YOUR PENSION INCOME

As you near retirement age, planning for your future can feel like a daunting task. However, there are ways to help boost your retirement income. Here, independent financial adviser and director at Belgrave Wincham, Craig Roberts, shares his expert tips and strategies to help grow your pension pot.

Review your pension

Start by assessing how your pension is currently performing. Take a moment to consider if the level of risk and prospective return aligns with your life circumstances. If you’re thinking long-term and are comfortable with taking on additional risk, it may be worthwhile considering investing in higher-growth assets for potentially greater gains.

Check your self-assessment tax return

For those earning over £50,271 a year and paying into a pension, check if you can claim back higherrate tax relief via self-assessment. It’s one of the biggest benefits of paying into a pension, but many higher-taxpayers don’t realise that it doesn’t always happen automatically.

Maximise other savings

Pensions are often the best option for retirement savings, but they’re not always suitable, or possible, depending on your circumstances. In some cases, there are excellent alternatives such as Individual Savings Accounts (ISAs) that are well worth exploring.

Bring your pensions together

Consolidating your pensions into one plan may enable you to access a wider choice of investments and save more money. There are, however, potential downsides so always seek professional advice from a regulated independent financial adviser to ensure it’s the right choice for you.

Company pensions

As a director of a limited company, extracting profits in a tax-efficient way can be challenging. However, making pension contributions is one of the few strategies that can help you achieve this goal and offers an excellent way to save for your future.

Our team at Belgrave Wincham take the time and complexity out of pension and retirement planning for you. Call 01691 886554 to arrange your free 60-minute consultation.