We all know it’s important to have enough money to retire on. But when life is busy, thoughts of pension planning can easily slip to the back of your mind. Here are a few tips that could help make progress towards achieving your goals – whether you have a pension already, or have yet to take the plunge.
A good starting point is to identify how much income you would like to live on at retirement. This helps assess how much you would need to be saving now, to reach that target. The sooner you start making payments towards your pension, the larger your ‘pension pot’ will be at retirement.
And even if you already have a pension, are you sure that current contributions will be sufficient? Pensions need to be reviewed regularly, to take into consideration changes to income, or life plans, that could affect how much you need to save. It is important to look at the full picture of your finances and plans, to make the most effective decisions about your pension. A good financial adviser can help you do this. They can also explain the various options available, to identify the best pension plan for your specific requirements.
So, why not take a look at your pension needs soon – it could make all the difference. Georgina Partridge is a partner at Plutus Wealth Management.
Plutus Wealth Management is based at 9 Bridewell Gate, London (tel: 020 7871 5200).