It’s YOUR pension. Don’t stay in the dark.

  • Only 1 in 3 people who haven’t retired yet know what their pensions are worth.
  • Just 1 in 3 have a clear idea how much income they’ll need in retirement.
  • 34% of those with a pension don’t know whether it is invested in the stock market.

Pensions have the reputation for being a complicated landscape and the jargon surrounding them doesn’t exactly fill people with ease. Even taking time out of your day to get to grips with your pension and thinking about your future plans can seem daunting.

If retirement feels far into the future, why bother pension planning? It’s often much easier to deal with the here and now, continue with the gardening, rather than mulling over your retirement plan, right?

If you don’t take time to understand your pensions and plan for later life, you could risk paying a terrible price for it in your retirement.

According to research by Now: Pensions, around 12 million people in the UK are under-saving for retirement.

Be pensions confident

Automatic Enrolment into a pension is of course a positive action, helping millions to save without having to do anything. However, it has created a sense that “its all sorted”. One issue with auto enrolment pensions is that many people only invest into it at the minimum level. While that will provide you with a small pension, it is likely that it won’t provide enough money for a comfortable retirement.

Getting engaged with your pension will empower you to look towards retirement with ease and enjoyment, not uncertainty. You could even boost your pot significantly, there are steps you can take.

Think of your pension as a long-term investment, saving for your future, helping you to achieve your hobbies, passions and dreams when you finally get to retire.

Benefits of personal advice planning

If you decide its time to think about planning for your future it’s a good idea to talk it through with an expert you trust.

Many of our clients come to us to gain clarity on their goals for retirement but also to achieve a sense of reassurance for the long term. It’s a huge responsibility to prepare for your financial future, especially when it comes to ensuring your money will last beyond your expected years. A recent study showed 25% of retired people wished they had saved more.

Take the first step

Check if you are on track to retire by using our Wealth Calculator

Meet Diane and Leigh – You can watch their story here >>

Leigh had worked for several companies throughout his career, with multiple pension pots in different places. As a married couple, they were both starting to think about their retirement plans but found it difficult to understand what their retirement might look like. They lacked confidence in their financial position and wanted to start planning for a future they could be sure of.

Innes Reid were able to provide clarity in their personal journey and map out a plan which give them the courage to start to pursue their holidays and occasional indulgences, safe in the knowledge their finances will be able to support them for the long term.

Value of advice

These days we’re living longer, experiencing more and travelling further. Innes Reid is here to make sense of where you are right now and what you need to do, to get where you want to be.  And when changes happen, Innes Reid are right there ready to give you advice on immediate issues affecting you and your family’s finances.

If you are concerned about your retirement and would like advice without the jargon, book your free, no obligation meeting here or call 01244 347 583 to speak to our team.

Source: Standard Life, Now Pensions, International Longevity Centre

 

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