When it comes to considering retirement planning too many people think pensions are too complex and are doing too little too late.
Putting away even a small sum early on can make a big difference to your pension fund and the lifestyle you will enjoy when you retire.
The golden rule for most people's pension planning is to seek independent financial advice and to not rely on the State alone.
Modern pension schemes benefit from some excellent tax breaks, and nowadays, you can even contribute to your pension when you don't work!
In April 2006, the government simplified the pension contribution process, Industry insiders dubbed these sweeping changes as A-Day. So what effect have these changes had?
Previously, your contributions would have been limited to a percentage of your earnings, now there’s one rule for all, which is of particular assistance to people in the 20 to 40 age bracket that may have put off investing in a pension so far. People within these groups can now put in larger sums later, instead of saving modestly, without being penalised for doing so. Remember, however, that the benefits of saving early can be substantial !!
Regardless of the life stage you have arrived at, it is important to receive professional pension advice on your retirement planning requirements.
We only select pension products and providers from the Sesame Independent Adviser ‘Recommended Product List’ to ensure our clients receive the very best advice possible.
If you need advice on any aspect of your retirement planning please click on the email link to contact us.
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