How ever old you are, the thought and discussions about Pension planning are ALWAYS brought up. Retirement is a huge life event that all of us will experience. So what can be done to help you prepare? We have a few tips to help you prepare:
Our top tip is: Prepare Early!
We strongly recommend this. Think how quick each year goes by, and before you know it, you'll be approaching the retirement age. It is best to be prepared and start saving early in order to be comfortable in your retirement. It is easiest to prepare by setting out goals for yourself. How much do you want to have in retirement? At what age do you want to start taking out your pension? These are two crucial questions that need to be answered early on, with these answers guiding your goals for retirement.
Our second tip is: Put away money regularly.
It is never too early to start. When you're starting a new job, or reviewing your Pension Scheme with your current, it is best to query anything you're unsure of. Often employers will provide a Pension Scheme for you, so it's vital you understand
a) how much you're paying in
b) the benefits of the said scheme.
The earlier you start, the more pension you will have.
Another tip is: Make sure you have an annual review of how your pension is performing.
It is best to know exactly where you're up to, and whether your pension needs to be updated in any way. It's best also to keep a printed or online file in a safe place, detailing where it's up to.
If you're unsure of anything, it's best to receive pension advice from a trusted advisor.