THE VALUE OF PENSIONS AND THE INCOME THEY PRODUCE CAN FALL AS WELL AS RISE. YOU MAY GET BACK LESS THAN YOU INVESTED.
TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE.
Why do I need a Pension?
How much am I going to need for my retirement?
The answer to this, of course, depends on your aspirations – what will you want to do? What will be the costs of day-to-day living for you (and your partner) in retirement? What else will you want to do now you have time on your hands? What expenses will disappear, for example children or mortgage repayments?
Once you come up with a figure, add in an amount as a buffer against the unforeseen and unexpected. Now you will have arrived at the amount of pension that you should ideally be planning for. Also, bear in mind that pensions are taxable, so you will need to allow for payment of Income Tax when arriving at your final pension figure.
I already have a pension so I'll be fine, won't I?
What type of Pension should I have?
There is no simple answer as this depends on your employment status, e.g. self-employed, employed or director, and the benefits that are available through your employer’s scheme, if there is one.
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