The best time to do life admin tasks is when you have had some downtime. So, after all that surf, sea and sun, check in on your pension. We list five crucial things to check…
1. How many workplace pensions do you have? Can you access all of them? It’s time to gather all the paperwork and find out how to log in online.
2. How much have you saved so far? Is your retirement income on track? To find out, please use this pension calculator.
3. How much do you contribute to your pension every year? Is it enough? Are you able to pay in more? What are your workplace pension rules?
4. Do you know how and where your pensions are invested? Are the investments right for you? Are you taking advantage of all the tax benefits?
5. Acquaint yourself with your state pension. Have you checked your National Insurance qualifying years? The qualifying years on your National Insurance record affects the amount of state pension you receive. Check your State Pension forecast to see what you might get when you reach state pension age.
If you are unsure about your pension options, we suggest two places to start your research to help you gain a clearer understanding of pensions. Money Saving Expert has an excellent article on Pension need-to-knows and a guide backed by the UK Government, Moneyhelper.org.uk can recommend trusted advisors.
Happy Hunting…
This article is not financial or personal advice. We are not financial advisers. The information contained in this article is designed for educational and informational purposes only. It is provided solely to enable you to make your own choices. Always remember that if you choose to invest, the value of your investments can fall or rise, so you could get back less than you invested. So, it is essential to seek advice from a qualified, authorised and registered professional. Note also that past performance is not a reliable indicator of the future performance of any investment.
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