We could all do with getting a bit more engaged with our pensions, with frequent statistics warning that we're simply not saving enough for a comfortable retirement. That's why the Pensions Awareness Campaign was launched in 2014, and today (15 September) is Pensions Awareness Day 2017!
The aim of the campaign "is to alert the nation that it is not saving enough for retirement and to unite the financial services industry, businesses, employers and the Government to share innovative ideas and to work together in driving engagement with retirement saving", as stated on the Pensions Awareness Day website, and that's something we can all get on board with.
After all, it's now generally recommended that we save at least 12% of our salary into a pension, something that few people are able to achieve; even though auto-enrolment's minimum contribution is being increased to 8% next year, this may still not be enough to ensure you'll be able to live comfortably throughout retirement, so anything to raise awareness of that fact and get people saving more is understandably welcome.
As the Pensions Awareness Campaign says, "the time has come to take your future into your hands", and that means it's time to start thinking seriously about your finances. Start by saving as much as possible from as early as you can, ideally into a workplace pension to benefit from employer contributions and Government tax relief, and you may want to consider alternative options (such as a Lifetime ISA) as well.
Make sure to speak to a professional, too. The campaign has been touring the country all this week, and today the double decker bus is setting up shop in London. Advisers will be on board to answer all pension-related questions, so if you're in the Southbank vicinity, get on down! If not, there's no excuse to not get involved – look into getting independent financial advice elsewhere, as that way, you can be sure you're as prepared as possible for retirement.
It's all about engaging with your pension, so find out more about automatic enrolment
and why you really do need a workplace pension, and it could be worth increasing your contributions, too. Make sure to stay on top of your pension's performance as well, and if you're approaching retirement, consult our no obligation annuity planning service to consider your options.
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