Relying solely on the State Pension may not be enough to maintain your lifestyle in retirement. By contributing to a workplace pension, personal pension, or self-invested pension plan (SIPP), you could grow your savings over time with tax benefits and investment returns. The earlier you start, the more potential you have to benefit from compound growth.
What to Consider When Choosing a Retirement Savings Plan
Before setting up or adjusting a plan, consider your retirement age, income goals, and risk tolerance. Compare provider fees, investment choices, and flexibility in contributions or withdrawals. It’s also a good idea to track your pension pots and use online calculators to estimate your future income.