £500,000, you would withdraw £20,000 in the first year of your retirement. Then, if inflation is 2% in that year, the next year you would withdraw £20,400. 

We will use the 4% rule to work out the income you could get from different-sized pension pots.

What income will you get from a £100,000 pension pot?

So what income might you get with a £100,000 pension pot? A £100,000 defined contribution pension could give you a starting income of £4,000 a year, or £333 a month, if you withdraw 4% each year. 

This is assuming you don’t take the 25% tax-free cash upfront. If you do choose to take your full tax-free allowance at the start, you would be left with a pension pot worth £75,000. This could give you an initial income of £3,000 a year, or £250 a month if you followed the 4% rule.

How to take money out of your pension

If, when you start to draw down your pension, your money is still invested in the stock market, you’ll find that the value of your pot will change every day. To make things easy, you might decide to withdraw an amount at the beginning of each year, and put it in a savings account with a good interest rate and easy access. You can then pay yourself a set amount each month – much like when you earned a salary. 

You’ll need to make sure that the amount you pay yourself increases each year in line with inflation. (You can see how inflation could impact your retirement savings using PensionBee’s Inflation Calculator.) And, to reduce the risk of running out of funds, you should aim to achieve annual returns over 4% on your invested money. Also remember to factor in the fees charged by your provider.

What lifestyle will a £100,000 pension pot buy you?

So what kind of lifestyle will a £100,000 pension pot buy you? Let’s look again at the Retirement Living Standards and the gaps left after you receive the full new State Pension, and factor in your private pension income. 

If you are a single person you will now have a gap of:

• Nothing for a minimum lifestyle (you will have an excess of £1,573 a year)
• £15,327 a year for a moderate lifestyle
• £27,127 a year for a comfortable lifestyle

And if you are in a couple, the gap you would now have is:

• Nothing for a minimum lifestyle (you will have an excess of £5,546 a year)
• £15,154 a year for a moderate lifestyle
• £31,054 a year for a comfortable lifestyle

(These figures assume you receive the full new State Pension and a £4,000 income from a pension pot of £100,000.)

What lifestyle will a £200,000 pension pot buy you?

If you have pension savings of £200,000, you could achieve an initial income of £8,000 a year, or £667 a month, if you withdraw 4% (again, this assumes you don’t take your 25% tax-free allowance at the start). 

If you are a single person receiving the full new State Pension and withdrawing £8,000 a year, this means you will have a gap of:

• Nothing for a minimum lifestyle (you will have an excess of £5,573 a year)
• £11,327 a year for a moderate lifestyle
• £23,127 a year for a comfortable lifestyle

And if you are in a couple, the gap you would need to fill is:

• Nothing for a minimum lifestyle (you will have an excess of £9,546 a year)
• £11,154 a year for a moderate lifestyle
• £27,054 a year for a comfortable lifestyle

What lifestyle will a £300,000 pension pot buy you?

And finally, if you have a £300,000 pension pot, you could live on an initial annual income of £12,000, or £1,000 a month, if you withdraw 4% and don’t take your tax-free allowance at the start.

If you are a single person receiving the full new State Pension and withdrawing £12,000 a year, this means you will have a gap of:

• Nothing for a minimum lifestyle (you will have an excess of £9,573 a year)
• £7,327 a year for a moderate lifestyle
• £19,127 a year for a comfortable lifestyle

And if you are in a couple, the gap you would need to fill is:

• Nothing for a minimum lifestyle (you will have an excess of £13,546 a year)
• £7,154 a year for a moderate lifestyle
• £23,054 a year for a comfortable lifestyle

How to grow a pension pot of £100,000, £200,000 or £300,000

So how much do you need to invest if you want to retire with a pension pot of £100,000, £200,000 or £300,000? 

If you have no pension savings right now, and want to retire at the age of 66, the table below shows you how much you need to pay into your pension each month. These calculations assume your investment grows by an average of 5% a year, inflation is 2.5% and you pay management fees of 0.70% a year. They have been calculated using PensionBee’s Pension Calculator, and include tax relief and any potential employer contributions.

It’s also important to remember that when you pay money into a pension, you could benefit from tax relief – which is effectively ‘free’ money from the government that’s added on top of your pension contributions. Usually basic rate taxpayers get a 25% tax top up; meaning HMRC adds £25 for every £100 you pay into your pension making it £125. Higher and additional rate taxpayers can claim a further 25% and 31% respectively through their Self-Assessment tax returns.  

PensionBee’s Pension Tax Relief Calculator shows you how much tax relief could be added to your pot and will tell you whether or not you need to file a Self-Assesment to claim a portion of it. If you’re employed, and meet the criteria, your employer will also make contributions that will help to boost the value of your pension pot. So building up a six-figure pension pot is less daunting than you may think.

Risk warning: As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

About PensionBee

PensionBee can help you combine your old pension pots into one easy-to-manage online plan that lets you keep track of your balance, make flexible contributions, invest in line with your values and make withdrawals from the age of 55, rising to age 57 in 2028. For more information, visit PensionBee.

