It’s hard to care about your pension when retirement feels far off, but there are some simple things you can do to keep your money working hard for you in the background.
Welcome to Pensions made simple with Dev and Robin. Whether it’s your first job or you’re winding down your career, it’s worth making a pension plan – and Robin is here to tell you how to do that.
In a nutshell
- Pension planning can be broken down into 3 questions: what’s my savings goal? Am I on track to hit that? And what can I do to get myself there?
- It’s important to grow your pension savings so that it beats inflation. Inflation means the changes in your costs of living. The more these costs rise, the more your pension needs to grow so you can afford the same standard of living in the future.
- The earlier you start investing your money, the longer it has to grow and to boost your savings.
- Every contribution you make could get doubled through tax relief and contributions from your employer. That’s extra money for your pot, at no cost to you.
- You can dial your contributions up and down to match your budget rather than saving the default amount.