We all want to look forward to a happy, healthy and enjoyable retirement. Here are some pointers to help you with your retirement planning.
- Firstly, you may have a main pension pot but do you have any ‘lost’ pensions? If you’ve worked for a number of employers then you’ve probably attained a number of different pension pots. Most pension schemes should send you a statement each year but if this is not the case you can visit the gov.uk website find-pension-contact-details to find out more. It may be a good idea to consolidate your pension pots to maximise your retirement income, pay less in charges and there could be tax relief benefits too.
- Secondly, establish your needs for retirement: You know best what your bills currently are and what they might be at retirement. Also consider what budget you’d like for travel and leisure. This will give you a good idea of what level of income you are aiming for.
- Also don’t forget to check your State pension: You will be entitled to State Pension as long as you have made the required number of National Insurance contributions. Men and women born between 6 October 1954 – 5 April 1960 start receiving their pension on their 66th birthday. For those born after that, there will be a phased increase at age 67 and eventually 68.
For more help, please contact us for a FREE pensions advice consultation. Your truly independent financial advisers in Norwich.