Pension advice for the over 50s
January 9, 2008
Most of us have heard experts banging on about the importance of having a pension in place, and that you should start savings for your retirements when you are in your twenties or thirties. However, despite our good intentions many of us fail to start saving towards our retirements for one reason or other, and it only starts to hit home as we get older that we may not have enough to live on in our twilight years. In fact, according to recent research two out of three people in their 50s and 60s did not start thinking about their pension until after their 50th birthday.
Of course, the experts are correct in saying that the earlier you start saving for your retirement the better it will be for you. However, it is also important to remember that even if you have hit your 50s and have still not started a proper pension fund it is not too late to start savings towards your retirement. Of course, you will not be able to accrue as much as you would have if you had started earlier on but there is still the chance to save enough to make your twilight years more comfortable and enjoyable as long as you save hard.
First, when you are older and looking to sort your pension out you need to check and make sure that you do not have any existing pension plans in place. If you have worked for a variety of companies throughout your life you may find that you have some pension plans that you have lost track of or forgotten about, and at this stage every little helps. You need to get valuations for any pension schemes you do have in place, and if the performance of the pension is poor look at getting it transferred – although do also look out for any losses or penalties.
Also, don’t forget your state pension, as this will also form part of your retirement fun. You should look at getting a forecast on your state pension, as this will allow you to get a better idea of what you will be getting when you retire. You can do this online, and remember that the pension allowance does rise on an annual basis, so you may want to get an update if you have already had a forecast some time ago.
You then need to look at your finances and work out what you can afford to put aside each month towards your retirement. Remember, this money is for you and nobody else, so the harder you are able to save the more you will be able to enjoy your retirement. Make whatever cutbacks are necessary to be able to put aside a reasonable sum of money each month into your pension fund, and remember that you will enjoy generous tax rebates that will enable your money to work harder for you.
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