12 tips to ensure your pension pot will help you achieve your dream retirement

Retirement aims

Now is the time to start thinking about planning for your retirement, no matter what age you are. Your pensions, whether you are an employee, self employed or run your own business are a central part of the plan to give yourself a comfortable retirement.

The advice we give to our clients at Jacobs Allen Chartered Accountants and Chartered Tax Advisers is that the earlier you start saving, the better chance you stand of building a substantial fund for your retirement but it is never too late and no matter what your age, we can help.

Whether you are just starting out or simply looking to review your pension savings, our team of professional qualified experts are here to offer advice on the most tax effective ways of saving.

Those who have either worked in the UK or claimed National Insurance credits from the Government for a total of 35 years will be eligible for a state pension once they reach a certain age. However, the cap is currently set at £122 a week while the consumer association Which? estimates the average person needs £26,000 a year to fund a comfortable retirement. But check your personal circumstances.

Saving through a personal pension or a workplace pension can help bridge this gap and if you start saving at the age of 20, you will need to contribute £131 a month to achieve the target but if you wait until you are 50 you will need to put in £633 a month.

Conscious that many workers are not prepared for the future, the government introduced auto enrolment in 2012 and since then seven million workers have been enrolled in workplace pensions, with payments deducted from their salaries. Employers and the government also make contributions to boost the savings.

The personal pension is aimed at those who are self-employed or who want to further supplement their pension pots.

Here we offer our top tips for planning ahead:

Contact us today for advice on planning for your retirement, call our Bury St Edmunds branch on 01284 704260 or our Haverhill offices on 01440 707184

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