Making your savings grow and being able to retire when and how you want to is likely to be one of your most important financial objectives, but achieving this goal requires planning and perseverance.
The closer you get to retiring, the greater the need to preserve your savings and ensure they will last all through your retirement. If you are approaching retirement, do you need to make any further changes to your investments?
You may think you have your retirement planned, but could a pension shortfall catch you out?
Boosting your retirement savings
If you invest in non-pension savings, you can use these to supplement your pension savings – and still access your money if you need to. Ensure you have the right mix of investments, which could help your savings outpace inflation.
If you are approaching retirement you will generally be able to take up to 25 per cent of your pension fund as a tax-free lump sum. You could use it to supplement your retirement income by reinvesting in a flexible investment.
It’s not too late to improve your retirement finances Wherever you are with your retirement savings, don’t be put off from taking action – it’s not too late.
There are still steps you could take to boost the income you’ll get when you retire.
It may also be appropriate to combine your various savings ‘pots’ to make managing your money easier. As you get older you may appreciate the simplicity of having everything in one place.
