Is your pension clock ticking?

Hands up if you’ve ever left something to the last minute?

That’s exactly what I did when I decided to purchase a new BBQ for the summer.

With the glorious sunshine set to stay and the family due to visit in a couple of weeks, I found a 4-gas burner grill and at such a low price, I thought my eyes were deceiving me.

So, what did I do? You’ve guessed it! I kept putting off buying it until the last minute.

And then the inevitable happened. The price had gone up by £50 and in my frustration, I even forgot to buy the gas!

You might be wondering, what on earth is something as trivial as buying a BBQ got to do with pensions?

Well, it’s simply this.

Having to spend more on a BBQ is frustrating enough. Yet, what if you woke up one day with the uneasy feeling that you’ve left planning for your future too late and the things you want to do are rapidly disappearing from view?

In our experience, this feeling is not uncommon. Life gets stupidly busy and it’s the pressing things in the here and now that demand our attention.

And maybe because of this, many people are putting their futures on the back burner and leaving planning to the last minute, as recent statistics show.

The eleventh hour…

According to the FCA’s latest Data Bulletin, 81% of people have not given much thought about how much they should be paying into a pension, while 15% of all UK adults not retired have not considered much, or at all, how they will manage financially in retirement. 1

And, 53% of those who do have a pension have not reviewed what its worth in the last 12 months. 2

Imagine how you’d feel if someone told you that you could have had thousands more in your pension, if only you’d addressed it earlier?

Not great, right?

What is particularly interesting, is this; 71% of those aged 55 and over who plan to retire within the next two years, have given planning for retirement a great deal of thought.

It appears that proximity to retirement drives that age group to think more about planning their future finances.

Yet, why don’t we put the future at the forefront of our minds a lot earlier?

Well, the survey reveals that almost a quarter (24%) of those 55 and over and not retired would rather think about today than plan for the future. Just over half (53%) say they never have enough time to get things done.

Tell me about it. I can’t even justify having the time to buy a BBQ!

And, of course, the future feels a long way off when you’re busy with what’s in front of you now. 

The simple fact is, there’s no guarantee what will happen in the future. Yet, one thing that’s for certain is the earlier you start saving and the more you can afford to save, the better the future you’re going to have.

Still, how are you supposed to know exactly where you stand with your future if you don’t know what you have in place already?

Now is always the right time to find out. In fact, it’s a lot easier than you might think.

Tick tock, pension clock…

If you have a pension, the first step to take is to check it.

It’s all about finding out where you currently stand with your pension and what it could mean for you in the future, if properly managed. And best of all, it could lead you to a multitude of opportunities.

The great news is as pension specialists, we do all the hard work for you, so you hardly have to lift a finger.

After all, over 14,000 people in the UK trust us with their futures.

 


So, why not...

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Important Information

1 FCA Data Bulletin, page 8 Online – March 2018

2  FCA Data Bulletin, page 8 Online – March 2018

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The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article. For our latest information and news, please see our articles section here.

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