Pensions and later life planning

Retirement planning is like a lot of things in life. The earlier your start, the easier it is for you to achieve your goals but like a lot of other things in life, it’s never too late to start!

While planning for your retirement can be complex, saving for later life is something that we should all be looking into sooner rather than later.

With changes to the state pension and without your own provision, you could end up working longer than you really want to. This means less time to do the things you prefer; such as spending time with family, cruising the world, or simply taking it easy and enjoying your retirement!

With that in mind, why leave it any longer? Get in touch today and let Your Complete Wealth help you to plan for the future.

Will the state pension provide me with enough to live on?

From April 2022, the maximum Basic State Pension will be £185.15 per week. However, the actually amount received will be dependent on your National Insurance contribution record.

Is £185.15 enough for you to live on in retirement? Would this even cover basic expenses?

Research by Which* suggests that the State Pension is not enough. The magazine thinks that retirees need around £14,000 a year in income just for the basics. To retire in ‘comfort’ they think that £20,000 per year is needed. Both these scenarios are assuming retirees are owing their own home!

Relying on the state to provide for your retirement could leave with much less to live on than you think. Secure your own future and that of your family with professional advice and planning from Your Complete Wealth.

*source: Which Money, How much will you need to retire?

I have lots of different company pensions. Can I move them into one?

Yes, you can! If it’s the right thing for you to do, Your Complete Wealth will help you.
Having lots of different pensions can be very difficult to keep track of. If you don’t know what you have, how can you plan effectively? Moving all those little pensions into one pot can make managing it and planning for the future so much easier. You Complete Wealth will look at what is best for you and make sure your pensions are working hard, ready for retirement.

I’ve lost track of my pensions. How can I get the details of them?

Don’t worry. The government’s Pension Tracing Service can help you to track down old pensions. If you have your old company name, this will help you find the right contact details to search for a lost pension. Follow this link to get started.

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I’m self employed. Can I still have a pension?

Yes, you can and you should!

If you’re self-employed, saving into a pension can be a more difficult habit to develop than it is for people in employment. Preparing for retirement is crucial for you too, relying on the State Pension could leave you seriously short of your retirement goals. Get in touch with us today to arrange a free, no obligation chat with a specialist.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.