Whether your retirement is something in the far future, the present, or something you’re hoping to reach in a few years, the fact remains you should be putting the steps in place now to make this financially comfortable. Everyone deserves a happy retirement, but ultimately if you can’t sustain this, you may find yourself struggling.
So, what can you do to avoid this and put yourself on a solid financial footing? Here you can find a few approaches to take to help safeguard your retirement.
You aren’t limited to a standard pension plan, there are also SIPPs or Self-Invested Personal Pensions. These Government-approved schemes can allow you to essentially create your own pension with investments.
There are only certain investments permitted though, including shares, trusts, commercial property and cash, so this is something to check first. Overall these can give you more control over what and how you save for retirement.
Make the Most of Government Investment
As articles like this from The Telegraph shows, there are Government investment schemes available that can help you with your pensions and savings for retirement.
The example given in this piece is specifically aimed at pensioners and it details a scheme which ‘doubles the income’ on certain savings. This was for people who reached the state pension age before April 2016 and it gave them a lump sum equivalent to ‘£25 a week’, so long as this is ‘invested before April 2017’.
This example has fallen relatively under the radar though, so keeping abreast of the latest grants and offers might be a worthwhile move.
It might sound obvious, but a tried and tested way to help make things more comfortable is to try and save more. This way, on top of your existing estate and your pension(s) you’ll have the comfort in knowing you have extra money available should you need it.
With this though, you should look into different savings accounts first to decide where the best place is for you to hold on to this in the meantime.
A final piece of guidance is to seek professional advice if you’re unsure on anything savings or pensions related. There are plenty of companies who you can use, such as Tilney for example and such firms will be able to help you and give you more direction with everything from savings to investment schemes.
Make the most of this advice and you could boost your pension funds and work to make sure that your retirement years are everything your hard work deserves them to be.