Saving for retirement is something that most of us put off for as long as we can. But the reality is that the sooner you start paying into a pension the higher your income in retirement is likely to be. If you’re working you’re usually building up the right to a basic State Pension – and possibly an additional State pension – but these may not be enough to give you the standard of living you want. We can help you decide on which pension options will work the best for you.
What the FSA Say
The FSA says: “Your retirement can last 20 or 30 years – maybe longer, so you need to be prepared – you may be living on your retirement income a long time. Try to think about how much income you’ll need. Work out how much you’ll want to spend (using today’s price levels). If you decide to use a pension to save for your retirement, it may be a good idea to start one as soon as possible. If you put it off by just a few years, you could end up with a much smaller pension.
- Find out if your employer offers a pension scheme and whether they contribute to it.
- You cannot take your money out of a pension until you are at least 50 (this is going up to 55 by 2010).
- Many schemes give you a statement each year with details of your possible income at retirement.”
Member of the Association of Member-Directed Pension Schemes
Authorised and regulated by the Financial Services Authority
(SIB No: 133515)