It is still unknown what changes Labour will make to the world of pensions, however, planning for retirement is likely to become more important than ever. Life expectancy is increasing, so retirements are increasing in length too. Ensuring a comfortable retirement requires meticulous planning and proactive management. At Willday Wealth Management, we believe that understanding and managing your pension can make a significant difference to your retirement. In this article we’ll explore why pension tracking is essential and how we can help.
What is pension tracking?
Pension tracking is not just about knowing the details of your current pension plan. You also need to know details of all previous pension plans you’ve paid into. Following the introduction of auto-enrolment into workplace pensions in 2012, many have pensions they don’t know the details of. If you’ve moved jobs since 2012, and subsequently moved house, your pension statements may be going to old addresses. For many, out of sight is out of mind. If you’re not seeing pension statements for pensions you no longer pay in to, you may have forgotten about them. So you may be missing out on money that is yours, in your retirement! Don’t worry though – it’s not too late to find your missing pensions!
Why is pension tracking important?
Pensions form a substantial part of most people’s retirement income. Have multiple pension plans from different employers can make it challenging to keep track of total pension pots. By actively tracking your pensions, you can have a clear understanding of the amount available to you in retirement.
Life is unpredictable, and your financial needs may change over time. Whether you plan to retire early, start a new business, or pursue a different career path, knowing the status of your pension allows you to make flexible plans. Pension tracking provides the clarity needed to adjust your retirement strategy according to any changes in your life.
Once your pension pots have been tracked, you may choose to consolidate your pensions. This can help you plan your retirement more effectively. It leads to easier management of your pensions, lower associated fees and a better overview of your retirement savings.
How Willday Wealth Management can help
We know that keeping track of your pensions can be difficult. From moving home to changing jobs, it can be a challenge to keep on top of your pensions amongst other life admin.
Our Find My Pension service takes the hassle out of tracking your pensions. Simply complete our short form and we’ll do the rest! Once we’ve located any missing pensions, we’ll discuss the best plan for you to help you meet your financial goals. If appropriate, we’ll discuss consolidating your pensions into one pot and will make sure your money is working as hard as possible for you. Our goal is to give you the control back over your pensions and allow you the flexibility to plan the retirement you want.
Contact us today to learn more about how we can support your journey to financial security. By taking control of your pension today, you can build a brighter, more secure tomorrow.