Learn how long your pension could last with the PensionBee Pension Calculator.

Follow @PensionBee on X, Threads, Instagram, TikTok, Facebook and LinkedIn.

The post What kind of lifestyle could a £100,000 pension pot buy you? appeared first on Talented Ladies Club.

For many of us, a pension isn’t something we think much about. At worst, we try to ignore a niggling worry that we haven’t done anything (or enough) to start saving for our future. And at best we automatically pay money into a pension we may have chosen many years ago without thought. 

If you’re in the latter group, it’s highly likely you have no idea where your money is actually invested. Indeed, research by the Pensions and Lifetime Savings Association (PLSA) found that while 82% of pension savers understand that their pension is invested, only 26% actually know what it’s invested in.

So why does this matter? Aside from ensuring that your money is getting a healthy return, and you aren’t over-paying on fees, reviewing your pension and consciously choosing where your money is invested is a wise idea. 

Here are two important reasons why. 

1) You can put your money where your values are

Some people would never willingly support the fossil fuel, fast fashion, pornography or weapon industries. Or choose to invest their money in countries with regimes whose values they disagree with. However the simple truth is that, without knowing where your money is invested, you could be doing just that. 

This is why it is important to make a conscious choice about how your pension is invested, and choose funds that align with your values. 

According to the Make My Money Matter campaign, 68% of UK pension holders want their investments to balance people and the planet with profit. If this resonates with you, the good news is that you have plenty of options today. 

For example, PensionBee’s Climate Plan aims to achieve net zero emissions by 2050, in line with the goals of the Paris Agreement. The plan is designed to gradually reduce your pension’s investment in polluters and heavy carbon emitting companies. It does this by continually reducing the total intensity of the greenhouse gas (GHG) emissions produced by companies in the plan by at least 10%. This helps you to take your climate action to the next level with your pension.

PensionBee also have a Shariah Plan that only invests in Shariah-compliant funds – a branch of socially responsible investing shaped by the Islamic faith. All investments are approved by an independent Shariah committee, and exclude alcohol, gambling, tobacco, military equipment or weapons, pornography and any products containing pork.

With plans like these easily available today, you can ensure that your money works not just for your good, but helps benefit the causes and business sectors you support, too. 

Conscious investing means seeking out investment funds and pension plans that can help to support your values or beliefs, and avoiding your money contributing to industries you don’t agree with. 

2) You can enjoy better financial returns

If you like the idea of investing in industries and companies you agree with, we have more good news: you don’t need to sacrifice returns in order to enjoy a clear conscience.

According to the latest Good Investment Review, over the past few years, actively managed sustainable funds (‘green funds’) have performed relatively well compared to more traditional funds (‘brown funds’) – despite tricky market conditions. 

They may also be a safer choice for the future. 

Thanks to a greater awareness of sustainability and increased criticism of companies that do harm to the environment, brown funds could be impacted by greater government regulation and financial penalties. They are also more vulnerable to environmental news stories. A study by the EDHEC Climate Institute found that, “brown assets are negatively exposed to climate risk (more risk and concern reduces their returns) as measured by climate news.”

And finally, sustainable funds have demonstrated a greater resilience in economic downturns; 61% of Morningstar’s ESG-screened indexes out-performed their market equivalents in 2021. 

No wonder then, that analysts are optimistic green funds can potentially enjoy strong returns over the long term. 

Of course, there are no guarantees that a more ethically responsible investing strategy will yield better, or even similar, results than investing in traditional funds – as with all investments, sustainable funds are subject to changes in market conditions so their value may go down as well as up. 

However, as you can see there are good financial reasons to consider investing in the future of the world you want to see, while planning for your own. 

Is an ‘ethical pension’ right for you? 

Whatever your personal values or beliefs, one thing is absolutely certain – saving for your future, if possible, is important.

According to the The Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards, the State Pension alone will currently not enable a single person to afford a minimum lifestyle. And it will leave a couple £20,100 a year short of being able to afford a moderate lifestyle. 

If you want to avoid struggling in your retirement – or being forced to work significantly past the age you wish to retire – you need to be saving into a pension now. (You can use the PensionBee Pension Calculator to find out how long your pension could last.)

There are potentially great incentives to do so, too. Not only will your money benefit from the power of compound interest, but you may also get help in the form of contributions from your employer, tax top-ups if you are employed or self-employed, and tax relief if you are a director of a limited company. 

And you can enjoy all this while knowing your money is invested in companies whose values and vision aligns with yours. 

If you’d like to know more about sustainable investing, or want to start or move a pension, you can read more here or listen to episode 36 of The Pension Confident Podcast. In this episode, the guests discuss how you can find out where your pension is invested, what makes a sustainable fund and what actions you can take to influence positive change with your pension.

Risk warning: As always with investments, your capital is at risk. The value of your investment can rise or fall, and you could receive back less than you invest. This information should not be considered as financial advice.

About PensionBee

PensionBee can help you combine your old pension pots into one easy-to-manage online plan that lets you keep track of your balance, make flexible contributions, invest in line with your values and make withdrawals from the age of 55 (rising to 57 from 2028). For more information, visit PensionBee.

