It's generally considered that the majority of us are
little too late for our retirements, putting away small amounts
regularly could make a huge impact on your future retirement plans.
who believe that the state will provide all their income needs
in retirement maybe in for a surprise, when you also consider that we
all may have to work longer before we receive any state pension reliance
in the state pension alone could impact your lifestyle during your
retirement years. Much of the changes the government have suggested are
yet to emerge and how this will affect the state pension age,
entitlement and structure remain to be seen. However one thing is
certain as time goes by, the older you will have to become to receive
your state pension, plans are already afoot to increase the state
pension age from sixty five to sixty eight.
To encourage people to
save for their retirements the government
provides extremely attractive tax benefits to those who save through a
pension. In fact even if you do not work you can still contribute to a
pension plan and reclaim the relevant income tax and many people are
surprised to hear that a child can even have a pension, giving your
child a truly fantastic start in life.
On the 6th April 2006
pensions received the largest and most
extensive overhaul so far. The hope was to make pensions simple,
however, pensions remain to this day far from simple and reviews of your
pension arrangements can help you get the most during your retirement.
older pension arrangements may be out dated and costly; reviews
could re-energise your retirement plans and get your pension plans back