Top Tips For Retirement Saving

It’s never too early to start saving into a pension…
You should start saving for retirement as early as possible as the sooner you begin the longer your savings have to grow. While other financial challenges can make this difficult, investing regular amounts in a pension throughout your working life gives you the best chance of enjoying a prosperous retirement.

…but better late than never
Never think it’s too late to start saving for your retirement. The favourable tax treatment pensions enjoy and their
potential for investment growth means any contributions you make later in life can still make a huge difference to your standard of living in retirement.

Retirement planning is vital for the self-employed
As the self-employed are inevitably responsible for their own pension provision, it’s particularly important that this section of society takes full control of their retirement planning. So if you belong to the growing band of self-employed workers make sure you don’t delay saving for your retirement.

Keep track of how your pensions are doing
It’s good to regularly review your pension arrangements to ensure they continue to meet your retirement objectives. Your pension provider(s) will send out annual benefit statements detailing your entitlements and you can also request a State Pension forecast. This information will allow you to assess your provision and decide whether you need to take further action, for instance, increasing contributions or setting up an additional pension. Many people only review their pensions when they’re about to retire, by which time it’s too late – don’t fall into this trap.

Plan your inheritance
It’s important to plan what will happen to your pension benefits if you die. Passing on your pension wealth is now relatively easy and some pensions can be inherited tax-free. It’s therefore essential that you keep your beneficiary nomination forms up to date as your providers will use this information when deciding who will inherit your pension savings.

Take control of your retirement
When you reach 55, it’s important to carefully consider what you can do with your pension pot. For instance, you could:

  • keep your savings invested;
  • take a cash lump sum;
  • draw a flexible income (drawdown);
  • buy a fixed income (an annuity),
  • or do a combination of these things.
While this flexibility may enable you to retire earlier or semi-retire, it’s vital you take full control of your retirement options at this stage. This should include seeking advice and discussing the pros and cons of the different avenues available to you.

Get good advice
Retirement planning is never a case of ‘one size fits all’; so it’s vital you obtain sound financial advice tailored to your individual needs. We offer advice and help with all aspects of pensions and retirement planning, whether you’re just starting out and want help choosing the most appropriate pension products, or you’re approaching the stage of life when you need to utilise your pension pot and want to know the most efficient way to access your funds. Remember: we’re here to help.

We provide you with impartial advice and services, delivered in plain English and tailored to your individual needs. Above all, we will treat every client with respect and provide personal attention from your first enquiry.

We arrange bespoke solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.

Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to or call us on 0151 372 0388

The above article is purely for information purposes and does not constitute advice.

The value of investments and income from them can go down. You may not get back the original amount invested. Information based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.

Past performance is not a reliable indicator of future performance. A pension is a long term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Warning statement
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

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