Keeping track of your pensions performance and regularly reviewing your pension plan will help to ensure you are making the most of the opportunities available to you. Reviewing your pensions can help you identify any shortfalls that appear in your pension plan so clear action can be taken to overcome them.
Even if your pension savings are on track and performing well, it is still good practice to review your pension plan, as there could be steps you could be taking to build your pension pot further and achieve the income you want for retirement.
When reviewing your pensions performance and your pension plan it is advisable to seek pension advice from an independent financial adviser. Working with a local pension adviser will ensure you have the most effective pension planning strategy in place and can help you achieve your desired retirement income.
If you are living in Manchester and are looking for independent pension advice, the financial advisers we recommend are experienced in pension planning and regularly work with their clients in Manchester to provide independent pension advice, from planning to reviewing.
Our recommended financial advisers in Manchester will work with you to determine which pension plan is best suited to your circumstances and can provide pension advice to overcome shortfalls in your pension savings and help you make the most of opportunities available to you.
Tracking your Pensions Performance
It is good practice to check the progress of your retirement and pension savings at regular intervals, checking the progress of your pensions performance can help you identify any shortfalls in your pension plan and help you stay on track with your retirement goals. The earlier you identify a shortfall in your pension plan, the longer you will have to overcome it and ensure you have the income you want in later life.
Working with an independent financial adviser that offers pension advice, such as our recommended advisers in Manchester will ensure you are making informed decisions about your pension plan and could open opportunities that may otherwise not be available to you. Our advisers in Manchester cover all aspects of pension advice, including tracking pension performance and implementing new strategies to overcome shortfalls.
Making your Pensions Work Harder
If after reviewing your pensions you find they are performing well and are on target with your retirement goals, there could be ways you could make your pensions work harder to ensure you are making the most of your pensions and have a financially secure retirement. There are a range of ways you can make the most of your pensions, including increasing your savings and claiming available tax relief.
Increase your Pension Savings
Your financial situation from when you implemented your pension plan to when you review your pension plan is likely to have changed, which is why it is imperative to review your pension plan when there are changes in your circumstances, such as downsizing your home or paying off your mortgage.
Circumstances such as career progression and reduction in financial responsibilities, could mean that you are able to save more towards your retirement. Putting surplus income into a pension could be a tax efficient way of investing, not only would your additional contributions be topped up by the taxman, but if it is a workplace pension your employer may increase their contributions, depending on the rules of your scheme.
While the most important factor to consider is having enough income to have the retirement you want, making additional savings now could help you safeguard yourself against unexpected events in retirement and give you the financial freedom to achieve your retirement goals and provide financial help to your children and grandchildren.
Claim your Tax Relief
Higher rate taxpayers making pension contributions to either a workplace or personal pension will automatically receive basic rate tax relief on their contributions. However, they could be eligible for higher rate tax relief, but this would need to be claimed through your self-assessment tax return. Claiming additional tax could allow you to benefit from greater pension contributions and give your pension pot a boost.
If you are unsure if you are claiming all of your available tax relief on your pension contributions, it is advisable to seek the advice of an independent financial adviser.
At Pensionadvice.org we can help you find a FCA registered financial adviser for independent pension advice in Manchester. All of the financial advisers we recommend offer bespoke financial advice that is tailored to your unique personal circumstances.