Learn more about PensionBee’s Climate Plan. 

Follow @PensionBee on X, Threads, Instagram, TikTok, Facebook and LinkedIn.

The post Two important reasons to consider ethical investing for your pension appeared first on Talented Ladies Club.

Superannuation serves as a crucial cornerstone in retirement planning, offering individuals a structured and efficient way to save for the years ahead. Designed to provide financial independence after leaving the workforce, superannuation combines employer contributions, tax benefits, and investment growth to create a robust safety net.

However, navigating the intricacies of superannuation can be overwhelming, particularly as policies and economic conditions evolve. Understanding how superannuation works, its benefits and the strategies to maximize its potential is essential for anyone looking to enjoy a stress-free retirement.

Superannuation in 2025: The evolving landscape  

As we step into 2025, superannuation remains one of the most critical financial tools for securing a comfortable retirement. While the concept of superannuation has existed for decades, recent economic shifts and policy adjustments have significantly influenced how individuals plan their retirement savings. Governments worldwide, including initiatives such as the New Zealand government-provided pension scheme, are evolving to address the challenges posed by aging populations and fluctuating markets. In this context, understanding the nuances of superannuation is crucial for maximizing its potential benefits.  

Superannuation funds have become more dynamic, offering tailored investment options that align with varying risk appetites. From conservative portfolios designed for stable returns to growth-focused plans targeting long-term wealth accumulation, 2025 has brought greater customization to superannuation management. However, with this flexibility comes the need for individuals to actively monitor their funds, ensuring their savings align with their financial goals and retirement timelines.  

What is superannuation and why does it matter?  

Superannuation is, at its core, a structured way to save for retirement. Unlike regular savings accounts, superannuation benefits from tax advantages and employer contributions, making it an efficient tool for long-term financial security. Employers are typically required to contribute a percentage of an employee’s salary to a designated superannuation fund, which is then invested in various assets such as stocks, bonds, and property.  

The importance of superannuation cannot be overstated. It acts as a financial safety net, ensuring individuals can maintain their standard of living after they stop working. For many, this is the primary source of income during retirement, supplementing other savings or pensions. Superannuation not only provides peace of mind but also helps reduce the financial strain on government-funded retirement programs, contributing to the overall economic stability of a nation.  

How contributions work: Employer, employee, and government roles  

Superannuation is funded through a combination of employer, employee, and sometimes government contributions. Employers play a pivotal role by mandating a percentage of an employee’s salary toward their superannuation account. These contributions are often dictated by national policies, with governments setting minimum contribution rates to ensure adequate retirement savings.  

Employees can also boost their superannuation through voluntary contributions. This proactive approach allows individuals to take greater control of their retirement savings, enabling them to achieve their financial goals faster. In some countries, governments incentivize these additional contributions through tax deductions or co-contribution schemes, further encouraging individuals to prioritize their retirement savings.  

Understanding the interplay between these three contributors is essential for maximizing superannuation benefits. By leveraging all available resources, individuals can create a robust financial foundation for their retirement years.  

Investment strategies: Growing your superannuation  

One of the key aspects of superannuation is its potential for growth through investments. Superannuation funds typically invest in a mix of asset classes, including equities, fixed income, real estate, and alternative investments. Each of these asset classes offers different levels of risk and return, allowing individuals to choose a strategy that aligns with their financial objectives and risk tolerance.  

Growth-oriented investment options aim to maximize returns over the long term but come with higher risks, making them suitable for younger individuals with more time to recover from market fluctuations. On the other hand, conservative or balanced strategies prioritize stability, making them ideal for those nearing retirement.  

The power of compounding plays a significant role in growing superannuation balances. Over time, the returns generated from investments are reinvested, leading to exponential growth. This underscores the importance of starting contributions early and staying consistent, as even small contributions can grow significantly over decades.  

Accessing your superannuation: Rules and options  

Superannuation is designed to support individuals during retirement, so access to these funds is typically restricted until certain conditions are met. In most cases, individuals can access their superannuation when they reach the preservation age, which varies depending on the country and year of birth.  

There are usually several options for accessing superannuation funds, including lump-sum withdrawals, regular pension payments, or a combination of both. Each option comes with its advantages and implications, so it’s essential to choose one that aligns with your financial needs and lifestyle goals.   

Superannuation is more than just a financial product—it is a cornerstone of retirement planning. Embrace the opportunities superannuation provides, and start building the foundation for a financially independent retirement today.

The post How superannuation works: All you need to know for a secure future appeared first on Talented Ladies Club.

The genius Albert Einstein famously described compound interest as “the eighth wonder of the world.” He also wisely noted: “He who understands it, earns it … he who doesn’t … pays it”.

And if that doesn’t make you curious to learn more about the power of compound interest, then perhaps knowing that Warren Buffet, one of the most successful investors of all time, credits it as a reason for his wealth will help!

