How could you boost your pension plans?
What are you most looking forward to about retiring? For many people, it’s the extra time they’ll have to spend with their family. For others, it’s about immersing themselves deeper in their hobbies. Or the opportunity to travel and see more of the world.
Whatever is on your retirement to-do list, it’s going to be really important you have the financial capability to achieve your goals. Everything changes when you stop working and receiving a regular salary. Instead, you will be largely relying on what you’ve built up inside a pension.
And it pays to be prepared for that change.
Don’t leave it too late
September 2020 research by Money and Pensions Service (MaPS) found over a third of over-50s leave retirement financial planning late in the day. Or won’t plan at all. The MaPS also asked people who have recently retired for their tips for the next generation of retirees. The advice was clear: take action before it’s too late.
Whether that be saving more towards your retirement, whilst you still can, or seeking guidance on how to best organise your retirement finances. The final few years before you retire are a really important opportunity to get ready – really ready – for the exciting new chapter that lies ahead.
Speak to an expert
If you’re not sure where to start, don’t worry – that’s perfectly normal. Skipton Building Society could offer you personalised financial advice on planning your retirement. From assessing the current strength of your pension plans, to looking at what else you might need to do to achieve your goals.
Your retirement aspirations are very personal. Skipton’s financial advisers could help you to build a strategy that’s right for your individual circumstances.
“Planning for retirement consists of more than simply putting money away,” explains Gareth Smith, retirement planning lead at Skipton. “It can help to look at how your pension is invested, and the options to improve your situation.
“Even if you’re pretty confident you’re taking all the steps you need, it doesn’t hurt to check with an adviser that nothing has been overlooked.”
Is your pension working as hard as it could?
A defined contribution pension is one of the ways to save for retirement and offers many valuable benefits. As you edge closer to retirement, it can become more complicated and you’ll have to make some important decisions over how you use it. Decisions that can have big consequences.
So this may be a good time to check if you’re on track to have enough money. Skipton could review your pensions – even speaking with providers on your behalf, to check the fine print – and they’ll help you factor in any old pensions you’ve paid into, such as in previous jobs.
There’s no reason not to get started now. Skipton offers face-to-face appointments at their branch, on the phone or through their video link service. They’ll research and present recommendations for you to consider – all with no pressure to act, or any upfront fees to pay. You will only be charged if you accept and act upon our recommendations.
Get in touch
A pension is a long-term investment and your capital is at risk. Your fund value can fluctuate and can go down. Your eventual income will depend upon the size of your fund at retirement, future interest rates and tax legislation.
Silversurfers is an Introducer Appointed Representative of Skipton Building Society, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, under registration number 153706 to provide restricted advice. Should you take advice from Skipton Building Society, Silversurfers will receive a fee for the introduction. To help maintain service and quality, some calls may be recorded and monitored.
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