When it comes to marriage and money, it’s good to talk
Millions of married couples have no idea about their spouse’s pensions and retirement plans, according to new research. More than three-quarters (78%) of non-retired married people do not know what their spouse’s pensions are worth.
3.6 million Britons have lost track of their pension savings
The more old pensions you have, the easier it is to end up losing one. Tracing pensions from years ago can be a hassle. Over 3.6 million Britons admit they have no idea how many pensions they have and risk paying more in fees than necessary, according to new research.
Due to the changes introduced by the government in April 2015, when you reach the age of 55 (subject to change) you now have more flexibility than ever when it comes to taking money from your pension pot.
Understanding your options and putting a plan in place
We spend our working lives building towards retirement. Choices we make today will have a big impact on the quality of our lives later on. If you only have a handful of years to go until you reach your retirement, it has never been more important to understand your options and put a plan in place – now could be a good time to re-evaluate your plans with us.
Over time, pension schemes close, merge or become renamed
Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else.
The staggering impact of the gender pension gap has been revealed in research which shows that women have lower pension pot sizes in every age bracket, with the situation significantly deteriorating as they approach retirement.
Providing an income or nest egg for your loved ones to enjoy, long after you are gone
The way that you decide to take your pension will affect what you can do with it when you pass away. While it’s not always easy to talk about, the way you eventually pass on your pension has the biggest impact on other people, so it will help talking to your spouse, children or other people close to you when you’re deciding how you take your pension savings.
Saving for your retirement is one of the longest and biggest financial commitments you will ever make. Imagine you’re retiring today. Have you thought about how you’re going to financially support yourself (and potentially your family too) with your current pension savings?The pension freedoms introduced in 2015 provide even more of an incentive to look again at your retirement savings.
Do you need to take action to avoid risking additional tax charges in retirement?
When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges in retirement.
S4 Financial Ltd is an Independent Financial Advisory firm, which is authorised and regulated by the Financial Conduct Authority. S4 Financial Ltd is entered on the FCA register (https://register.fca.org.uk/) under reference 401372.