The UK is facing a challenge - we are not saving enough for the future.
Pension Awareness Week, 11th - 15th September 2023 encourages people to engage with their pension and understand the benefits of financial wellbeing.
Your pension is arguably one of the most important investments you'll ever make, yet almost half (47%) of UK workers* say they don’t know what their pensions are worth. Retirement planning can be daunting but this checklist will arm you with some key pension questions you need to ask yourself:
1. What pensions do I have?
Did you know that almost 14% of people are unsure of how many pension pots they have? It’s easy to lose track of them for example, if you change a job or move house. Work backwards through your working history, check back through old pension statements to remind yourself of any other pension plans you may have set up in the past.
2. How much state pension will you get?
It's important to factor in how much State Pension you are eligible to receive. Check your state pension forecast and find out
how much State Pension you could get
when you can get it and
how to increase it, if you can.
3. Could your pensions be easier to manage?
With the average worker having 11 different jobs over their lifetime, many people can end up with lots of different pensions. It may be sensible to think about whether consolidating them into a single plan might make your retirement savings easier to manage?
However, you will need to make sure you are not giving up any valuable benefits before you decide to transfer your pension.
Take control of your future career and retirement and contact Riada.
*Telegraph Media Group