Now, while not everyone can hope to amass the billions earned by Warren Buffet from investing, if you have money available to save or invest – especially in a pension – you too could benefit from the ‘wonder’ of compound interest. 

In this article we’ll explore exactly what compound interest is, why it’s so powerful, and what it can mean for your own savings and investments – particularly your pension. 

What is compound interest?

Compound interest is the interest calculated on the principal (amount you have invested or borrowed) AND on the interest you have accumulated to date. 

Compound interest is different to simple interest, where interest is not added to your principal when calculating the interest during the next period (usually a month or year). Simple interest is usually applied to loans, but is also used on some savings accounts. 

Here’s how the two types of interest are calculated:

• Simple interest: To calculate simple interest you multiply your initial investment by the interest rate and then by the term of your investment or loan.
• Compound interest: With compound interest you also earn interest on the interest you have already earned from your investment. 

Why compound interest is so powerful

The great thing about compound interest is that you don’t need to do anything to earn it… other than leave your money invested! And the longer you leave your money in an account that earns compound interest, the more chance it has to grow. 

It also means that the earlier you start saving – for example into a pension – the longer compound interest has to build up. This is why it’s a good idea to start putting something away, even if you can only afford a small amount, as soon as possible. 

Another great thing with investing in a pension, is that not only will you earn compound interest on your own money, but you can also earn it on any contributions your employer pays in, or on any top up you get from the government.

And don’t forget, if you have a limited company, any contributions you make to your pension through it could be treated as an allowable business expense, and may be offset against your corporation tax bill. There are also benefits to paying into a pension if you are self-employed. 

Because compound interest accumulates over time, it can turn a small amount of savings or investment into a significant amount. And the great thing about it is that it grows for you while you are living your life. You can forget about it, knowing that it is helping to increase your savings or pension. 

An example of compound interest

Here’s an example of how compound interest can work. Let’s say you invest £1,000 into a pension fund with interest growth of 5% per year. Here’s what you’ll earn:

• In year 1 you’ll earn £50 interest
• In year 2 you’ll earn £102 interest
• In year 3 you’ll earn £158 interest
• In year 4 you’ll earn £215 interest
• In year 5 you’ll earn £276 interest

In total, you will earn £801 interest over the five years. If you were to keep investing £1,000 a year for 20 years, with interest growth of 5% per year, you would have £35,188. That’s £15,188 earned in interest in total. 

Here’s what that growth looks like:

Use our compound interest calculator

To give you an idea of how much your own money can grow, check out the compound interest calculator. Just add in the amount you have invested (or plan to), the interest rate, and how often interest compounds (monthly or annually), and the compound interest calculator will tell you how much your investment can grow – up to 40 years:

The earlier you start saving into a pension the better

The long-term growth of compound interest works perfectly for pensions, where you save over many years (or decades) for your retirement. 

It also means that it’s important to start saving into a pension as early as you can – even if you can only afford a small amount. Equally, the longer you can hold off from drawing down your pension, the longer you give it to grow. You can currently only withdraw from your pension from age 55, this is rising to age 57 in 2028.

And, as mentioned earlier, it’s not just your own money that can grow for you if you pay into a pension. If you’re eligible for Auto-Enrolment and are contributing to your workplace pension scheme you’ll need to pay a minimum of 5%, and your employer must contribute at least 3% of your qualifying earnings. 

Most basic rate taxpayers also usually get tax relief on their pension contributions, which means that the government effectively adds money to your pension pot. Basic rate taxpayers usually get a 25% tax top up from HMRC, which means an extra £25 for every £100 you pay into your pension making it £125, Additional and higher rate taxpayers can claim further tax relief through their Self-Assessment tax returns.

The three golden rules of compound interest

So remember, in order to maximise the benefits of compound interest, try to follow these three golden rules:

1. Start early: The sooner you start saving the longer compound interest has to work its ‘magic’
2. Contribute often: Small, consistent contributions can add up to significant growth in time
3. Be patient: The longer you can leave your money, the more chance it has to grow

Check your retirement savings with PensionBee’s Pension Calculator

If you’re not sure how much money you need to be saving for your retirement, check out PensionBee’s Pension Calculator. Here’s how it works:

• Set yourself a retirement goal, and thinking about how much you’d like to (or need to) receive for each year of your retirement
• Enter your current age and the age you plan to retire
• Share the value of any pensions and savings you already have 
• Decide how much you’d like to pay into your pension each month or year, then adjust the amount until you reach your retirement goal 

As a rough rule of thumb, it’s recommended to save around 15% of your salary when contributing to your pension. However, this will depend on how old you are and when you plan to retire and how much you’d like for your desired retirement income. The closer you are to retirement when you begin saving, the more you’ll need to save.

There are limits on how much you can contribute to a pension per year while still claiming tax relief – known as the annual allowance. For 2024/25, the annual allowance is 100% of your salary or £60,000 (whichever is lower).

If you want to retire early, you can access your personal or workplace pension from age 55 (rising to 57 from 2028), but this means you’ll  need to save significantly more in a smaller time frame.

