Four tips for your pension pot this summer

When it comes to planning for retirement, saving is key. But there’s also some proactive tips you can follow while the sun shines to make your pension work harder.

1. Track down a missing pension

If you’ve worked in multiple jobs you may have workplace pensions or private pensions you have forgotten about. The Association of British Insurers estimates there is currently £19.4 billion in lost or unclaimed pensions in the UK. Tracking them down can be a tricky, time consuming process. Asking an adviser to help with your personal pensions can give you peace of mind not to mention free up your time!

During the first meeting with an Independent Financial Adviser we ask you about your working history and help you uncover any pensions you may have forgotten.

We call this the Fact Find.

2. Invest to suit you

It’s important to check where your pensions are invested and if they match your attitude to investment risk. There are a wide range of investment funds and assets to choose from. If you haven’t checked where your pensions are invested you may be limiting your pension growth. Don’t stop there! It’s also important to review your investment choices regularly especially as you approach your retirement age.

Our Independent Financial Advisers take the time to understand your attitude to investment risk and help you to define your personal goals for retirement. It’s all about getting to know you and tailoring your investments based on your personal needs. What does success look like to you? How do you intend to spend your retirement days?

Your answers to these important questions will enable us to shape your retirement plan around your needs.

3. Get the pension flexibility you need

Pensions now have much greater flexibility. You can often choose how and when to access them. Flexible options include annuity, drawdown and flexi-access drawdown amongst others. All options have benefits but they need to work for you. What may benefit Roger next door, might not work for you.

Taking the right personal advice will help you to understand the many choices available and effectively choose a plan that works for your personal circumstances. Our advisers spend time getting to know you and consider your lifestyle and retirement goals so you know you’re getting tailored, positive advice. 

4. It’s never too late to plan for retirement

Whether you’re celebrating your 50th Birthday or you’re fast approaching retirement it’s never too late to make the most out of your pension fund. Our clients range from all ages and they have one thing in common – they want to feel confident and secure in their retirement plan.

Taking the first step at any age will give you a better outlook on your pension and improve your savings.

Of course, the earlier you take an interest in your pension pot the better but we know other priorities can take precedence over planning for later life. We understand the confusion and pressures that comes with financial planning, we’re here to make it simple.

Life’s too short to worry about your finances, let your adviser take on the responsibility and give you confidence in your future.

If you’re worried about your financial security in later life and not sure where to start, speak to our experts today. Get peace of mind and improve your pension pot this summer, it’s never too late to start.

Book your free, no obligation meeting today: Call 01244 347583,or email info@innesreid.co.uk

This article is not personal advice

 

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The Financial Ombudsman Service (FOS) is an agency for arbitrating of unresolved complaints
between regulated firms and their clients. Further details of the FOS can be found on its website:
www.financial-ombudsman.org.uk