Maybe you’ve reached the midway point of your career, or maybe retirement is sooner than that, no matter what stage of your career you’re in, you should always know whether you’re on track for your retirement goals or not.
This does not constitute advice and advice should be sought in all instances before acting on it.
Are you still going to be able to retire when you want to? Have you done enough to ensure you won’t run out of money?
What can you do to guarantee your retirement is exactly what you planned for? Don’t put off reviewing your retirement plans regularly, it’s best to be proactive. Here are a few ways you can give your pension savings a boost and help you reach the finish line sooner.
Ramp up your contributions
If you find you have some work to do to catch up, the easiest thing to do is ramp up your contributions. The best thing you can do is max out your allowance, but if you can’t afford to do that, even just a small increase will go a long way. Even just increasing your contributions 1% means thousands of additional pounds in your pot later on thanks to the wonders of compound interest. So be sure you’re making the biggest contributions you can. And remember, the earlier you can start contributions, the better.
Get involved and review your strategy
Did you know that if you don’t like the pension provider your employer offers, you might be able to request for them to pay into a pension of your choosing? This way, you can choose what type of funds you invest in, taking the driver’s seat on your journey to retirement. Check with your employer to see if this is something they’re able to do though, many won’t, but it never hurts to ask.
Even if you can’t choose a provider, you don’t have to let someone else be in control of how you reach your retirement goals. Many pension providers offer multiple options, and if you’re in the default option, your money is not working as much for you as it possibly could elsewhere. If you’re comfortable with higher risk, consider a different strategy to maximise your reward. This approach is not for every stage of your career, so be sure to consult with your financial adviser to confirm if it’s right for you.
Check in with your advisor
If you need help building a retirement plan or want to schedule a review of your current one, don’t be afraid to reach out. We’ll help you build and follow a retirement plan so you can make the most of your retirement. Contact us today to get started.