Note: You should not act or rely on any information contained in this website without first seeking advice from a professional. Past performance is not a guide to future performance and may not be repeated. Capital is at risk; investments and the income from them can fall as well as rise.

Delaying your pension saving

Starting early is the best thing you can do when it comes to saving for retirement, as you have longer to build up your pension pot and benefit from more compound interest.

So don’t procrastinate. Even just a small amount can blossom into a much larger sum over time.

Not saving enough

What are your goals for retirement? Are you saving enough to achieve them?

It can be tempting to just put the bare minimum in your pension, but if you make insufficient contributions as the years pass, you might find you don’t have enough to enjoy the comfortable retirement you deserve.

Opting out of your workplace pension

If you’re not enrolled into your workplace pension, then you’re missing out on employer contributions, which is effectively free money.

Relying solely on the state pension

While the state pension provides a valuable safety net for retirement, it won’t be enough to ensure the standard of living you desire in later life. It’s therefore really important to make sure you have personal pension savings in place so you can be certain of financial security and a decent quality of life.

Dipping into your pension savings before retirement

If you’re under financial pressure, it might be tempting to access your pension pot to tide you over.

But this can lead to you paying more income tax and losing some of your tax-free allowance, as well as reducing your retirement income in the future.

Instead, you should set up a completely separate emergency fund, so you can be prepared if a difficult situation arises, without jeopardising your future.

Not thinking about pension fees and charges

Different pension providers will have their own fee structures, so it’s well worth looking for options that are transparent, competitive and don’t erode your savings as the years pass.

Losing track of old pensions

As you move from one job to the next, you can pick up multiple workplace pensions. It’s therefore very important to make sure you know where these old pots are, and perhaps consolidate them into a single scheme so it’s easier to manage.

Ignoring pension statements

It’s really easy to ignore financial documents when they drop through your letterbox, so make sure you actually read them and understand what they say.

Not reviewing your investment strategy

Markets go up as well as down, and the level of risk you’re exposed to will inevitably change over time.

You should therefore review your investment strategy every few months, so you can make adjustments where necessary, minimise your risk exposure and capitalise on opportunities for growth.

It’s really important that you know what’s happening with your money and that you’re able to make informed decisions about planning for your future.

If you have any questions on preparing for retirement, it’s well worth speaking with a financial planner.

With the help of a regulated specialist in this area, you can take the right steps to ensure you’re able to enjoy a happy, fulfilling retirement.

Get in touch and we’ll be happy to speak with you.