Pension: The ‘full strategy’ you should deploy to ensure you have enough for retirement

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Pension saving is an endeavour which is usually undertaken years, or even decades, in advance of a person’s plan to depart from the workforce. With the loss of a salary in many cases, Britons will be reliant upon the money they have put away throughout their working lifetime to see them through their later years. While many have access to the state pension from the government, this is being increasingly viewed as a safety net, with Britons encouraged to put away their own savings.

As such, exploring the options for retirement planning is a vital consideration ahead of time.

Express.co.uk spoke to Clare Francis, Director of Savings and Investments at Barclays Wealth, who discussed the key factors which need to be considered.

Ms Francis carefully outlined the steps Britons will need to take to ensure they secure a comfortable retirement.

She said: “People are often put off from pensions because you can’t get your money until you are 55, and this age will only go up further in 2028.

“This is where ISAs can come in as an alternative. You should always be saving towards your pension, but you could also use your annual ISA allowance and put money away in there.

“It may be earmarked in your head as part of your retirement goal, but the beauty of ISAs is accessibility – you can get at the money should you need it.

“Ideally, you don’t want to dip into your investments as it is far better to leave them alone for the longer term.

“However, if an emergency situation were to arise, and you need to, you can.”

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Investments can prove a valuable way for Britons to make their money grow, but they must also prepare for the eventuality that their money could go down as well as up.

Therefore, diversifying savings, Ms Francis explained, is key to a secure retirement.

She continued: “As a full strategy, it is important to have cash savings in place as well as pension saving and investments.

“Hopefully, this will reduce the chances of you needing to dip into investments because you have your emergency cash pot there for anything unforeseen.

“It is important to balance both cash savings and investments for retirement. They both have different roles to play, but both are valuable.”

Once a full pension strategy is outlined, it is likely to create less worry for later life.

Retirement is often considered as an expensive endeavour and accumulating enough for when a person leaves the workforce is key for day to day expenditure.

In addition, many Britons may wish to chase goals they were not otherwise able to, due to work commitments.

To this end, deploying a “full strategy” as suggested by Ms Francis, could be a perfect solution.

She concluded: “Retirement is different for everyone, but ideally you want it to be dictated by you and your choice, rather than what you have to do out of necessity because of your finances.

“Between it all, you can be planning quite nicely, and getting yourself very well-placed to be able to reach your retirement goals.

“This could be retiring early, or simply retiring at the state pension age, not having to have a job, or being able to undertake certain activities.”

For those who are keen to understand how much they can or have put away for retirement, there are a number of pension calculators available online.

In addition, Britons are also able to request a state pension forecast from the government, providing them with more insight into how much they can expect to receive and when. 

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