Tuesday, 15 January 2013

Are you planning for retirement?

I was recently asked to share this infographic from NOW:Pensions with you.

I don't know about you but pension planning and saving for the future is certainly on my mind more and more, what with all the government cutbacks. I'm just not secure enough with the thought that the state pension will be there for us and ashamedly, I don't know enough about the new pensions reform and auto-enrolment and what it means for me.  There's been little or no talk about auto-enrolment at my place of employment and I guess I need to find out for myself.

What I do know is that my current pension wouldn't keep me in hot dinners for even a year, let alone the rest of my retirement, however I've not been fully comfortable in paying into a pension fund as I was alarmed that not all of it would go to my family if I died before pension age. Where does it go? I don't know! Which is why I need to educate myself better about these financial matters to try and gain myself some reassurance, I certainly don't want to be take any risks with my money.

We have got money invested in property and therefore have a backup plan but the future is a scary thought and I don't think we should be burying our head in the sand - which, from the infographic, many of us are. Retirement seems like such a long way away however the way the past few years have gone, it will creep up on us and how many of us will be prepared?

When money is tight and there seems to be so many other things to pay out for, saving for your old age can feel low of the list of priorities, however, I don't know about you but I plan to enjoy my retirement and to do this, I think I am going to need some cash to do that properly!

Have you got a plan in place for your retirement? Do you pay in enough to your pension if you have one and what do you know about auto-enrolment? Do share your thoughts!

Disclaimer: I received Amazon vouchers in return for hosting this infographic.

1 comment:

  1. I work in the pensions industry so it was interesting to read your post. So many people don't contribute to a pension because they don't understand them or don't trust them but hopefully auto enrolment will get people talking and thinking about pensions over the next few years. Your employer will have to do something at some point as they'll be required to enrol everyone in a pension. One thing's for sure, you need a substantial amount of money in your pension to generate a decent income at retirement!


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