The beautiful game is about more than just goals, glory, and silverware. As fans across the UK settle down to watch the Champions League final this week, we’re reminded of the dedication, discipline, and smart decision-making it takes to achieve the dream scenario.
And believe it or not, the same tactics that can take a team to the top could help you take control of your pension plan.
Yes, retirement planning might not bring crowds to their feet or end in a penalty shootout (thankfully!), but the same principles apply when it comes to achieving your goals, whether in football or finance.
It pays to prepare…. on AND off the pitch
Every football team reaching a final has gone through months of training, analysis, and tactical preparation. Coaches don’t just hope for the best, they plan meticulously to achieve it.
A good starting point for your retirement planning could be tracking down your pensions. If you’re unsure where they are, the Government’s Pension Tracing Service is a free and helpful tool that can point you towards any old workplace pension providers. Once you’ve located them, you can contact each provider to get up-to-date information on your savings, including your pot’s current value, contribution history, and any investment performance.
This will help you to understand how much you’ve saved so far, when you might realistically be able to retire, and whether you’re on track to afford the kind of lifestyle you’d like in later life.
Figuring out the best formation for your pensions
In football, too many tactics on the pitch can cause confusion. The same goes for multiple pension pots- if you’re juggling several, they can be tricky to keep track of.
Pension consolidation would allow you to transfer multiple pensions into one place, giving you a clearer view of what retirement is looking like for you, and potentially reducing fees.
However, just like in football, not every tactic suits every player. Some pensions offer valuable benefits that you could lose if you transfer them. That’s why it’s crucial to speak to a financial adviser first.
An expert adviser can help you to decide whether consolidation is the right gameplan for your financial future, or whether sticking with your current line-up makes more sense.
Keeping your eyes on the prize
For a football team, the journey to lifting the trophy can be turbulent: wins, losses and draws all make up the game that so many of us enjoy. It’s a similar case for your pension.Your pension savings are typically invested in a mix of assets. Over time, these investments can fluctuate in value and can be impacted by larger economic headwinds.
However, with the right guidance and thorough assessment, your investment approach should accurately reflect your desires. The approach that’s right for you will depend on a range of factors, including how far away retirement is, your personal goals, and how comfortable you are with risk.
Speaking to a financial adviser, like the team at My Pension Expert, can simplify the process, help you manage your retirement finances, and avoid making rapid decisions in response to fluctuations in the value of your pension investments.
This can help you keep perspective on the bigger picture, ride through the tough times and come out on top.
You don’t have to do it alone
No player wins a trophy on their own. Success is built on teamwork: players, coaches, physios, and more, all working together towards a common goal. Each brings a different kind of expertise that helps the team perform at its best.
The same should go for your finances. Just like football’s biggest stars, you don’t have to do it alone; there are teams of expert advisers willing to support you every step of the way towards scoring your retirement goals. With the right strategy and a strong team behind you, you can score the retirement you deserve.
