When it comes to saving for retirement, there are always options, no matter how late you leave it.

Increase your contributions

If you’re currently paying the minimum 8% (including tax relief and 3% employer’s contribution) into your workplace pension, consider increasing it. Making a few cuts elsewhere can help you find those much-needed funds.

Look at your State Pension entitlement

If you have made at least ten years’ National Insurance contributions (NICs), you will be entitled to some level of State Pension. The full rate New State Pension is currently £179.60 per week, or £9,339.20 per year, with eligibility reserved for those who have made 35 years’ worth of NICs. While the State Pension is not enough to live on, it will help boost your income during retirement.

Quantify your pensions (and any other assets)

When you look at the State Pension entitlements, they do serve as a wake-up call to engage with any other pension provision you have made. It’s likely, if you’ve moved jobs, you have accumulated pensions; these need to be quantified and the underlying investments assessed for diversity and suitability.

Take advice

An ILC study2 revealed that pension savers who took advice for a five-year period between 2001 and 2006 accumulated nearly £50,000 more wealth on average (in pensions and financial assets) than those who only took advice at the beginning. It’s easy to justify the value of advice. 2 International Longevity Centre UK, 2019

It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits.

Tax and Estate planning are not regulated by the Financial Conduct Authority

The value of pensions and investments can fall as well as rise. You may get back less than you invested.

CA Financial Services Ltd are an Independent Financial Adviser based in Sevenoaks, Kent. From our Sevenoaks offices, we offer IFA services throughout Tonbridge, Tunbridge Wells, Dartford, Orpington and across into Sussex and Surrey. Please call us on 01732 617 950 to book a free initial appointment.

CA Financial Services offer financial advice, pensions, investments, ISAs, Equity Release and Inheritance Tax Planning for the whole family. We have 14 years’ experience as Financial Advisers based from Sevenoaks and are truly independent, allowing us to give our customers the best financial advice possible.

cafs logo

Fill in the form below and one of our experts will be back to you within 24 hours.