Retirement resolutions for 2022

7 January Reading Time: 4 minutes

With 2022 already underway, many Britons will be prompted to pursue resolutions to better themselves over the coming twelve months. And there couldn’t be a better time for individuals to prioritise their retirement strategy and bolster their pension pots.

For some, this may sound like a daunting task, as it can be admittedly difficult to know where to start when it comes to bettering their finances. So, My Pension Expert has set out a couple of suggested resolutions that may be worthy of consideration…

Track down lost pensions

One of the best ways to gain control of one’s retirement finances in 2022 is to track down lost pensions. Indeed, an estimated £20 billion worth of pension savings are currently unclaimed, so Britons would be wise to investigate and reunite with lost pots.

The Government is currently developing their pension dashboard, with a target to launch it in 2023. This will undoubtedly make the process itself a lot smoother for people. In the meantime, however, savers can use the Government’s Pension Tracing Service. This will help Britons find the contact details for older pension scheme providers, which will enable them to access important information regarding their pot – they simply need to have the name of a previous employer or pension provider to hand to get started.

Whilst an admittedly time-consuming process, doing so could reunite savers with hundreds of pounds worth of savings, so it is certainly worth the effort!

Consider consolidation

Once a person has tracked down their pension pots, the prospect of pension consolidation could prove beneficial. After all, research from My Pension Expert found that almost a quarter (24%) of UK adults find it difficult to manage multiple pension pots – and this could result in a worrying lack of pension engagement. So, pension management could be made simpler if all their retirement finances are moved into one place.

That said, this approach may not be advantageous for everyone. As such, it would be beneficial for savers to seek independent financial advice before committing to this option.

Boost contributions

For some people, it might be beneficial to increase their pension contributions. Indeed, committing to increasing monthly contributions by just £50 could add up over time and strengthen a person’s financial situation later down the line.

Equally, workers may find that their employer will even match their pension contributions, so it is undoubtedly worth people discussing this prospect with their employer.

Online tools or calculators are available to help savers understand how saving more now could positively impact their retirement finances later down the line. Being able to visualise the fruits of their ‘labour’ could offer people the perfect motivation to up their contributions.

Explore all options available

There is no one-size-fits-all approach to retirement planning. Indeed, there are a plethora of options available to ensure that an individual is truly maximising their pension pot, from investments to flexible access drawdowns.

That said, it can be difficult to understand exactly which options will result in stronger retirement outcomes. As such, savers should seek independent financial advice when considering alternative retirement options.

For example, our team of advisers at My Pension Expert go to great lengths to understand a client’s financial situation, as well as their retirement goals, and offer tailored recommendations to help them secure the best retirement outcome. They explain all potential options in jargon-free terms, enabling individuals to make an informed decision.

The new year is the perfect time to access and adapt one’s retirement savings plan to help them achieve a secure financial future. Provided that savers take the time to consider their various options and seek advice where possible, setting retirement resolutions for 2022 should result in a strong year for pensions savings.

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