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Pension/ Retirement planning

What is a pension plan? A pension plan is a long term savings plan, where you regularly put an amount and/or once off lump sums are built up into a fund for your retirement. A pension plan is one of the most important investments you are likely to make in your lifetime. Nobody really knows what life has in store for them or when they will stop working. One thing is for sure that due to advances in modern medicine and improved standards of living, people are generally living longer and can look forward to 20 -30 years in retirement. The problem is that the majority of us will not save a sufficient amount to maintain their existing standard of living in retirement. The true reality of the state pension reflects like this;

  • From age 66 1st Jan 2014
  • From age 67 from 1st Jan 2021
  • From 68 from 1st Jan 2028

Time is not lost if you haven’t get a pension. If you are in your 20s or 30s why not start small and build your fund gradually. So, whenever you get a pay rise, win the lotto, commit to putting part of increase into your pension. If you are in your 40s or 50s when you begin saving into your pension plan, you will naturally have more ground to make up. So you should commit yourself to saving a higher amount and you may decide to do this by making Additional voluntary contributions towards your pension.

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