Retirement is something most of us look forward to − particularly on a Monday morning. However, those thoughts are often little more than a whimsical cocktail of not having to work and prolonged holidays. The reality could be rather different.
Ensuring you have enough to live on in retirement, however, isn’t straightforward. A report from the Pensions Policy Institute, published in June 2021, suggests that around a quarter of those approaching retirement are unlikely to receive a minimum income (defined then as £206 a week for a single person and £318 for a couple). Around half will fail to receive a personally acceptable level of income. Not planning adequately for your later years could have a serious impact.
Our guide focuses on helping you plan for your future, including:
- The different options you have for saving for retirement
- Types of pension – Defined Contribution and Defined Benefit
- Making pension contributions – how much to save for retirement
- Understanding Pensions Freedoms rules and your options for withdrawing your pension
