This week is Pension Awareness Week and pensions can be a great tax efficient way of saving for you and your family.
For some, pensions may seem “too complicated” or “boring” I like to keep things simple, with this in mind I have put together list of things to consider simplifying this area of financial planning.
It’s never too late to start contributing to a pension the benefits of compound interest over a period of time, can be hugely beneficial to your overall retirement planning.
My top 10 tips to get yourself ready for a brighter retirement.
- What do you want your retirement to look like? – Make a list of things you would ideally like to do.
- Locate all pension paperwork from past and present employers, you can also use the Governments pensions tracing systems for details of pans you may be unable to trace.
- Work out how much income you would need in retirement in the short term and longer term.
- Ideally at what age would you like to retire if you had the income to support you.
- Would you like to have any lump sums to spend on holidays, home renovation or exploring things you want to achieve in retirement.
- What does your state pension forecast look like… request a BR19 by visiting Check your State Pension forecast – GOV.UK (www.gov.uk)
- What do your existing pensions total. What income or lump sums will they provide in retirement ?
- Start to plan early, what risk profile and funds are your existing pensions in?
- Do you have other assets to help towards building a retirement you are dreaming of?
- Make sure you are part of your current employer’s pension scheme.
Retirement planning is like using a satellite navigation system, you enter your destination, and it works our various routes, the shortest, the fastest and takes into consideration any
Congestion you come across. We do the same think with financial planning, we help you to look at where you want to be, and look at the various options of getting there and highlight any risks you may come across.
As always, if retirement planning is something you would like to discuss further click HERE to book an initial chat.
