When it comes to your retirement planning it is not an easy task. The best time to start planning your retirement is at the beginning of your career and not the end of it.
In general, it is the overall length of time you have to pay to the pension fund that is helping to build a big pot, indeed it is funding in the early years of that to make sure that things work well in later years. You can contact professional retirement planners at www.foxgroveassociates.co.uk/individual-clients/retirement-planning/.
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Generally, the more you pay every month, the greater your pension will be. However, if you have a personal pension than one company then you would be best advised to take professional financial advice before making a decision on which scheme to go with, it is because there are hundreds if not thousands of private pension schemes are available for you to take.
Selection of a wider scheme could even if you are just running a very small company and need to set up a company pension scheme under the employment pension reform.
If all has gone to plan and you are getting a pension scheme that is fair then you can consider taking a lump sum from the pension pot you when it comes to retire at age 65 can be an attractive option because it is free to do taxes, and can be used for a variety of the purpose of taking a dream vacation, to buy a boat to potter around in your retirement, or simply pay any outstanding debts.
There are also companies that offer assistance with equity release early retirement up to 25% become available from the age of 55.