Blogs > Lifestyle Blog > Are You Putting Enough Into Your Pension?

Are You Putting Enough Into Your Pension?

29th January 2019

Nobody is aware of the cost of renting or buying a home along with living costs more than property professionals. These escalating costs can make it difficult to manage your finances even on a large salary which means that many individuals are not paying much attention to their pension pot and instead focusing on what is right in front of them (rent, mortgage payments, food, entertainment etc). While it is important to make sure that you have enough money for all of these, it is still important to plan for the future as you will want to be able to quit the 9 to 5 and live out your retirement years without having to worry about money.

 

Adding to your workplace pension, even if it is just a small amount on a regular basis, can have a huge impact on your savings by the time that you retire. Pensions offer tax relief as the Government will refund the amount of income tax that you have paid and the money that you put in is not taxed. Essentially, the more savings that you are able to put into your workplace pension, the greater the benefits due to compound of interest.

 

The minimum amount that you and your employer contribute to your workplace pension is increasing of April this year to 5% and 3% respectively which will make a big difference over time. Despite this, it is still worth property professionals (and any other worker) to consider putting more into their pension. Portafina has collated all of the information that you need to learn about pensions and can be used to make more informed decisions about your savings. This information includes:

 

  • What a pension is
  • The different type of pensions
  • The benefits of pensions
  • Common myths
  • How to manage your pension
  • FAQs

 

If you are not confident in your knowledge of pensions, or if you have a questions which you are unsure about, Portafina Discovery will be the best place to visit. Having a substantial pension set aside for your retirement can give you important peace of mind and help you to look forward to the days where you no longer have to get up early for work. Even small contributions when you are able to will help to create a large saving due to the length of time and snowball effect. As a property professional is aware, rent and house prices are on the rise and when this is combined with the increased cost of living it can make it hard to set money aside each month - while this is understandable, a slight change in your monthly budget could help you to make small contributions above the minimum requirement.

 

Visit the Portafina social media pages to stay up to date on the latest updates and news along with tips on how to manage your finances more effectively: Portafina Facebook, Portafina Twitter, Portafina LinkedIn and Portafina YouTube.

 

You can also visit the Portafina jobs page if you are looking to make a career change.

Posted by Mark at 9:46pm

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