Retirement planning: The 'really crucial step' when it comes to maximising your pension

When it comes to planning for the future, pensions can be an important part of the conversation to ensure that a person has enough income to live how they wish during retirement. Financial planning expert Heather Owen from Quilter discussed the importance of setting up a pension an exclusive interview with Express.co.uk

She said: “Get that pension set up if you haven’t already. Get a direct debit in place, no matter what it is that you can afford. If it’s £20 a month, do that.

“Just do something, that’s the really important thing.

“Set up a direct debit, get that going into your pension. And then the thing to think about is if it invested correctly.

“For those people who have not engaged closely with their pension, you might not be familiar with the fact that it’s invested, or how that money is invested.

READ MORE: ‘Shocking’ – DWP errors ‘still being made’ while correcting underpaid state pension issue

© GETTY Retirement “But at the end of the day, if that money is not invested, then it just sits there as cash, and isn’t growing.”

Investing can be done at any stage leading up to retirement but the risk levels one should take may differ.

During the interview, Ms Owen shared her thoughts on what type of risks could be taken at each different stage.

She said: “The really important thing to do is to ensure its invested and it’s taking the right level of risk, for you and your individual circumstances.

DON’T MISS:Is four years long enough to invest? How to get ‘those extra levels of return’ [ANALYSIS]Pension saving: How you can ‘keep more of your money’ for retirement [INSIGHT]‘Wasn’t expecting that!’ Pensioners delighted as they make £1,192 in just one day [VIDEO]

“Somebody who is aged 25, is self-employed and setting up their pension, they have a much greater time horizon.

“That person has maybe forty or fifty years until they come to retire, they can afford to take a lot higher level of risk because they have the time to ride the ups and downs in the market, which they will see many times.”

Essentially what she meant is that the longer people have to save and build, the more investment risk they can potentially afford to take.

However, each person should take a level of risk that is appropriate for them. It’s also crucial to remember that with investing, capital is at risk.

© GETTY Retirement

She continued: “On the flip side, if you are somebody that is approaching retirement, you possibly have got three of four years to retire, start thinking about what you may need first of all.

“Firstly, gather all the pension pots you do have, and get a really clear understanding on what your provision is at that point, and what do your pots look like.

“If you’re approaching retirement, maybe you should be taking a lower level of risk potentially, because you don’t have that long to withstand those ups and downs in the market.”

Investing can be a really valuable tool in growing one’s wealth, and potentially get them to a financial level they are happy with.

Some people may not feel comfortable with investing due to the uncertainty that comes with it.

Therefore, it is important to speak to a financial advisor about each different situation.

However, Ms Owen stressed the importance of thinking about the money going into one’s pension.

She concluded: “It’s important to maximise what you put in your pension.

“Maximising what you can put into your pension is a really crucial step to making sure you’re going to be comfortable.

“Future you will thank yourself for it.”

Internet Explorer Channel Network
News Related

OTHER NEWS

Fribourg-Gottéron, Biel und Davos festigen ihre Positionen

© KEYSTONE/CYRIL ZINGARO Das Spitzentrio der National League, Fribourg-Gottéron, Biel und Davos, festigt seine Position mit Siegen. Für den HCD ist es der siebte in Folge. Der Leader Fribourg kehrte ... Read more »

SCB kassiert Klatsche: Davos unaufhaltsam – Bern überfordert

© Bereitgestellt von Blick Davos unaufhaltsam – Bern überfordert SC Bern – HC Davos 3:6 (1:2, 0:1, 2:3) Hier gibt es das Spiel zum nachlesen. Ein Mann entscheidet das Duell ... Read more »

THE MERCHANTS TRUST: Fund on course to deliver 40th year of dividend increase, to delight of shareholders

© Provided by This Is Money MailOnline logo Investment trust Merchants is well on course to delivering its 40th year of dividend increase, much to the delight of shareholders.  Although ... Read more »

Rolls-Royce being urged to carry out nuclear testing in UK after it emerged company was considering using site in northern Italy

© Provided by This Is Money MailOnline logo Rolls-Royce is being urged to carry out nuclear testing in the UK after it emerged that the company was considering using a ... Read more »

Flying taxis set to shuttle passengers from Heathrow to cities in south of England for price of an Uber in just four years' time

© Provided by This Is Money MailOnline logo Flying taxis are set to shuttle passengers from Heathrow to cities in the south of England for the price of an Uber ... Read more »

Goldman Sachs wants to raise up to £100bn from British savers to pump into its investment bank

© Provided by This Is Money MailOnline logo Goldman Sachs wants to raise up to £100 billion from British savers to pump into its investment bank.  Currently, big banks with ... Read more »

