Ahead of National Pension Awareness Day taking place this coming Saturday (15th September), one of the region’s leading financial advisors shares eight of the most commonly asked questions they receive about pensions.
Explore Wealth Management is a family-run firm of independent financial advisers based in Cramlington, Northumberland – who specialise in retirement planning, pensions advice and investment management.
Here are the top eight questions on pensions:
- Am I too old or too young for a pension?
- Is there risk involved with pensions?
- Are pensions the only way to save for my retirement?
- What happens to my pension fund if I die?
How much do I need to retire and when can I afford to do so?
Why has my employer told me to join a pension scheme?
Will having a private pension affect my state pension and what will I get from this?
Can I get free information about pensions from anywhere?
Here is what National Pension Awareness Day is all about. The campaign is aimed at alerting the nation that it is not saving enough for retirement and to unite the financial services industry, businesses, employers and the Government to share innovative ideas and to work together in driving engagement with retirement saving.
Stephen Sumner, Director of Explore Wealth Management, said: “Pensions are often seen by many people as something you don’t have to worry about until later on in life. But that can’t be further from the truth. It’s advisable to try and think as far ahead into the future as possible with your pension being one of the most important things you will ever need to set up. The right pension can help to ensure that you are comfortable in your retirement with adequate financial security.
“Some people are often bamboozled by what they need to do when setting up a pension but this doesn’t have to be the case. When in doubt try and seek some advice as having the right pension will help you achieve peace of mind in later life.”
