This is our second of four weekly posts about your personal finances, this week we will look at pensions.
Pensions can be a very complicated subject. We all know they are going to be a source of income to us in retirement, but what else do we need to consider?
1.) How much do I need to contribute to be able to retire when I want to?
2.) How much can I afford to contribute without negatively impacting my current standard of living?
3.) What is my current pension situation?
4.) What are the tax benefits of pensions?
5.) When can I gain access to my pensions?
Pensions are often viewed in a negative way by consumers as they lessen the amount of money you can spend now. However, the long-term potential for growth within a pension makes them an extremely beneficial investment tool.
The attached article from iNews, published in March of 2018 discusses some of the main considerations people should be aware of with their pensions. The graph half way down the article is particularly useful when demonstrating the effect of compound growth over time on your pension investments.
Everyone has their own set of circumstances, at Fryer Glass we can help you understand yours, and help you maximise what your pension can do for you.
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