I need pension advice

A key part of pension planning is to compare the expected income your current plan will generate versus the level of income you forecast you will require when you stop working.

Assessing the progress gives you the options to assess the amount you are investing and investment strategy.

The pension plan will be a function of the amount you invest, investment performance and charges.

Are you on track?

Each year you should receive a projection of your expected income in retirement from your provider.

First thing to do is to compare this figure against the income amount you forecast you will need.

Also, understand when this pension plan will mature. For example, your projections may be to age 65, when in fact your target retirement age is 60.

How much should I be saving?

Everyone is different, lifestyles and circumstances vary.

Key thing is to start at a level which is affordable and sustainable.

Start by looking closer at your current income and outgoings .

For example, some costs such as mortgage costs and children’s education - you would expect to reduce or be gone by the time you access your plan(s).

However, there will probably be other expenditures such as travel , longer term medical expenses and gifting that may wish to add in.

Your next step

At Nelson Life we are available to discuss the differences between each arrangement and help direct you to decide upon the best option.

We can assist with setting up process and assist you in selecting an suitable investment fund.

Research has proven that those that engage with a professional advisor at least once a year are more financially confident.

  • More savings and investments

  • More likely to have a retirement plan

  • More financially protected in the event of illness, accident, diagnosis of a specified illness or even death

  • More secure and confident about their future

  • Higher annual savings, larger pension funds, wealth growth, adding considerably to your financial well being and helping you achieve your goals.

Source; Ireland (Standard Life report), UK (Unbiased/Standard life report), Australia (KPMG Econtech report) and Canada (CIRAMNO report).