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Pension Planning Tips

 

Pension Planning Tips!

If you are aged between your 20s and 30s you should consider planning for their retirement. Regardless of the decade, we have outlined some key areas to focus on when you decide to plan for your retirement lifestyle. The aim of this is to give guidance on how you can make sure your retirement is one of comfort, ease and financial security. 

Failing to plan for your retirement can have severe implications for not only you, but also your own family. Living off a limited expenditure from one week to the next is not exactly a desirable lifestyle. With life expectancy on the increase, we are going to be around a lot longer, so it is prudent that we plan profusely to guarantee enough money for the future.

Lucky for you we have pension planning experts with over 37 years’ experience to help you plan for a richer retirement.

 Tip 1 – Open an ISA

Although we are frantically trying to pay off student finance loans, overdrafts and credit cards, whilst feeding our social agenda; it is important to try and put some money away. 

It might seem difficult at first, however by opening an ISA you can send a small amount to this account on the 1st of every month, or as close to payday as possible so that you won’t even notice it’s gone!!

Tip 2 – Save Within Your Means       

We may have begun earning our first proper salary, but early graduate positons are not overly well paid. So once the bills have been deducted from your wage, then save what you can afford; leaving yourself with enough to cover the remainder of the month.

Although there are more pressing matters at hand and much more exciting things to spend your money on, starting to save is a healthy trait and one to be sustained! 

Tip 3 – Clear that Debt

Most of us in our 20s have exhausted all student overdrafts. Student loan bills are coming in quick and fast. Before you know it we are no longer students and being forced to pay back all that borrowed finance.

The best advice from our pension planning experts is to clear that debt as quick as you can so that you can begin saving.

 

Tip 4 – Employer Contributions

Although the main priority at stake is clearing your debt, if your current employer offers contributions to your workplace pensions, then it would be rude not to take them up on that generous offering!

The amount an employer contributes to workplace pension tends to vary. Ultimately depending upon the amount paid in by you, your employer and tax relief from the government. These elements are usually calculated as an amount of your earnings.

If you need assistance in securing a richer retirement, contact Financial Foresight’s pension planning experts today! We are PFS accredited for our services in retirement and later life advice. Give us a call on  028 9332 2822.

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