How much pension you'll need This advice applies to England Print A pension is money you'll use to live on when you retire.
Here we discuss exactly what is a good pension pot and how you can boost its value. Could you boost your pension pot value? Turning 55 is now a key milestone for many savers.
If the investments fall in value, there might not be time for them to recover before you want to start drawing from your pot.
This will naturally depend on your circumstances. You can find out what your State Pension age is here.
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Considering your pension options at 55 can seem daunting, but experts are on hand to help you navigate your choices. Five tips on how to boost your pension pot, without JUST saving more Saving more is obviously an important factor to ensuring you have a good pension pot.
Ways to boost your pension in the run-up to retirement
However, when it comes to planning for retirement, many people are not aware that getting a good deal for their pension can save many thousands of pounds. Reduce your fees and charges A good pension keeps fees to a minimum.
Pension charges eat into your investment returns and can have a significant impact on the amount you end up with at retirement. Tracking down lost pensions is still far from easy.
Get a pension that offers drawdown Pension freedom rules introduced in gave people much greater flexibility and choice over how and when they access their pensions. More and more people are selecting pension drawdown.
Retirement once was built on the three-legged stool of Social Security, personal savings, and company pensions. But pensions, we all know have basically vanished, and these black swans keep undermining our personal savings. This means if we want to shore up the stability of our retirement finances, we need to bolt a new leg onto the stool. And that new leg is our ability in the technology age to exploit the gig economy to our own benefit. No matter your skill set, no matter what you do now or did in the past, there is an option that will align with your own skills and passions.
With annuity rates falling, drawdown can offer better returns over the course of retirement as your money stays invested and can keep up and even exceed inflation. Take professional advice If you haven't reviewed your pension savings recently and want to check you have got a good pension pot, it's often worth taking professional pension advice.
Telegraph Media Group Pension Advice Service, powered by Profile Pensions, can help you track down your pension pots and their value and give you a free, impartial recommendation on the best place to invest them in just a few minutes. Sign up and get your free pension investment recommendation in 10 minutes Read more:.