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Almost 40% of persons aged 20 to 35 don’t have a bank account, leave alone a retirement plan. Most people today are moving with the ‘YOLO’ trend, forgetting that they might end up seeing their great-grandchildren. With the years rushing and as sunsets come and go, you need to have a reliable retirement plan by saving into a pension1 scheme.
However, since these plans are complicated, you do need to seek independent pension advice from a financial expert. The pension advisor you choose will guide you on what you need to know and have before you decide on the best plan for you.
That said here’s a brief guide to pension advice.
Why You Need Pension Advice
Pensions are saving that you make to support yourself in the future. Reliable pension providers offer these plans, and they feature various options. You can receive a pension scheme from your boss, or even past employers – the workplace pension schemes. You can also set a pension plan up for yourself depending on your needs, the personal pensions2 and those offered by the government – state pensions.
However, before you take a pension plan, you need to seek financial advice from a reliable pension advisor who’ll walk you through the whole process. They’ll also help you figure out the best option and guide to investing in the best schemes.
With the myriad of pension advice online platforms though, it can be daunting trying to figure out where to find the best pension advice. Well, here are some of the reliable sources, based on their ratings and reviews.
Consider Getting Pensions Advice
When you are thinking about where to find pension advice, it is important to know why this type of help may be needed. A lot of people do not take advantage of the opportunities they have with their pensions because they don’t fully understand them or what questions to ask when working on a retirement plan.
Pension advice can come from financial advisors and planners, lawyers, accountants, or other professionals who specialize in these types of transactions.
Benefits of Pension Advice
Pension advice can be beneficial because it provides information on the financial and tax implications of pension plans, which may reduce some confusion for people who are just starting to think about their retirement.
There’s more,
It also helps people plan for what they want out of a retirement account by giving them an idea of how much money they’ll need every month in order to maintain their current lifestyle after retiring from work.
Where to Find Pension Advice
It doesn’t matter if you’re thinking about opening a pension pot, looking to transfer your pension scheme or are close to retirement and considering various options. You can get reliable, straightforward and free pension advice from websites like the Pensions Advisory Service.
That’s just one side of the story,
You should, however, ensure that you’re fully clued-up when you’re making pension decisions and seek further assistance if you need it. If you’re particular about free advice, be sure to consult a certified independent financial advisor (IFA) who’ll walk you through everything you need to know. If you want to transfer you defined benefits or defined contribution pensions worth over £500,000, then the IFA will be your best bet.
The Pensions Advisory Service
This provides information and guidance on pensions, retirement planning, and the options that are available to a person. They can provide pension advice over the phone or online through their website.
Common Questions
Does Citizen Advice Help With Pensions?
Do You Need Pension Advice?
How Much Does Pension Advice Cost?
Why Do You Need A Pension Plan?
In conclusion
Pensions are a confusing subject to many people. There is so much information out there, and it can be hard to know where to turn for advice.
The good news is that:
You don’t need a degree in finance or economics to understand how pensions work. There are a lot of different sources out there that offer information and help on the subject.