Risk warning: As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

About PensionBee

PensionBee can help you combine your old pension pots into one easy-to-manage online plan that lets you keep track of your balance, make flexible contributions, invest in line with your values and make withdrawals from the age of 55, rising to age 57 in 2028. For more information, visit PensionBee.

Learn how long your pension could last with the PensionBee Pension Calculator.

Follow @PensionBee on X, Threads, Instagram, TikTok, Facebook and LinkedIn.

The post How to use the power of compound interest to save for your retirement appeared first on Talented Ladies Club.

Understanding pensions and other savings options is one of the most vital aspects of this process. Here’s a comprehensive guide to help you prepare for a comfortable and secure retirement.

Understand the basics of pensions

Here are the types of pensions you can choose:

1. State Pension: In the UK, when you reach State Pension age, you can claim your State Pension, which is a regular payment from the government. The amount you receive will depend on your National Insurance contributions over your working life. It’s essential to check your State Pension forecast to see how much you’re likely to get.
2. Workplace Pensions: These are pension schemes set up by your employer. There are two main types:
   • Defined Benefit (DB) Pensions: Provide a guaranteed income in retirement based on your salary and years of service.
   • Defined Contribution (DC) Pensions: Your contributions and your employer’s contributions are invested, and the amount you receive in retirement depends on the investment’s performance.
3. Personal Pensions: These are private pension plans that you set up yourself, independent of your employer. Examples include Self-Invested Personal Pensions (SIPPs) and stakeholder pensions.

Start early and contribute regularly

Starting your pension contributions early can significantly enhance what you save due to the power of compound interest. Even small, regular contributions can grow substantially over time. The earlier you start, the more you’ll benefit.

Take full advantage of any schemes of employer matching contributions to your workplace pension. Many employers will pledge to match your contributions up to a certain percentage, which is effectively giving you ‘free’ money towards your retirement savings.

Consider real estate investments

Buying and owning property can be a valuable component of your retirement plan. Investing in property, whether it’s residential or commercial, can provide rental income and potential appreciation over time. However, it’s essential to understand the risks and management responsibilities associated with real estate investments.

Regularly review your pension statements

Keep track of your pension statements to monitor the growth of your retirement savings. Regular reviews can help you assess whether you’re on track to meet your goals and make adjustments as necessary.

Adjust your contributions as needed

As your income and financial situation change, consider adjusting your pension contributions. Increasing your contributions during higher-earning years can boost your retirement savings and provide a buffer for future uncertainties.

Account for long-term healthcare needs

Healthcare can be a massive expense in retirement. This is why you need to look into long-term care insurance to cover the potential costs associated with extended medical care, nursing homes, or in-home care services. Planning for these expenses can protect your savings and provide peace of mind.

Include inflation in your calculations

Inflation erodes the purchasing power of money over time. Ensure your retirement plan accounts for inflation by factoring it into your savings goals and investment strategies. Investing in assets that historically outpace inflation can help to protect your savings.

Consult a financial advisor

A financial advisor can provide guidance tailored to your needs and help you to create a comprehensive retirement plan. For example, Liverpool financial advisers can assist with investment strategies, tax planning, and adjusting your plan to reflect changes in your circumstances or goals.

Build yourself a robust retirement plan

Preparing for retirement requires careful planning, consistent saving, and strategic investment. By understanding the basics of pensions, starting early, diversifying your savings, monitoring your progress, planning for healthcare costs, considering tax implications, accounting for inflation, and seeking professional advice, you can build a robust retirement plan that ensures financial security and peace of mind. Remember, the key to a comfortable retirement is taking proactive steps today to secure your future.

The post Pensions and retirement: What to do to prepare appeared first on Talented Ladies Club.

Taking control of personal finances is a fundamental step towards financial independence and security. Yet, despite progress towards gender equality, the latest Kantar Winning with Women report shows less than half of women in the UK feel in control of their financial future. Furthermore, a quarter of women say they don’t invest because they don’t know enough about it.

Women also find themselves facing unique challenges that make it more difficult to assert control over their money – such as divorce, caring responsibilities, and career breaks.  

So, why are women less likely to take control of their money, and what can we do to change the narrative?

The gender pay gap

The gender pay gap is not a novel cultural phenomenon, and yet it remains a glaring issue in the UK, with women earning on average 15.5% less than men, according to the Office for National Statistics. 

The root cause of the gender pay gap is multiplex. According to Amanda Redman, Advising Principle at Amada Redman Financial Planning, St James Place, SJP Financial Adviser Academy graduate and author of Dare to be Fair, it’s a combination of individual choices and behaviours, as well as institutionalised workplace culture and practices.

Unsurprisingly, a reduced income not only impacts immediate financial wellbeing, but also long-term financial goals such as saving for retirement and building wealth. This cultural ‘norm’ also not only affects women’s financial futures, but also their mindset, sense of value, and self-worth. 

Career breaks and the pensions gap

Career breaks due to caregiving responsibilities pose significant challenges for women’s financial stability. Whether it’s taking time off to raise children or care for elderly relatives, interruptions in employment can disrupt earning potential, pension contributions, and career advancement. 