Should you risk your cash to own a tiny share of £8m smudgy scrap of paper? Collectors being offered a stake in the world's rarest stamp

© Provided by This Is Money MailOnline logo Collectors are being offered a stake in the world’s rarest stamp next month – in a ‘fractional ownership’ deal of the kind ... Read more »

STOCKS TO WATCH: Online retailer Beauty Bay pulls back from pushing button on London flotation

© Provided by This Is Money MailOnline logo An online beauty retailer has pulled back from pushing the button on a London flotation.  City sources say the odds on a ... Read more »

China giant's tax ruse 'big threat to Boohoo': City on alert as Shein undercuts fast-fashion firms in Britain by 20%

© Provided by This Is Money MailOnline logo Chinese fast-fashion giant Shein is exploiting a series of tax perks to undercut some of Britain’s most successful online retailers, according to ... Read more »

Turn net zero into net profit! Backing the winners in Prime Minister Boris Johnson's £1trillion green gamble

© Provided by This Is Money MailOnline logo As we prepare for a winter of sky-high energy prices, the question of how to heat our homes is understandably on many ... Read more »

New lobby group formed with mission to ensure consumers can continue to use cash on the high street

© Provided by This Is Money MailOnline logo A new lobby group has been formed with a mission to ensure consumers can continue to use cash on the high street.  ... Read more »

MIDAS SHARE TIPS UPDATE: Our maps tip, innovative UK business 1Spatial, is up 30% since March

© Provided by This Is Money MailOnline logo Cambridge-based 1Spatial is another innovative UK business and the group’s clever technology is winning plaudits both here and overseas.  It helps Government ... Read more »

Julie Mezabarba Wants To Knock Out Stamp: ‘She Is Too Slow'

© ONE Championship Julie Mezabarba walks to Circle Julie Mezabarba might be stepping into the Circle as the underdog at ONE: NEXTGEN, but she can’t wait to silence the doubters ... Read more »

Braves pick Travis Tritt, who opposes COVID-19 safety measures, to sing national anthem at Game 6

The Atlanta Braves have picked country singer Travis Tritt to sing the national anthem to open Game 6 of the National League Championship Series against the Los Angeles Dodgers. Tritt ... Read more »

Illinois Knocks Off Penn State After Comical Nine-Overtime Slog

© Provided by Sports Illustrated The Fighting Illini tallied 38 passing yards between two QBs compared to Penn State’s 165, but dominated the rushing game en route to the sloppy ... Read more »

Saints rule out Taysom Hill, Deonte Harris, Payton Turner, Dwayne Washington

© Provided by NBC Sports The Saints have ruled out quarterback Taysom Hill (concussion), receiver/return specialist Deonte Harris (hamstring), rookie defensive end Payton Turner (calf) and running back Dwayne Washington ... Read more »

Soccer-Ibrahimovic scores at both ends as Milan beat nine-man Bologna to go top

BOLOGNA, Italy (Reuters) – AC Milan striker Zlatan Ibrahimovic scored at both ends as the visitors left it late to earn a 4-2 win over nine-man Bologna in Serie A ... Read more »

Eddie Jones' autumn England squad shaped by ‘trends of game' and law trials

Eddie Jones believes rugby’s law trials have led to a rebalancing of the global game, with increased scope for teams to attack by running the ball as well as kicking. ... Read more »

Ethan Hayter wins gold in the omnium as Katie Archibald adds to her medal haul

Ethan Hayter won gold in the men’s omnium at the UCI Track Cycling World Championships in Roubaix, France where Katie Archibald added another bronze medal to her collection. © AP ... Read more »

Man City manager Pep Guardiola backs ‘quality' Phil Foden to improve even further

© Manchester City FC via Getty Images BrightonvsManchesterCity2310G Manchester City manager Pep Guardiola has backed Phil Foden to improve even further following yet another impressive display away at Brighton and ... Read more »

Man City's perfect trio get their revenge to give Pep Guardiola a Kevin De Bruyne problem

Raheem Sterling was a virtually locked-in pick at Manchester City until seven months ago. The England forward sat out Saturday’s 4-1 win at Brighton and Hove Albion due to a ... Read more »

French fishermen deem UK ‘too timid' to resolve licence row

© Gary Grimshaw / AP France is disappointed by the pace of negotiations with Britain on settling a row about post-Brexit fishing rights but talks are set to continue on ... Read more »

Police investigating banner held at Crystal Palace criticising Newcastle United takeover

