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When thinking about retirement, it is all too easy to bury your head in the sand, particularly if retirement is still some years away.

Are You On Track For Retirement?


Research by "Which" found that retired couples need around £18,000 per annum' to cover household essentials, rising to £26,000 when allowing for extras such as holidays and other luxuries.

When thinking about retirement, it is all too easy to bury your head in the sand, particularly if retirement is still some years away. The following actions will help you to get back on track.

  • Gather together your latest statements to get a good indication of your total pension savings and what level of income you can expect.
  • Regularly check up on fund performance, consider switching out of poorly performing funds.
  • look for long periods of under performance, most market linked funds will have short term blips.
  • Make sure that you keep track of all your pension pots, according to "Aegon" 6.6 million people have lost track of pensions worth £3 billion.
  • Consider consolidating your pots into one, to make it easier to track. Stay wary though, some older plans have valuable benefits which could be lost on transfer.
  • Consider increasing contributions if you feel that you will not have enough to live on once retired. It is never too late and remember that you will be entitled to take relief on anything you pay in.
  • Consider how you will want to take income from your pension once retired, will you want a guaranteed in for life? Or, will you want the added flexibility of an income draw out?
  • Always take advice for an independent financial advisor who will do all of the above for you.

To make the most of your pension scheme, call us now on 01473 408422