It is a fact the State Pensions and Employer Pensions are not likely to provide enough money for an individual's retirement. It is imperative that individuals contribute regularly and often to their own Personal Pension funds. There are a variety of options for your personal pension, and there are many tax advantages for contributing to a personal pension.
A great tip for saving money is to "pay yourself first." This means that for every paycheck you receive you should be taking out some of that money before you pay any other bills or expenses and invest that money into a personal pension. A good rule of thumb is 10% of your income, but if you can afford to save more it is always good. One never knows what financial position one will be in 10 years from now and a little extra money in savings can go a long way towards securing a stable retirement.
Another good rule of thumb is to start early. There is a significant difference in the amount of money you will have at retirement if you start early. For example, if you invest £300 a month starting at 25, by the time you reach 65 years old you will have £1.7 million (assuming an average rate of return of 10%). If you started 10 years later at 35 you would only have £600,000. And if you started even later, at 45, you would only have £200,000.
Even if you are starting later, it is better to get started now than any later. You may have to work longer or pay more on a monthly basis to reach your goals, but whatever the time is and whatever your needs are, you need to make sure you are intelligently heading towards a successful retirement and a successful life.
It is strongly advised that you contact pensions managers to find the right product for your future. Personal Pensions are a crucial strategy for a successful and fulfilling retirement.