Starting a new pension
The four big questions you have to ask yourself before you take any steps to invest, are:
• What do I want for my retirement?
• How much can I afford to pay?
• How long do I have to go until I need the money?
• What risks am I prepared to take, or not as the case may be?
When you speak to us about this, we will normally work backwards with you. You will therefore need some idea of the level of income you will need, just in today’s terms. We will then assess what that means in terms of fund value, consider how many years you have over which to invest and work out how much, on a standard set of assumptions, you will need to pay to achieve it.
Once you have some realistic figures available, you can then start to work out whether or not you can afford the contributions, whether the potential benefits affect the way you feel about the risks you are taking and whether the age at which you plan to retire and expectations about how you intend to live are achievable.
Ultimately, however, there is absolutely no substitute for getting started. The earlier you begin putting money away, the more those contributions will add up over time and the longer they will have to grow. Our advice therefore is simple. Speak to us. Today.