27 Dec, 2017
26 Dec 2017 During the festive season, pension and retirement planning is rarely top of people’s “to do” list. But once the excitement of Christmas has passed, organising your future finances can be a great way to kick start the New Year, making sure you save enough for the retirement you’re hoping for.
Peter Bradshaw, National Accounts Director, Pension Monster offers five top tips to help people put their finances in order ready for the New Year:
- Swot up on your financial future: It’s crucial to understand how to provide for your future. There are many tools and services available that will enable you to forecast your budget and create a savings plan. One great example is Pension Monster which explains different options and offers free online guidance in just a few clicks. It helps you to plan realistic savings goals and see how much you need to budget in order to meet them.www.pensionmonster.com
- Start saving now (if you haven’t already!): It may sound obvious but the sooner you start your contributions the longer they have to grow ahead of retirement, plus building up a ‘nest egg’ removes temptation to use it for something else and encourages a regular saving habit. So, don’t delay, start saving today!
- Changing jobs? Don’t forget to keep track of your existing pension entitlements. : For many, the start of the New Year means the chance to rethink career choices. Don’t forget to stay in touch with your former pension schemes to receive annual statements, that way you’ll know just how much you’ve got tucked away, before you consider your next savings.
- Talk to the professionals: It will help clarify exactly what your options are and help you get the best returns to achieve your retirement objectives.
- Stay on top of your finances: Once you have set a financial plan, make sure to review it regularly and budget accordingly. Yearly statements and forecasts are available for all pension plans, making it easy to monitor your savings and view how well your long-term savings are performing for you.