It’s too late

It is definitely true that the sooner you start saving for your pension the better off you will be. However, the reality is that most people do not start giving serious consideration to pensions until their 40’s and even 50’s.   Even if you are in your 60’s or have already retired, you still have some opportunities to improve your pension situation.

It’s never too late to do something – the most important thing is to start taking control of your pension decisions rather than drift into a situation where you are left with fewer and fewer choices.

Here is an idea of some of the things you can do (there are many others listed elsewhere on this website and in the book):

  • The pensions turbocharger is the name we use for the combined impact of changing your retirement date – using this, you can increase the amount of pension quite significantly (or reduce it if you get things wrong).
  • Check you have claimed all pensions and savings you are entitled to – there is advice on how to trace lost pensions and other investments in chapters 7 and 9.
  • Check you have claimed all the benefits you are entitled to – see chapter 7.
  • Check you have maximised your state pension. You can get a personalised quote and it may be worth “buying back” contribution years to increase your pension – see chapter 8.

(Even if you don’t have a copy of the book you can go to the relevant chapter heading on this site to find links to the information you need.)

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