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What is a pension?
A pension is a long-term investment/savings plan (ten years or more) that aims to build a fund for your retirement. This can be used to provide you with an income when the pay packets stop – your pension.
Have you old pensions from previous employers? Are the charges excessive? This is where reviews can help.
When was the last time you reviewed your pension?
It is so important to review your plans, most things have to be serviced/reviewed. You get your car serviced every year….why? to make sure it doesn’t break down. You cut the grass every week…why? – so it doesn’t get out of control.
So you should review your pension every year…why? To make sure that it does what it set out to do. Make sure market conditions haven’t adversely affected your plan.
Also beware if you are transferring your pension to another provider. What is the investment? Is it alternatives such as overseas property, storage units or car park spaces? These investments may not be suitable for you. Check it out thoroughly and check the credentials of your advisor.
How much are you spending? How much is left for savings and investments?
Your life can change a lot when you retire, so it’s well worth making sure you have a healthy overview and understanding of your financial situation.
Getting a clear idea early on will mean you can adjust or tweak your route to retirement without it having a big impact on your day-to-day life now.
Download the pre-retirement checklist to get started.