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Saving for retirement is crucial, but navigating pensions can be overwhelming due to the complex terminology and various options available.
Auto-enrolment has made it easier for many workers to start saving for retirement through workplace pension schemes. However, self-employed individuals without access to these schemes face a different challenge.
Regardless of your pension arrangement, there’s always a concern about whether your savings will be sufficient for a comfortable retirement.
Pensions function similarly to other savings and investment plans, with the added advantage of tax relief on contributions, which can enhance your overall savings.
Stephanie Pickering, chartered financial planner at Verity Wealth Management, advises: “Even if retirement seems distant and current financial commitments like mortgages, bills, and family expenses take precedence, starting a pension with even modest contributions is beneficial. Taking any step towards saving is better than not saving at all.”
Please note that tax treatment varies based on individual circumstances and may change in the future. This article is for informational purposes only and does not constitute tax advice.
