Topic: Retirement

The coronavirus (COVID-19) pandemic has led to a reappraisal of urban living, with increasing numbers fleeing city confines in search of green space.

When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings and your potential later life expenses.

If you’re 10 to 15 years from retirement, you’re probably starting to think more about how you’ll spend your life after work. You might be contemplating travelling more, dedicating more time to your passions or enjoying more free time with your family.

When it comes to retirement insecurity, one concern dominates all others – the fear of running out of money during retirement. And with people living longer than ever before, it’s a very valid concern.

To encourage saving for retirement, the government pays tax relief on pension contributions. This means that your pension provider can claim tax back from HM Revenue & Customs (HMRC) and add that amount to each contribution you make.

The purpose of a pension is to provide an income for you to live the life you want once you have retired. But, due to longer life expectancies, less generous schemes and lack of understanding around saving, a common problem is that some people don’t retire with enough to last them.

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 run-up to your retirement may feel overwhelming, but this is an important time for you and your savings.

If you are approaching retirement age, it’s important to know your pension is going to finance your plans.