There are five things you can do to ensure that you have a comfortable retirement.
Would you shrug your shoulders if someone asked you if you’re on track for a financially secure retirement, or would you be confident in your answer?
According to Which?, in order to live comfortably in retirement, couples require roughly £26,000 a year, while singles require roughly £19,000, including state and private pensions.
Many people are still working toward their retirement goals, according to independent research from Fidelity International, which found that women plan to retire with an annual income of £33,980, which is much greater than the £70,052 the average woman over 55 has deposited into her pension pool.
Those who are unclear about their retirement possibilities should contact the government-sponsored Pension Wise advisory program or seek independent financial counsel.
Meanwhile, here are some advice from Maike Currie, investment director at Fidelity International, to assist consumers determine whether or not their plans are on track for the retirement they desire.
Make a list of what you already own.
If you’re not sure if you’re enrolled in your company’s pension plan, ask your boss. They will be able to supply you with the pension provider’s contact information as well as assist you in viewing your savings. You’ll be able to track how much you and your employer contribute each month from there.
If you’ve worked for a number of organizations, you’re likely to have a number of pensions. These can be difficult to locate on your own, but the Pension Tracing Service can assist you and is completely free.
If you’re self-employed, start saving for a pension as soon as possible.
If you’re self-employed, start thinking about your pension as soon as you start making money. According to the Office for National Statistics (ONS), self-employed persons aged 35 to 54 are more than twice as likely as those who work for an employer to have no pension funds.
Sipps (self-invested personal pensions) are an option. You can still get tax reduction on pension contributions if you’re an employee with a workplace pension.
You are not required to have one. (This is a brief piece.)