When it comes to saving for your retirement, time is your greatest asset. It’s easy to see your life beyond work as something too distant to grapple with, to be left until you’re some way into your career. To plan for a comfortable retirement that hits all your goals, though, there is no time like the present.
The generous tax benefits of investing in a pension, along with the potentially huge effect of compounding interest, mean that everyone who is financially secure should be putting money away. Just so you know, in the 2020/21 tax year, you can invest and claim tax relief on contributions up to £40,000 or all your ‘relevant UK earnings’ – whichever is lower.
In this video, Stephen Jones, Chartered MCSI, Senior Investment Consultant at Moneyfarm, answers the most common questions people have about their pensions. He covers:
Why should I start early with a pension? How much should I save?
How are pensions taxed? What are the benefits of tax relief?
How do I get started with a private pension? Should I consolidate?
If you want to explore your options or discuss your personal financial situation with one of our highly qualified advisors like Steve, don’t hesitate to get in touch.