Pension: How To Get A “Perfect” Retirement Using “Free Money” | Personal Finances | Finance

Retirement can be costly, especially as people are spending more of their adult lives in retirement than ever before. Therefore, it will be important to plan ahead if a person wants to experience the retirement of their dreams. The solution, according to one expert, is to turn to a workplace pension plan because it is likely to hold the key to financial success.

Ms Green added: “If you are an employee your employer contributes, you contribute, then you also receive money from the government.

“You have a lot more free money out there that you can use for your pension and retirement. Take full advantage.

However, there is a whole different category of Brits – those who cannot benefit from self-registration.

Some people are self-employed or might not meet the eligibility criteria for automatic enrollment for some reason.

That doesn’t have to be a problem, however, and Ms Green explained the steps these people should take.

She continued, “If you can’t enroll automatically, look for options to start a personal pension for yourself, it might be one of the best decisions you’ve ever made.

“Even if that’s just the basic standard minimum you’re paying, you can set aside five to six percent with the government’s tax break.

“It would give you the same amount of benefits that you would have received if you had been employed.

“Stay around the eight percent mark for contributions. It’s the bare minimum, but if you can do more, then do it.

Ms. Green stressed the importance of fully considering one’s retirement goals if a person is to ensure a successful life after work.

She added, “You have to understand what you want your retirement to be – what the end of the road looks like.

“While it is different for everyone, if you understand this it is much more likely that you can do the things that will lead to that perfect retirement. “

The expert encourages people to start contributing as soon as possible if they want to achieve this goal.

However, of course, there will be people who have carried the savings over to their pension, perhaps to prioritize the here and now.

For Ms. Green, it’s never too late to get started, and those quickly approaching retirement should seize the opportunity.

She concluded, “If you left it a bit late, I would 100% encourage individuals to step up their processes a bit more.

“You have to look at where you are and where you want to be and judge the gap between that.

“But again, this is a personal or professional retirement. Contribute as much as you can, and your future self will reap the rewards later. “

Follow Makala Green on Instagram at @TheWealthCheck and check out her website

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