Why you need to regularly review your pension savings and top up when necessary.
We all want to enjoy the things we love when we retire. This means making sure you have the right amount of money at the right time. The only way to do this is to regularly review how much is in your pension and top up your savings when you need to.
With interest rates at record lows, your regular bank savings won’t protect you against rising inflation costs, as your money won’t keep up.
So, if you have money in a bank account you don’t need easy access to, consider saving it into your pension instead, where investment growth could be higher. You will also get an immediate boost from the government by way of tax relief, so depending on your marginal rate of tax, your pension savings will get a boost of at least 20%.
Our latest guide below looks in more detail at how you can protect your pension savings from inflation. Please feel free to read or download it.
And if you need some financial advice about your pension plans in general, please do not hesitate to contact us.
Remember that although the value of your pension savings can grow, their value can also go down. So, you could get back less than you started with.