When considering a career break, women often focus on short-term, immediate consequences on household income and day-to-day responsibilities. This is understandable, given that according to a Trade Union Congress 2023 study, 1 in 10 women in their 30s – more than 450,000 women – is out of the labour market because of caring responsibilities, compared to just one in 100 men in their 30s.

However, reduced pension contributions, compounding, and a complicated return to work can dramatically influence financial stability. 

Indeed, career gaps owing to childcare and other factors result in an average ten-year career gap for women, amounting to £39,000 in lost pension savings. As a result of the gender pension gap, women, on average, will have to work an extra 19 years to retire with the same pensions savings as men, according to the NOW: Pensions 2024 Pensions Gap Report. 

Divorce

Divorce often has profound financial implications, particularly for women who may have relied on their spouse for financial support. 

According to Legal and General, women not only see their household income fall by 41% compared to men (21%) in the year following a divorce, but they are also significantly more likely to waive rights to a partner’s pension, creating potential risk in retirement.

Suddenly switching to a single income household can leave women with money worries. This can be explained by women taking on a disproportionate level of family responsibility and care over the course of their marriage, often at the expense of their ability to stay in work and build their own pension pots.

Gender communication gap

The gender communication gap – that is, accessible guidance around the life events that weigh on female savers – further hinders women’s ability to take control of their money. 

There are lots of everyday discrepancies that can have a huge, life-changing impact on a women’s finances. For example, when women proactively seek out advice about the implications of maternity leave, they are not receiving all the information they need.

Another example is trying to consolidate pension pots that originally made in a maiden name, which creates administrative burdens that men don’t have to face. 

It’s often the case that communications around every day family finances (coincidentally the topics that fall under female responsibility) generally portray financial success as mums ‘making it work’, while content about investing typically represent a much more solitary and less relatable world. We subliminally discourage women from venturing into investments, despite the significant opportunity for financial reward. 

It’s therefore unsurprising that women are more likely to save money but less likely to invest it than their male counterparts. 

Adviser population 

When it comes to seeking financial advice, it is not uncommon that women prefer to consult other women, as they are able to relate to them on a deeper level, especially in cases of divorce or widowhood. 

According to a 2019 study on financial advice by Aviva, 49% of the UK population who sought financial advice were women. However, despite female demand for advice, women make up only 17% of financial advisers. 

Practical financial advice is built on trust and relatability: women bring unique insights, communication styles, and approaches to problem-solving, enhancing the overall experience of advice and service provided to women. And contrary to the stereotype, they are not risk-averse but rather risk-aware, carefully considering risks while making informed financial decisions.

There are steps being taken to encourage more women into the profession: training programmes such as the St. James’s Place Financial Adviser Academy place emphasis on the need for a diverse profession to accurately represent the clients they serve – the UK population. 

One of the ways the Academy works towards achieving this is by partnering with different organisations that reach underrepresented demographics within the financial advice profession – a selection of these specifically focus on attracting women to the profession. 

With an estimated 50,000 financial advisers needed to service growing demands in the UK, the imperative to engage with new talent from all walks of life is stronger than ever. The SJP Financial Adviser Academy has achieved 26% women graduating its programme since inception in 2012.

A step change

Efforts to address these challenges are not an overnight solution, and they require a holistic approach. Reducing the gender pay gap, implementing policies that support women during career breaks, and providing accessible financial education tailored to women’s needs are essential steps toward empowering women financially. 

Additionally, increasing the representation of women in the financial advice profession can help bridge the communication gap and provide relatable guidance to women looking to improve their overall financial wellbeing.

Author: Gee Foottit, Senior Manager at St James’s Place Financial Adviser Academy, and host of The Switch podcast

The post The buck stops here: Why women are less likely to take control of their money appeared first on Talented Ladies Club.

Concerns over pay within the NHS continue to grow with this past January marking the longest strike period in NHS history: a stretch of six consecutive days. The British Medical Association (BMA) are calling for a 35% pay rise for doctors, with NHS workers admitting they are struggling on their current salary.

With these concerns about take-home pay front of mind, it’s no surprise that there has been a 67% increase in the number of people opting out of the voluntary NHS pension scheme over the past four years.

Tellingly, 25,000 of those choosing to leave the scheme are under 30 and over 10% of those earning less than £20,000 per year opted out. Recent statistics revealed over 66,000 NHS staff left the scheme between April and July, double the amount compared to the same period last year. Of those, 23,000 nurses felt they simply couldn’t afford to pay into the scheme. 

With only 26% of NHS staff satisfied with their current pay, it’s understandable that many would choose to opt out of monthly pension contributions. However, the regular monthly payments do guarantee a payout when it comes to retirement. Therefore, the decision to opt out should not be taken lightly – seek regulated financial advice if required. It is also good practice to review your stance annually.

NHS Pension Management Service provider BW Medical is here to examine how the public NHS Pension works and why it can offer a better deal than a private pension.

Your NHS pension has a government guarantee

The fact the NHS pension scheme is backed by the government means your pension is guaranteed. Unlike private pensions, the NHS pension is not invested in various avenues but is protected and will last you for the entirety of your retirement.

