Confused about Pensions? You Are Not the Only One

By Walkeryour, James | Manchester Evening News, February 22, 2018 | Go to article overview

Confused about Pensions? You Are Not the Only One


Walkeryour, James, Manchester Evening News


ARE you looking forward to retiring? After years of the daily grind, you might be fantasising about an extra hour or two in bed and less stress. But are you prepared for when the great day comes and you're free from the 9 to 5? Retirement might seem pretty far away for many people. For others, it's a constant worry about making ends meet. That's why we need to have a chat about pensions and retirement planning.

Many of the people I speak to worry because they don't know much about pensions. So I'm here to say to you, don't!

Pensions are complex, which is why we're launching a campaign to make things simpler. If you're struggling, here are the basic facts.

One of the big, off-putting things about pensions are all the terms. So let's tackle that head on! Don't worry about the tons of different types of pensions or complicated Pensions can be confusing explanations. Find out what pension(s) you have first.

If you're in the market to buy one, ask your adviser to spell it out in simple terms. Then ask them to make it even simpler. Remember - it's your money. If you're paying for advice, that's the least an expert should be doing for you!

There are three main types of pension. The state pension (paid for by the Government), 'occupational' pensions (your pension through work) and private/personal pensions (which do what they say on the tin).

The state pension comes from your National Insurance (NI) contributions over the years. When you get it depends on when you were born, with lots of controversy recently around the decision to move women to the same retirement age as men.

The age itself is creeping ever upwards I'm afraid. …

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