© Getty Images CrystalPalacevsNewcastleUnited2310B.jpg Police are investigating a banner unveiled by a section of the Crystal Palace support before Saturday afternoon’s draw with Newcastle United at Selhurst Park. The Saudi ... Read more »

Two kittens and cat killed in arson attack at flat in Fife

© Getty Images A fire engine from the Scottish Fire and Rescue Service – Getty Images Two kittens and a cat have died following a deliberate fire at a flat ... Read more »

DC assistant police chief says she was told to 'have an abortion or be fired' from her cadet program in the 80s

© Associated Press/Alex Brandon Metropolitan Washington DC police officers arrest demonstrators after they gathered to protest the death of George Floyd, Monday, June 1, 2020, near the White House in ... Read more »

Tech companies need stronger regulation, Facebook executive says

© Niall Carson (PA) The tech industry “needs regulation” because it should not be left to make the rules on issues including harmful online content on its own, a Facebook ... Read more »

Missouri Paper Blasts House Republicans After Bannon Contempt Vote, Says GOP 'Coddles Criminals'

The editorial board of the St. Louis Post-Dispatch sharply criticized House Republicans Saturday after the majority of them voted against approving a criminal contempt referral against Steve Bannon, an ex-White ... Read more »

UN watchdog says it no longer has access to cameras in key Iran nuclear facility

The head of the United Nations’s International Atomic Energy Agency (IAEA) said in an interview with NBC News the program’s monitoring in Iran is “no longer intact” after the country ... Read more »

Milan klettert trotz Zlatan-Eigentor auf Platz 1 +++ Chelsea ballert Norwich die Bude voll

© keystone Teaserbild © keystone Mason Mount eröffnet den Torreigen an der Stamford Bridge. Bundesliga Premier League Chelsea – Norwich City 7:0 Champions-League-Gewinner Chelsea wird auch nach der 9. Runde ... Read more »

Son Admits Murdering and Dismembering Mother, Then Stashing Remains in Garage: Police

© Provided by Law & Crime Robert Barnes Robert Andrew Barnes Law enforcement authorities in Texas arrested a 36-year-old man who allegedly admitted to murdering his mother, dismembering her corpse, ... Read more »

Glasgow summit raises stakes for Biden deal

Next month’s climate summit in Glasgow has significantly raised the stakes for Democrats to reach a deal on President Biden’s social spending measure, which the White House wants to tout ... Read more »

Fresh rain alert sparks fear in Uttarakhand

© Provided by The Times of India DEHRADUN/NAINITAL: Fresh rainfall and snow alert in Uttarakhand over the next 24 hours issued on Saturday has sparked concerns in the state which ... Read more »

Man Utd squad for Liverpool confirmed with Bruno Fernandes pictured after injury scare

Bruno Fernandes and Marcus Rashford are among the Manchester United players to have checked into The Lowry Hotel on the eve of their clash with Liverpool. Manager Ole Gunnar Solskjaer ... Read more »

Max Verstappen wants to 'buy everyone glasses' after two near misses in US GP practice

Red Bull’s Max Verstappen has sent a tongue-in-cheek message to the other drivers on the grid, suggesting he “needs to buy them all glasses” after two near misses during practice ... Read more »

Cristiano Ronaldo 'crumbled' Juventus' three most important dressing room values

Cristiano Ronaldo fell foul of a number of Juventus dressing room traditions while at the Serie A giants according to reports in Italy. The five-time Ballon d’Or winner enjoyed a ... Read more »

Eye on polls, AAP launches drive to apprise people of party schemes

© Provided by Hindustan Times AAP workers distributed pamphlets to residents apprising them of the guarantees given by party national convener Arvind Kejriwal. The party launched ‘Ek Mauka AAP ko’ ... Read more »

Bodies of two more trekkers recovered near Himachal Border: Report

© Provided by Pinkvilla As per the latest reports, two more members of a trekking team that had gone missing on way to Chitkul via Harsil in Uttarkashi district were ... Read more »

Robbie Neilson disputes Hearts 'burden' theory despite missed Rangers chance

Robbie Neilson insists Hearts aren’t finding their high flying status a burden despite blowing the chance to go two points clear at the top of the table by conceding a ... Read more »

Montreal protesters urge government to allow dance floors to reopen

MONTREAL — A crowd of Montrealers held a large dance party on Mount Royal today to urge the Quebec government to reverse its ban on dancing in bars and clubs. ... Read more »

Airlines forced to cancel half-term flights as Mount Etna spews ash

© Provided by Daily Mail MailOnline logo New volcanic activity in Mount Etna today caused havoc for holidaymakers as airlines were forced to cancel half-term flights and delay several more. Europe’s ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic