Welcome to Pension Awareness Week!
This is the perfect time to take stock of your retirement plans, whether you’re just starting your career or getting closer to retirement.
Planning ahead doesn’t have to be complicated—small steps now can make a huge difference later.
Over this week, I’ll guide you through 9 key areas to help you take control of your pension and future finances.
Welcome to Pension Awareness Week
The first step is simply being aware. Pension Awareness Week is all about giving you the tools and information to act. By focusing on your retirement now, you can make smarter decisions and potentially enjoy a more comfortable future.
Task 1: Look at Your Old Pensions
Many of us have pensions from previous jobs tucked away, forgotten, or lost in paperwork. Take the time to gather details of all your old pensions—it’s the first step in understanding your full retirement picture. Knowing what you already have is key to planning effectively.
Task 2: Use the Pension Tracing Service
If you’re struggling to find old pensions, the government’s Pension Tracing Service can help.
This free service allows you to locate your previous pension schemes so you can know what’s out there.
https://www.gov.uk/find-pension-contact-details
Task 3: Look at Your State Pension Forecast
Your state pension is an important part of your retirement income. Check your forecast to see what you’re entitled to and whether there are gaps you might need to fill.
https://www.gov.uk/check-state-pension
Task 4: Review All Your Finances
A pension doesn’t exist in isolation, review your overall finances. Look at savings, investments, debts, and spending. Understanding the bigger picture helps you make better decisions about how much to contribute to your pension and when.
Task 5: Think About Your Goals in Retirement
What does your ideal retirement look like? Travel, hobbies, spending more time with family, or starting a new venture?
Knowing your goals will help you work out how much income you’ll need and guide your pension planning.
Task 6: What Do You Need to Live?
Estimate your expected expenses in retirement. Consider housing, utilities, food, travel, healthcare, and leisure.
This will give you a realistic target for how much income your pensions and savings need to provide.
https://www.retirementlivingstandards.org.uk/
Task 7: Who is Your Nominated Beneficiary?
It’s important to check who you’ve nominated to receive your pension benefits in case something happens to you. Keeping this up to date ensures your loved ones are protected and your wishes are respected.
If You’re Still Confused, Get in Touch
Pensions can feel complicated, and that’s completely normal. If you’re unsure about anything, seek advice. Speaking to a financial adviser can clarify your options and help you make decisions that are right for your situation.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). Your capital is at risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested.
Contact us today to discuss a tailored financial plan for your future.
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