Helping you to plan for your retirement | Nationwide Building Society


everybody wants enough money to enjoy their retirement a great place to begin is the government’s pension website it tells you the date you’ll be able to claim a state pension from and you can also find out how much you might receive each week you might find it’s not quite enough to fund the lifestyle you have in mind that’s why many people set money aside each month in a pension scheme if you’re employed you may already have a pension scheme in place set up by your employer and if you’ve worked for a number of different companies over the years you could even have a few different pension pots out there that you’ve lost track of if so the government’s pension tracing service can help you find them but just how big does your pension pot need to be well it all depends on what your aspirations are for retirement to help you see what your pension could be worth most pension schemes issue a yearly statement showing your pension figure or your potential funds value and what income that could produce in years to come your employer or pension provider may offer options on how you could increase your pension pot say by increasing your monthly contributions or allowing you to make a lump sum payment every now and then another option could be to delay your retirement and just carry on working even if it’s only part-time you could even defer your state pension which will increase its value by one percent every nine weeks you don’t claim it for which works out at just under five point eight percent for every full year you delay of course in the years leading up to retirement you could always try saving more either into a private pension an ISA or other savings accounts and investments so when it’s time to retire you can enjoy every single minute of it you

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