Start building a pension in your 40s

Start building a pension in your 40s

 

We’ve all heard the saying ‘life begins at 40?’ Well today, that statement might not be too far from the truth. If you’ve reached that milestone but haven’t given serious consideration as to how you plan to support yourself in retirement, now might be the time to do so. Below are three ways you may still build a solid pension for retirement.

Locate your existing pensions

Depending on how many jobs you’ve had during your career there is a good chance you will have contributed to a workplace pension scheme. As you move jobs those old schemes can become forgotten, making it harder to track down years later.

One of the simple ways to keep a track of your pensions is by locating any existing paperwork – although this is easier said than done. Annual statements will tell you a lot about the fund including how much it is currently worth, but not how performance compares to other funds.

As well as annual statements your pension enrolment letters will explain things in more detail. Should you be unsuccessful then the team here at Pensionlite will be able to help you track down where your existing pensions might be.

Combining your pensions

When it comes to your pensions and retirement it is important to be as organised as possible. The more you understand them the better placed you’ll be to plan out your financial future.

By combining your pensions into one pot could help you manage them more efficiently, as well as potentially saving on charges and management fees. Over time these fees can have a major impact on the size of your pension.

Of course combining your pensions might not be in your best interest, so it’s important to get the right professional advice before you make any decisions.

Start contributing now

Managing your finances can be tough and in the current economic climate every penny counts. However, you only get one retirement, so it is important to plan ahead and make the right decisions. If you’re not contributing to a pension then there is no time like the present.

One of the best things to do is create a budget of all your outgoings and incomes, from this you can pinpoint areas which you might be able to cut back on to allow you to put more into a pension fund.

At Pensionlite our team of experienced advisers are on hand to help you plan for your retirement. If you have a question about your pensions and would like to book a no obligation call or face to face meeting contact us today.

The value of your pensions, investments and the income they produce can fall as well as rise. You may get back less than you invested.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.