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How do I get a pension

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  • 05-08-2019
How do I get a pension

A pension is a sum of money for you to use to cover your basic needs once you've retired. So for you to use this "benefit" yourself later on in your life, make sure that you start saving money as soon as possible.

Deciding how much money to save can be tricky. Here are some guidelines to help you:

  • The amount of money you can you afford to put aside and save
  • How many years you should save for before you retire
  • The amount of money you will need to cover all your basic needs
  • You could end up living 20 or 30 years relying on your pension alone, so keep in mind that you need to save up a vast amount of money


PLANNING FOR YOUR NEEDS

When you're young, you probably aren't thinking about what your needs and priorities are going to be in 40 years. Your goal should be to save as much money as possible so you can have a stress-free retirement. 

If you're only starting to save, and your salary isn't high enough for you to comfortably put aside a large amount of money, don't worry. Start slowly, and as you start to earn more and more, your pension fund will get bigger and bigger.

However, if you're currently in your forties and just starting to think about a pension, things are a little different. You've probably already planned out what you're going to do once you retire, so you'll have an idea of the amount of money you need to save up.

STARTING A PENSION?

Once you decide it's pension and retirement time, you have two option. 

First one is to be apart of a company pension, where you choose of the options your employer offers to you. 

The other option is to go it alone and invest chunks of money that will give you a return to fund your retirement, if you decide that you'd prefer to have your own pot of money for your retirement we would recommend that you to visit a financial advisor. 

Financial advisors are professionals who can asses your financial situation appropriately and tell you what's your best option.

WHAT TO DO IF YOU CAN'T AFFORD TO SAVE FOR A PENSION?

If your finances aren't perfect, the chances are that you aren't going to be able to start saving for your pension immediately. Don't worry; this isn't the end of the world. Saving up this kind of money for an extended period is tricky. You have time to make up for not being able to save when you get started. 


Paul Dodd Asset Management Limited is committed to providing independent financial management throughout Leeds and North Yorkshire. If you need to speak to our pension planning specialist today, please get in touch to discuss the ways that we can help you.