Starting a Pension

Are you starting a private pension or any other type of pension? Why not try our free pension advice?

It is now more crucial than ever to start planning and saving early for your retirement. Life expectancy has risen significantly over the past 20 years, for example, a woman who turned 65 in 2020is now expected to live to the age of 876 ½ , while the average 70-year man is likely to live past 84. A longer lifespan means a long and costly retirement, which is why it is so crucial for you to start saving for retirement early.

Minimal State Pension

As people are now living a lot longer, the knock-on effect on the State pension is that they will not be able to sustain those who are looking to rely on it. It just about covers the basics with little or no room for luxuries, and with a growing older population, it is likely to continue to be worth less in real terms.

Company Pensions

Employers have now changed the way they support their employed pensioners.

Most companies would offer generous pensions to their staff back when atypical employee spent most of their career at one company. But with the average employee now more likely to spend their career working for several different companies, many employers have now decided to cut back on their pension offerings for their employees.

Auto- Enrolment has meant that all employers are obliged to provide a pension for all employees, this has increased the move towards defined contribution pension schemes.

Everyone is going to have to start thinking for themselves and start taking more personal responsibility when it comes to saving for their retirement. To improve your chances of a wealthy retirement, it is best if you start putting savings away as early as possible.

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