HAVE YOU REVIEWED YOUR PENSION LATELY?
Hopefully you already have a pension and each month it’s building up nicely, but is that enough? Life is continually changing. Families grow, relationships break down, new ones form and dreams and aspirations for your life during retirement evolve.
Could it be that the pension you put in place years ago, which was ideal at the time, is no longer suitable?
The obvious problem is that you might not be saving enough, but it’s equally as advisable to make sure you are not being overly cautious and putting aside so much that you are unable to enjoy your life now – especially if you are saving more than you could ever need. Having ‘too much’ during retirement sounds like a nice problem to have, but that’s not the case if you’re scrimping and saving in the present.
If you really have no idea how much you will need during your retirement, speak to us about lifestyle financial planning. We have dedicated financial forecasting software that can track a multitude of scenarios to put you on a better path to understanding where your money is going to come from, and go to, over the years that follow. With a better understanding of this, you are in a more realistic position to plan for the future and ensure that you are putting aside enough (and not too much) into your monthly pension pot.
NO-OBLIGATION PENSION REVIEWS – WHAT DO THEY COVER?
- An assessment of your current pension and savings. How are they performing and are you making the most of the options that are available to you?
- An evaluation of your present circumstances. Do you have enough to achieve the lifestyle you want now, and are you saving enough for the one you desire in the future?
- Any recommendations or suggestions regarding your pension, which could put you in a better position to meet your objectives
- A quote for putting in place any of our suggested recommendations – the review itself is without any fee however, and you are under no obligation to take any of our recommendations any further
WHAT IF YOU ARE NEW TO PENSION SAVING? HOW DO YOU KNOW HOW MUCH TO PUT IN?
For young workers who are still many years off retirement, and if this is the first pension plan that has been started, the advice is slightly different. Life is going to get expensive! The younger you are, the less likely you are to have the same level of outgoings as you will later on. You might think you have ‘no money’ now, but when marriage, children, mortgages and bills come along, you could find yourself with a lot less to be able to put aside. During your younger years, it’s highly advisable to put as much as you can towards your pension. You can review things later on, but for now, just save as much as you realistically can.
If you have further questions about how to futureproof your retirement, take a look at our place on retirement planning or contact us to find out more or to arrange a no-obligation pension review with one of our West Sussex or Surrey-based advisers.
This article does not constitute financial advice and should not be construed as such.