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Worried about your pension? 7 things you should not ignore.

 
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Worried about your pension? 7 things you should not ignore.

refugees-1020163_1920 (2)I have spoken to so many people recently who are concerned about whether or not they are saving enough into their pension scheme.  There is no doubt that pensions sound complicated and this puts many people off finding out what kind of income they will have in retirement.

Do you have a nagging feeling that you should be finding out whether your pension benefits will be enough to support you in your retirement years?

Are you one of the many people who, when faced with the pension jargon, simply get confused, so give up and do nothing?

Could that be a problem?

Yes, of course it could.  Royal London, the pension’s provider, have recently published research suggesting that in order to have the same standard of living as our parents, working age people today would need to postpone their retirement until the age of 81!

I certainly don’t relish that prospect and I am sure most people will not be keen (or able!) to work until their early 80s.  So we really need to start taking action on our retirement pension now, regardless of our age.

In the UK, we are fortunate enough to have a state pension, but changes to this have already been made, with the age for both men and women being gradually raised to 66 by 2020, and to 68 by 2046.   After 6th April 2016, the new full State Pension will be just over £8000 per year, for those with over 35 years of National Insurance contributions. This amount will decrease for those with less years of contributions and those who have less than 10 years of contributions will not be eligible for a state pension at all.

It is obvious that, for many people, this amount will not provide them with the retirement lifestyle that they would like.  If you are one of these people, then you really need to consider whether or not you have saved enough to supplement this and allow for a comfortable retirement.

“OK, but where should I start?”

(Helpful links for each area follow the infographic below)

pension

LINKS:

Simple guide to pensions from Money Saving Expert

Money Saving Advice’s income options in retirement

How to get a state pension statement

Money Advice Service’s pension calculator

Although the calculator is not a precise science, taking the above actions will at least give you an idea of the income that you might have in retirement.  Once you have done this, you can then make informed decisions based on these figures.  That’s another post for another day!  Subscribe below to be informed when that post is published.

I hope that this has helped you work out whether or not your pension is going to be able to support your retirement plans.  If you found this post useful then please share it with any friends who might also benefit from it.

Feel free to join my private Facebook group where you can ask questions and get some extra tips and suggestions for saving money.

Eileen x

I am Eileen Adamson, a Your Money, Sorted coach, working online with UK based women, helping them to develop a better relationship with money.  By gaining an understanding of how their personality affects the decisions they make, I can help them to implement changes which will allow them to feel calm, positive and confident that they are in control and making good financial decisions.  I can then support them to put into place simple strategies that will allow them to manage their finances effectively on a daily basis and create a stable, secure and exciting future for themselves.

 

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About Eileen Adamson

I am Eileen Adamson, a Your Money, Sorted coach, working online with UK based women, helping you to develop a better relationship with money. I can help you to understand your money mindset and implement changes which will allow you to feel calm, positive and confident that you are in control and making good financial decisions. By doing this I can help you to create a stable, secure and exciting future for yourself.

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"sandieIt’s not just that I have saved money each month, and I have saved a substantial amount, but my attitude to my finances and how I spend my money has changed. I learned about my habits, personality and attitude towards money and faced my fears, taking my head out of the sand! I have developed better habits and am committed to sticking to them. The structure of the course suited me as it was in bite sized daily chunks and for anyone who is worried about the work load I did it and I am a full time teacher with 2 children who was also training for a marathon!! If you want to make changes then you will find the time. Eileen is very supportive and always available for feedback and to answer any questions and I also found the contact with the other participants really useful. I loved the practical tips and web links via the information sheets and will definitely be referring back to them. All in all a brilliant course – Cheers Eileen!"

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