Save now not later for your pension
According to recent statistics, to generate an average income during retirement you need to save a total pension fund of over £180,000. It pays to think about your pension now, and not worry about it later. Recent figures from the Office of National Statistics show that, on average, pensioners generate £10,250 per year from pensions and annuities, in addition to the income they receive from the state pension. The rules on how you can generate an income in retirement changed in April 2015, and you now have much greater flexibility. However with that comes increased options that can appear confusing. Seeking professional advice from a qualified Independent Financial Adviser is always recommended to ensure that you aware of all the options available specific to your circumstances and needs. Receiving advice often leads to a saving in tax and added value to your retirement income or pension pot.
Pensions are an essential financial product to help save for future years. The tax relief they receive makes them an attractive savings option. By making sure you are saving for retirement and regularly reviewing this, you will have the peace of mind that you’ll be financially secure when you stop working without worrying about whether you can afford to get by. By planning ahead, you can take advantage of a number of schemes and investment opportunities to maximise your earnings now and the income you’ll be able to receive when it comes to your time to retire.
Pension Wise is the government’s pension advice service. It’s free to use, and it provides impartial guidance on the options available to you when you retire.
You can call Pension Wise on 0800 138 3944 or you can visit their website here
Early Adulthood – maximising your contributions
Midlife – preparing for retirement and consolidating your funds
Mature Adulthood – claiming your pension and the options available
Also, to learn more on State and Workplace pensions, use the links below.
State Pensions – Know you entitlement
Workplace Pensions – Find out what you have saved