The week commencing Monday 4th November 2024 marked Talk Money Week, an annual campaign aimed at encouraging an open conversation about money across all age groups. From pocket money to pensions, to mortgages to debts, Talk Money Week presents a resolution to the taboo subject that is discussing people’s finances.
At My Pension Expert, we’re passionate about helping people unlock their pension potential so that they can live their best-retired lives; we know that with the proper financial education and awareness, retirees can achieve this. The theme of this year’s Talk Money Week is #DoOneThing, one thing that could potentially improve the condition of your monetary situation. Here are some things we think you can do in the pensions sphere to benefit your funds and, more so, your retirement.
Be pension aware
Perhaps one of the most crucial and simple aspects of retirement planning is being aware of your pension! Pensions are typically auto-enrolled into a provider selected by your workplace, and your contributions are deducted directly from your wages. If you’re still employed and investing in a workplace pension, you can find out more about which provider your pension is invested in by speaking with your HR department or line manager. Subsequently, contacting your provider means you can access all the required information on your pot and ask any questions you may have.
If you have a SIPP (otherwise known as a Self-Invested Pension), this would have been a pension arranged by yourself, so you should already be aware of what contributions you’re paying, the total value of the fund and the provider you’ve invested with.
For those who are unemployed and unaware of where their pensions currently are, you can use the free government Pension Tracing Service, which can help you locate your pension provider and their contact details.
Reassessing your finances
Your finances are a driving factor of your lifestyle that should come into consideration in most scenarios. Whether it be deciding where to buy your work lunch, your budget for your weekly shop, or the account you want to move your savings into – these seemingly small aspects can all determine where your financial situation stands.
When it comes to your retirement, assessing your current lifestyle and making minor amendments could massively benefit not only your future but also your pension fund. These amendments could range from taking a packed lunch to work to cutting back on daily barista-bought coffees. Talk Money Week could be a great excuse to thoroughly assess your finances and see if there are any alterations that could help you save more efficiently for your retirement. That daily barista coffee could quickly turn into a big sum to add to your pension pot!
Seek advice
Your finances are something you should not have to tackle alone, and you don’t have to. Seeking financial advice to aid in building your retirement strategy can really make sure you’re exploring all avenues in order to get as many benefits as you can from your pension pot. Your adviser will spend time with you to learn about your risk level for investments, in addition to your retirement objectives. What’s more, the plan constructed by your appointed financial adviser will also be tailored to your circumstances and goals, meaning that you can be confident that your retired life will be without financial worry or uncertainty.
To make seeking advice your #DoOneThing this Talk Money Week, book a call with one of our team today.