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Does the cost of living crisis need to spell the end of your retirement plans?

The cost of living crisis has been impacting people across the UK for months. It’s been depleting any savings that you may have, as well as your disposable income. The Bank of England interest rate has been rising in a bid to lower inflation. The impact of this will be felt for years to come, and may force individuals to change their retirement plans.

How the cost of living crisis has impacted pension pots and retirement plans

If you have a private or workplace pension, you may be aware of a number of options available to you. You may look to take money from your pension to supplement your income. Or take a break from paying into your pension. A third option is to reduce the amount paid in to the pot each month, to free up disposable income.

There are considerations to take into account with each of these options. The option to take money from your pension is only available to those over 55. It’s also important to remember that any action taken now will impact the funds available to you in retirement. If you’re interested in finding out more about these options, check out our blog post about the cost of living crisis.

Retired couple walking in the hills - planning retirement

But there is another way…

Could you have missing pensions from previous workplaces? Pensions can be lost for a number of reasons:

  • Due to auto-enrolment of workplace pension, you may not know the details of your pension
  • You may have moved house and not updated your pension provider with your new details. Pension statements will then be sent to the incorrect address, and the pensions remain forgotten about
  • You may have moved jobs and the correct processes were not followed to ensure you have the information you need to keep track of your pension

If you have private pension pots that you’re unaware of, these extra funds could make all the difference to your retirement plans.

How can you find lost pensions?

The good news is, we can help! Our free pension finding service is on-hand to track down pensions in your name, and we can then help you consolidate them. The process is simple. Just fill in our ‘Get Started’ form and we’ll contact over 100 pension providers on your behalf, to find your pensions.

Our team will review the findings and invite you to book a FREE consultation to discuss the best options for you. You’ll be able to fully explore the benefits of our app and start making your pension work for your future.

So does the cost of living crisis need to spell the end of your retirement plans?

It doesn’t have to be, no. If we are able to locate funds in your lost pensions these can be consolidated into one pot. Then, any shortfall you would have faced from pausing or reducing pension contributions will be negated. Your retirement plans can continue apace.

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