Ipswich Financial Adviser

I am often asked by clients as to how much they should pay into their pensions. This question is a bit like “how long is a piece of string.” It all depends on the individuals affordability and what they want for their retirement.

What you should be asking is how much income in retirement would you like or need. This must be realistic, but once you have a rough idea of this you can work backwards and see what size pension fund you will need to achieve the income you require in later life. You also have to take account of any employer’s pension schemes you may have or any other assets that could provide you with an income in your retirement.

Once this has all been reviewed and calculated you can then work out how much per month you should put away to achieve the level of income you want in your future retirement. The earlier you consider this the better;  you will have longer to grow your money and so have more in your pension pot for your retirement.

As can been seen this is a complicated assessment of your current and future requirements. Speak to Thompson Financial Consulting and we can help you make the most of your money for a rewarding retirement.