The vast majority of people are not committing enough of their income towards retirement provision. Even the smallest amount early on can make a significant difference in the long term, if maintained and increased in line with inflation or salary rises.
There are limits to how much you can place into your pension in any year, as well as the amount that can be accrued during your lifetime.
One thing is for sure – do not rely on the State for your retirement income. Although your adviser will include this in the overall retirement projections, our experience is that it is a welcome top-up to your retirement income, rather than the bulk of it.
There are many different types of pension schemes in the market place, from personal pension, company schemes and final salary schemes to Self Invested Personal Pensions. Pension legislation is a complex and moving feast and we believe that it is an area in which our clients benefit enormously from the advice our advisers give them. Whether you have existing schemes that you would like us to analyse or you are starting up from fresh, your Bright Blue Wealth Coastal adviser will talk you through the benefits and drawbacks of each type of pension.
The long term nature of pension planning means that, with regular reviews from your adviser, you can make a real difference to the outcome of your income for the future.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.