When planning for your future, consider increasing your pension savings. But should you do this through a lump sum or by raising your regular contributions? In this article, we look at each option.
Making informed decisions to managing the funds wisely
Inheriting wealth can be both a blessing and a challenge. It presents an opportunity to improve your financial security and accomplish your goals but it also involves managing the funds wisely. Cash flow modelling is essential to help you make informed decisions about using your inheritance effectively.
Many over 55s are unaware that they can access 25% of their pension pot tax-free
A surprising 43% of individuals over 55 need to be made aware that they can withdraw 25% of their pension pot tax-free, according to recent research[1]. Knowledge could lead to better decision-making when it comes to accessing pension savings.
73% of women make only minimum pension contributions, compared to 58% of men
A significant difference in pension contributions between men and women has been revealed from a recent study[1], highlighting that women are more likely to pay the minimum required amount into their pensions under auto-enrolment.
Planning for retirement is essential to ensure you have the financial security to enjoy your golden years. As retirement can be a long way off, it’s essential to start saving for retirement as early as possible.
