Yawn. Come on then, hot shot. What’s the deal with pensions?
A pension is a pot of money which will be your income later in life. You keep it separate from other stashes because it’s taxed differently and locked up ‘till you’re older.
Here are some basic facts to digest:
- The Government has tried to make pensions sexy by giving us a collective kick up the bum in the guise of free money – for every £80 a basic-rate tax payer saves in a pension, the Government will give you a £20 top-up
- No pain, no gain. The earliest you can get your paws on pensions savings is 55. So it’s a long-term commitment.
- Most of our retirement cocktails have three shots – the State Pension, a Workplace Pension and a Private Pension. Hic.
The most basic part of any retirement income. Do you know how old will you be when the Government dishes this out. And how much will you get?Find out
The law has changed and from 2018 everyone’s boss will have to offer them a pension. By 2019 a minimum of 8% of our salary will be going into this. No ifs. No buts.Tell me more...
A private pension is like a snowball. At first it’s all a bit pathetic and “why bother.” But the bigger it grows, the quicker it grows.
You can set up your own pension. Online. In 10 minutes.
This is finance jargon for a DIY pension. A ‘self invested personal pension’. You get the pension toolbox. And you choose what investments to stick in it. #labouredanalogyHow can I build one?
My Retirement Income
Spare me all this pensions babble. Let’s cut to the chase. How much will I have when I’m an oldie!?Find out more
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