Pension Planning Advice From CarbonBlack

By: CarbonBlack  10/10/2010
Keywords: financial advice, financial planning, Financial advisers

It's generally considered that the majority of us are saving too little too late for our retirements, putting away small amounts regularly could make a huge impact on your future retirement plans.

Those 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.

Your older pension arrangements may be out dated and costly; reviews could re-energise your retirement plans and get your pension plans back on track.

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