It is vital that you start to plan for your pension as far in advance as you can, especially in these uncertain times. It is likely that we all might have to retire later than we originally planned so the more proactive we are in sorting our pensions and annuities the better.
If you have any excess funds left at the end of the month after you have paid for the mortgage and bills, try and save some, preferably in some sort of insurance or pension pot that is tax free.
Check with your bank or with your local advisor on the best and most efficient way to save your money – one that has a decent rate of return but little risk.
If you do have a mortgage you might want to consider taking out an insurance that will pay out if you are sick, so that there is no risk that you might lose your home if you are unable to work for a few months.
It is difficult to try to predict the future but just try to make sure that you have enough insurances and potential pension pots to see you through whatever happens in life.
The more you can put in, the more you will get out so put away as much as you can afford each month.
