In the blog we will be discussing why reviewing your pension is important, looking at areas for improvement and how you can save more money each year towards your pension. We will cover the main suggestions from our Financial Advisor, Nick, and how much you need to retire comfortably.
Review Your Pension
A pension is money you’ll use to live on when you retire. Most people get a state pension but this only provides for your basic needs. To make sure you have the standard of living you want in retirement it’s best to save in to a pension scheme. Many people do not review the pension schemes regularly and this can lead to poor returns from the pension. It’s your money and naturally, you would like the best return at retirement.
Are you getting ongoing advice?
Sadly only a small number of individuals who have pension benefits have reviewed their pension plans on a regular basis. Many people hold a number of different pension plans and have no understanding of how their pension plan works, the charges, the risks or benefits the could expect to receive.
Can you reduce charges?
Over the last 20 years, pension products have developed greatly and one of the main changes is that much lower charges exist with modern pensions. Charges have a direct impact on the returns and final benefits you will receive from your pension fund.
How much could you retire on?
Unless you review your pensions regularly, it is unlikely that you will have an idea of how much income you could expect to receive from your pension funds when you retire. The state pension is unlikely to be sufficient for the vast majority.
Need help with an annuity or drawdown?
If you are thinking of taking either an annuity or a drawdown at retirement it is advisable to search the whole market to find the best option. If you want to buy an annuity, moving to another provider could give you a bigger choice and potentially a higher income. We recommend using Zurich’s drawdown calculator.
Make sure to book an appointment today and let us review your pension.