There are many ways to plan your finances for your retirement.
For most of us we would really want to play safe and contribute as much of our earnings into a personal pension plan.
History has shown the pension fund grows at a much higher interest rate than banks and building societies.
Although banks and building societies can offer you a fixed high interest rate for your savings, these are rarely longer in term than five years, whereas a pension plan achieves a higher rate of interest on average over a much longer term.
Upon hitting your retirement age, the really great news is that you can opt to take a tax free lump sum followed by a monthly pension payment.
Most people tend to leave planning for their retirement a lot later in life than would be advised, the reason being is the earlier in life you start making contributions into your personal pension fund, the lower your monthly payments will be as the fund has more years to accrue the extra interest.
Obviously as we said before there are many different ways and this is one of the more less risky ways which will suit some people who prefer to know exactly what they are going to receive and when.
Whichever road you wish to take on securing your retirement finances, the important point is that you are taking those steps now before it is too late, too many people are left to live out their retirement in poverty, surviving from day to day and from benefits from the state, this is no way for anyone to have to live after working all of their life, they deserve a more secure and relaxed way of life when it is time for them to retire.
For most of us we would really want to play safe and contribute as much of our earnings into a personal pension plan.
History has shown the pension fund grows at a much higher interest rate than banks and building societies.
Although banks and building societies can offer you a fixed high interest rate for your savings, these are rarely longer in term than five years, whereas a pension plan achieves a higher rate of interest on average over a much longer term.
Upon hitting your retirement age, the really great news is that you can opt to take a tax free lump sum followed by a monthly pension payment.
Most people tend to leave planning for their retirement a lot later in life than would be advised, the reason being is the earlier in life you start making contributions into your personal pension fund, the lower your monthly payments will be as the fund has more years to accrue the extra interest.
Obviously as we said before there are many different ways and this is one of the more less risky ways which will suit some people who prefer to know exactly what they are going to receive and when.
Whichever road you wish to take on securing your retirement finances, the important point is that you are taking those steps now before it is too late, too many people are left to live out their retirement in poverty, surviving from day to day and from benefits from the state, this is no way for anyone to have to live after working all of their life, they deserve a more secure and relaxed way of life when it is time for them to retire.