Although it provides a foundation, your State Pension may not be enough to keep you going through retirement
Solely relying on it could also mean retiring later than you’d like to. To retire when you choose to and ensure you continue to enjoy the lifestyle you’re used to, you’ll most likely need to rely on the savings you’ve made into a pension scheme – which means starting that saving process now so you can reap the rewards when you retire.
Why should I start my retirement planning early?
Without planning, the chances of you achieving the amount of income you need in retirement is left to chance. Therefore, the earlier you start to plan for retirement, the more benefits you could receive when you finally get there. A financial adviser can advise you on everything from consolidating your current pensions to the types of schemes available, and how best to use your pension as an investment tool for retirement.
Why you might not be getting the most out of your pension
Although it’s not the only retirement income option available, a pension is an important one and you can benefit from tax relief on pension contributions. A financial adviser can explain the options to you in detail, and help you create a plan to suit you. If you want to find out more about the benefits of investing in a pension, or the types of schemes available, we’ve got you covered with our useful guide to pensions
Maximising your pensions tax benefits
As a UK tax payer, you can currently receive up to 45% tax relief on pension contributions*, depending on your individual circumstances. Simply put, the more tax you pay, the more relief you’ll receive. Our financial advisers work with in-house pension specialists to deliver expert, tailored advice and can assist you in making the most of your pension tax benefits. Request a free, no-obligation consultation with one of our independent financial advisers to understand the steps you can take now to plan for a smooth retirement.
*Taxation is subject to change.