Blog One

Have you got money in place for retirement?

By Charlotte Wood

If you are over 40 then time is running out. It’s true pensions are not a riveting subject, but if we called them your salary in later life would that pique your interest? Do you want or need a large salary later in life or are you happy to have just the bare minimum?

Everyone is different, everybody’s circumstances are different. Your life is made up of many facets. It revolves around negotiation and compromise with the significant people in your life whilst still trying to make time for your own desires, ambitions, and achievements both personal and professional. All this makes it hard to find time to make sure your financial situation can support you as and when required. As well as studying to make sure you have updated knowledge to enable you to grow your money effectively and tax efficiently.

Here’s a few areas to consider any some helpful pointers in the right direction:

Do you understand pensions?

  1. There are many different types of pensions, some pay you an annual amount from when you retire for the rest of your life. Others will pay you an amount based on how much has been contributed, plus any investment performance minus any fees charged by the pension company.
  2. 100% of people who contact Rosewood don’t fully understand the pensions they hold and how they will pay for the retirement they want. Pensions are heavily regulated and have many and varied structures.
  3. Qualified Financial Planners must spend years studying, passing exams, and keeping their knowledge of pensions up to date. If you need to know how much pension is enough to pay for your retirement get in touch. We offer a free no obligation initial consultation and always disclose fees prior to work being completed. Financial Planning fees can be paid either directly by you or from your pensions and investments.

Have you worked for more than one firm or been self-employed?

  1. If you have worked for a number of firms, you are likely to have workplace pensions scattered around in small amounts. This generally costs you more, you may not have a choice of investments and when you retire you will receive amounts at different times from different sources which could make budgeting difficult.
  2. If you have been self-employed, taken time out from your career for children or for other reasons have gaps in your work history you may not have the full 35 years of national insurance contributions required for the full state pension.

Useful links:

The new State Pension: Eligibility – GOV.UK ( – to find out more about the state pension, when it’s payable, who is eligible and qualifying years.

Employees | Workplace Pensions – autoenrollment now means that the majority of the UK workforce will have a workplace pension, but will this be enough?

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