The scheme has over 3.4 million members and pays out £12 billion every year. It plays a vital role in the provision of support services and the delivery of training.

This government backing gives recipients of the NHS pension far more security than those investing in a private pension. As long as you contribute, you are guaranteed a pension when you choose to retire.

The contributions payable within the NHS pension scheme can be thought of as less of an investment in a fluctuating market and more as a membership scheme that pays towards assured financial stability for your future.

You can find out what protections you can get in a workplace and private pension scheme here.

You get a defined benefit boost

Usually, pensions are defined contribution (DC) set-ups – in other words, your contributions are added to your employer’s contributions and invested. Depending on the success of these investments, your pension may increase or decrease and once spent, your money is not replenished.

You have a certain amount within your pension pot that must last you throughout your retirement. This amount can vary due to inflation and there is a chance your investments will fail, leaving you with a diminished or non-existent pension.

The NHS pension is a defined benefit (DB) set-up. With this kind of pension, your membership guarantees you a fixed amount of money each month until your death.

Your pension will not run out and the amount of money you receive each month is based not on the state of your investments but on the length of your service and your yearly salary.

A DB set-up offers far more security and peace of mind than that afforded by a standard private pension. Those on the NHS pension scheme do not need to worry about their monthly payments ending and if you’ve spent a long time working for the NHS, you can be rest assured that you’ll receive adequate compensation for your years of service.

You get elevated employer contributions

The employer contribution to a private pension scheme is usually only around 3%, with the employee generally contributing 5% of their earnings. However, with the NHS pension scheme, the employer contribution rises to over 20%.

Although the employee contribution does also rise above 5% with the NHS pension scheme, it doesn’t currently reach as high as the 20% employer addition. Monthly payments will rise in line with the salary, now based on actual earnings and not full-time equivalent (FTE) – so this is no longer just relevant to lower pay bands.

For instance, those earning between £29,636 to £30,638 will contribute around 8.8% of their pensionable pay, while higher earners with a salary of £75,633 and above will pay a more substantial 13.5% towards their future.

You can invest in your family’s future

Continuous membership of the scheme also offers benefits to your family and dependents in the event of your death. You can nominate a qualifying individual, such as your spouse or civil partner, to receive a lump sum worth two full annual payments if you die.

You can also opt for an adult dependent’s pension, which totals around 34% of your total pension and is payable to your eligible partner upon your death. If you have a child or children under 23 at the time of your death, the children’s pension is also available totalling a payment of around 17% of your full pension.

These additional benefits ensure that your family are not stuck without an income in the event of your death, allowing you to provide for your partner and invest in not only your own future but the future of any children or dependents.

While the increased monthly outlay required for NHS pension membership can be daunting, there are a whole host of benefits available for those taking part. And, in an increasingly unpredictable financial landscape, insulating yourself and your pension against fluctuating market conditions can give you peace of mind going forward.

If you can afford to contribute, it’s arguably one of the best ways to invest in your future when you eventually decide to retire from the NHS.

Speak to a regulated financial adviser before making any decision

According to Julie Mudditt, NHS Pensions Manager from BW Medical, if your salary allows, investing in the NHS pension scheme’s monthly payments offers you peace of mind that your retirement will be comfortable. The guarantee of a considerable pension throughout your retirement offers you both financial security and a degree of mental wellness.

Although the mechanics of the scheme can be complex, it truly is one of the best ways to ensure you receive the reward you deserve for your time spent helping and healing people during your career within the NHS.

Before you make any key decisions regarding your pension, speak to the NHS Business Services Authority. The BW Medical team would also always recommend seeking advice from a regulated financial adviser – that’s an individual working within financial services, rather than an accountant.

Your pension questions answered

If you have more questions about pensions, you may fid the answers in these articles:

• Five of the most-searched NHS pension questions answered by the experts
• Your pension questions answered
• The pros and cons of getting a personal pension plan
• Why you must prioritise your pension when you divorce – and how to split it fairly

BW Medical is raising the bar nationally in medical accountancy, tax and NHS pension advice with a team of specialist accountants delivering an exceptional, proactive and responsive service to a nationwide client base. 

With expert knowledge in the medical accountancy field and an understanding of the ever-changing nature of NHS policy and primary care finances, BW Medical has a proven track record of success. The BW Medical team is perfectly placed to help both recent graduates and experienced medical professionals when it comes to practice accounts, taxation and the complexities of the NHS Pension Scheme.

The post How public pensions work – are they REALLY better than private? appeared first on Talented Ladies Club.

The NHS pension scheme can be confusing but ultimately, it’s there to provide NHS workers with the financial security they deserve in later life. Since 2019, the number of retired NHS staff in receipt of six-figure pension payments per year has doubled.

More and more staff are receiving sizable pension payouts thanks to the scheme’s government backing. However, 2022 saw 53,762 NHS staff opt out of the pension in order to add to their take-home pay amidst the ongoing cost-of-living crisis. 26,100 of those opting out cited affordability as their main reason for leaving, with over 27,600 claiming they had to prioritise other financial investments.

