How much time do you have?
by Tony Larkins
September 2023
How fast would you travel if you had one hour to travel 60 miles? Answer: 60mph
How fast would you need to travel if you left 10 minutes later? Answer: 72mph
How fast would you need to travel if you left 20 minutes later? Answer: 90mph
How much would you save into a pension if you started now? Answer: Well, that depends on your retirement plans…
According to the Pension and Savings Lifetime Association there are three categories for pension income: minimum, moderate, and comfortable.
Since your pension fund is designed to be your income for when you retire, having a clear savings plan is always the best option. The sooner you start saving into your pension, the longer it has to grow. The better the plan, the more achievable it is.
Not everybody knows exactly when they will retire and that’s okay. The starting point should be to figure out how much you want to retire on. Then look at your current situation, and create a plan to realistically achieve this goal.
Hopefully, you have pension funds already, and know whether or not you are on track. Remember, the investment strategy of five years ago is different to now, so it’s possible that your plans may need to change.
It’s important to review whether you’re in the right pension and/or right funds, and to see if your funds have been affected by the past few years’ lack of growth. If you’re unsure if your pension is on track to achieve your goals or have questions you don’t know the answers to don’t panic. This is what a financial adviser is for.
For some, meeting with a financial adviser may be outside their comfort zone. This may be down to various reasons, but your financial adviser is not here to judge.
They will help you to make the most appropriate decisions for your pension and will assist you on your journey to retirement.
If you would like to speak with one of our pension experts, please call us on 01480 869466 For a free initial, no obligation chat.
Future fees may apply.
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