Matthew Pressman writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
It might seem strange to think about your retirement if you are only in your 30s or 40s, but in actual fact this makes it even more important to consider. Pensions aren’t what they used to be, so the more arrangements you can make now, the better off you will be financially when the time eventually comes.
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Regardless of whether you work for a publicly or privately run company, you should do all you can to find out where you stand with regard to your pension. In many cases someone who is paying into a pension will have their payments matched by their employer.
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This sounds good in principle – but in reality you need to consider how the pension scheme will be faring once it comes time for you to draw from it.
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This is a big problem at the moment, and one that has been getting bigger for some time. For example, changes in the types of pensions available have led to the virtual demise of the final salary scheme. This was long regarded as the best one to have, for obvious reasons.
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If you read some of the latest information available for pensions you will see that pension pots are getting smaller and smaller, but why should you worry about this when you aren’t actually drawing your pension yet?
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You need to look to the future for the answer. Let’s suppose your company has its own pension pot. Every year £5 million is paid into it by those contributing to the scheme, and £5 million is taken out by those who have retired and are drawing their pensions.
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That’s all well and good – but what happens when more people retire and fewer people are taken on by the company or fail to pay into a pension at all? A longer life expectancy is making this a reality right across the country right now.
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This situation leads to more money being taken out than there is being put in. This is why so many pension schemes in both sectors of business are in trouble. They are taking out more than they are putting in – and with each year that passes the situation gets worse.
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It stands to reason therefore that a pension alone may not be the best solution to funding your retirement. Regardless of whether you have a private or a <a onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="public/">http://www.publicservice.co.uk">public sector</a> pension, you should make sure you put money away yourself too in order to give yourself the retirement you want.
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So don’t just rely on that pension. Start saving in other ways too from this moment on, and you will be financially better off for it when you are finally given your gold watch.
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