Have you thought about your pension?
Pensions are important. Thinking about a pension early on in your career or making sure you pay in enough to support your retirement is something we should all think about. It also helps us to avoid pension poverty in the future.
Since 2012, pension auto-enrolment has been a way of life with over 10 million of us now taking advantage of a workplace pension.
Over the past decade, there has been a real change in the way that people can access and use their pension pot with a focus on flexibility. It’s easier now for us to reap benefits before its too late, but what does the future hold for pensions and why should we take a look at our financial wellbeing?
Start early! Paying into a pension when you begin work will not only help you to save for retirement but it will also get you into the habit of committed saving. The more you put in, the more you will get out and by starting the pension journey early on, it will give you more choices before or as you reach retirement age.
The increased accessibility of pensions is opening up a brand new world of financial wellbeing for all of us and with low-interest rates and market uncertainty, some of us may need to look at our finances holistically to make sure they are working hard enough for us both now and in the future.
Here are our top tips for financial planning and minimizing debt.
- Start with your relationship with money. Most people buy and spend emotionally and then justify it intellectually so think about how to stop letting your heart rule your head
- Make time to set shared financial goals with the people that matter most. It’s always easier when you work as a team
- If you have debt, don’t ignore it. There’s lots of free advice out there
Even as you get older and priorities change, take time to look at your own financial wellbeing so that you can learn important lessons on how to manage your money and save for those expenses that you know that life will throw at you. Passing that onto the next generation is the best legacy you can leave.
For more information about pensions and financial wellbeing, speak to our dedicated and specialist team on 01454 808658.