Pensions
Why do I need a pension?
When you retire, your need for essentials like food and shelter doesn’t disappear. In fact, you’ll likely want to maintain the lifestyle you've grown accustomed to. Unless you can count on a substantial inheritance or windfall, it's crucial to secure a reliable income for the rest of your life.
A well-structured pension plan, regularly reviewed and adjusted, can help provide you with a comfortable income during retirement.
Starting a pension plan requires immediate action, so it’s best to begin as soon as possible. If you’ve already started, now is a good time to reassess your current arrangements to ensure you’re on track.
How much do I need for retirement ?
The amount you’ll need depends on your retirement aspirations. What will your day-to-day living expenses be for you and your partner? How will you spend your newfound free time? What expenses, such as mortgage payments or childcare, will no longer be relevant?
Once you have an estimate, it’s wise to add a buffer for unexpected costs. This will give you a clearer picture of the pension amount you should aim for. Remember, pensions are subject to taxation, so consider income tax when calculating your final figure.
I already have a pension, So I'll be fine, Right?
It’s essential to regularly review your pension plan to ensure it’s on track to meet your retirement goals. If you're part of an employer's pension scheme, request a statement from your employer or the pension provider to understand your benefits. Alternatively, we can analyze your current provisions and recommend any adjustments needed to achieve your goals.
For personal pensions, the amount you’ve contributed, along with investment performance and fees, will determine the size of your retirement fund. Over time, your fund should grow, potentially benefiting from investment returns. As your fund increases, effective management becomes crucial, as even small percentage changes can have a significant impact on your pension value.
We offer regular assessments of your pension benefits to ensure they align with your objectives, providing tailored advice to help you stay on track.
What type of pension should i have?
The right pension plan for you depends on various factors, such as your employment status (self-employed, employed, or director) and the benefits available through your employer’s scheme, if applicable.