According to recent figures, over a third of nurses who retired around two years ago returned to work within 12 months. These staff members often return to work with the promise of reduced hours and the ability to rejoin the pension scheme to further boost their pensionable income.

So, with uncertainty around the ability to commit to a monthly pension contribution, many NHS staff have questions about the NHS pension scheme and how exactly it works to benefit them in the long run.

The specialist medical accountants at BW Medical are here to answer your most-searched pension questions. Here are five of the most-asked.

1) How much will my NHS pension increase this year?

The NHS pension scheme is subject to a yearly increase in relation to the consumer price index (CPI). Any changes to the CPI come into effect in April of each year. The government may increase your pension payments to ensure they keep pace with the price rises due to the cost-of-living crisis.

The rate of inflation remained at 6.7% in September 2023, causing many to predict that government-backed pension schemes will allow for an increase of the same amount when it comes to pension payments.

We will not receive confirmation on the potential for an increase and how much your payments may increase by until April 2024. If increased, your revalued income will change according to the orders given by the HM Treasury, plus 1.5%. Even if prices begin to stabilise, your pension payment will not reduce.

2) How much does the NHS contribute to my pension?

For NHS staff in the UK, the employer contribution rate is fixed at 20.68% of your pensionable pay until 31 March 2024. Technically, the employer only pays 14.38% of this contribution, with the remaining 6.3% coming from central funding.

This current scheme valuation of 20.68% is due for an update in 2024. The new employer contribution rate of 23.7% will come into effect on the 10 of April 2024. However, this 3.1% increase will be funded centrally, so employers will simply continue to contribute 14.38% of your pensionable pay.

3) How does the NHS pension work?

The NHS pension scheme is able to pay out over £12 billion a year to retired NHS staff because it is fully guaranteed by the UK government. You will pay a percentage of your pensionable pay into your pension, which is then topped up by your employer’s contributions.

The amount you contribute is based on your salary, ranging from 5.1% for lower earners to 13.5% for higher earners. It’s worth noting that these contributions are currently under consultation. You will continue adding to your pension in this way until you choose to retire or opt out of the scheme. You can then withdraw your pension, either as a lump sum or in equal monthly instalments, guaranteed to continue until the date of your death.

4) Can I cash in my NHS pension early?

The minimum pension age will vary depending on which section of the NHS scheme you were a member of when you started pensionable employment.

Those in the 1995 Section are able to retire at age 60, or 55 if you have Special Class status (SCS). This status is a legacy provision for those engaged in pensionable employment, belonging to the 1995 Section. SCS allows for retirement at 55, without a benefit reduction – it was abolished for the majority of members in 1995. However, an exception was made for those who held SCS before the date of abolition and had held a consistent membership for five years or more.

Those in the 2008 Section can retire at age 65, while those in the 2015 Section can retire when they reach State Pension age or age 65 – whichever is later.

If you do decide to retire early, you will receive reduced payments to reflect the fact you’re receiving them early.  If you would like to apply for early retirement, you must contact NHS Pensions directly.

5) How much NHS pension will I get after 20 years?

Your final pension amount will vary depending on how much of your salary you contributed during your career and which particular scheme you are a member of: 1995, 2008 or 2015.

Members of the 1995 Section will receive both a monthly pension and a retirement lump sum. The amount will be based on your scheme membership and reflect the previous three years of your pensionable pay.

Those belonging to the 2008 Section will receive a pension based on both scheme membership and amount of reckonable pay. Your reckonable pay will be calculated using the average of the best three consecutive years’ pay in the last decade of service.

If you’re a part of the 2015 Section you will receive a pension based on 1/54^th of your total pensionable pay for every year of contribution. Your pension will increase each year thanks to a method called revaluation. The amount is set by the Treasury Orders, plus 1.5%, and your final payable pension will be calculated by adding together all of your revalued pensions earned per year of membership.

NHS Pensions can offer you a more accurate estimate as to the value of your pension if you fill out the relevant form via their website.

The NHS pension scheme can be complex, but armed with the answers to these commonly asked questions, you should feel well equipped to make important decisions when it comes to the value of your own contributions.

Paying into your NHS pension is arguably one of the best ways to invest in your future and increase the probability of enjoying a retirement free from monetary concerns. However, before you make any key decisions about your pension you should always talk to the NHS Business Services Authority and seek regulated financial advice from a financial services professional.

BW Medical is raising the bar nationally in medical accountancy, tax and NHS pension advice with a team of specialist accountants delivering an exceptional, proactive and responsive service to a nationwide client base.

With expert knowledge in the medical accountancy field and an understanding of the ever-changing nature of NHS policy and primary care finances, BW Medical has a proven track record of success. The BW Medical team is perfectly placed to help both recent graduates and experienced medical professionals when it comes to practice accounts, taxation and the complexities of the NHS Pension Scheme.

The post Five of the most-searched NHS pension questions answered by the experts appeared first on Talented Ladies Club.