Pensions have hit the headlines again recently, after it was revealed that a government think tank recommended raising the state pension age to 75.
Those that proposed the reforms said that getting more over 50s into work would boost the economy, but opponents argued that many would not live to see retirement.
Naturally, these plans are hugely controversial and there has been a massive outcry. However, one good thing could come out of all of this – that it might prompt people to think about their plans for retirement.
We live in uncertain times – and stories like this remind us that that it’s wise to make sure you are saving so that you can take care of your own future.
Research last year showed that over half of all Brits (51%) are burying their head in the sand and have nothing saved for retirement.
So if you haven’t given the subject much thought yet- what can you do now, to make sure you are building a decent pension?
- See a financial adviser. It’s worth getting decent advice from someone who will take an objective look at how you are planning to save for the retirement you want. They will assess your financial obligations ( things like kids, mortgage, cars) against your income and whether you would like to take early retirement.They can then recommend the right pension product for you.
- Piece together your pensions. If you have worked in more than one place, you might have a fair few pensions dotted around. See if you can track down any pension paperwork to find out how much money is in your old pots. If you’re struggling to find it, the Pension Tracing Service(link) should be able to help you track old pensions down.
- Consider combining the pots. If you do have several pensions from past jobs, it might be worth bringing them together. Putting pensions together can make them easier to manage, make your savings simpler and it could save you money. Amethyst can help you open a Private Pension or a Self-Invested Personal Pension.
- Keep up your contributions. It’s a good idea to balance your lifestyle now, with the lifestyle you want to be able to have in your retirement. Cashflow modellingcan help you look at your current financial situation and forecast your future. You and your financial adviser can explore different possibilities and how they will impact your retirement income, so that you can ensure that you are putting enough away.
Whatever your pension worries we can help. Our qualified advisers can help you make sure you make the most of your future, without leaving yourself short now, so get in touch.