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The IC guide to approaching retirement

The ultimate guide to building a valuable pension
The IC guide to approaching retirement

Key points: 

  • Building a good pension can make your retirement significantly more comfortable 
  • Take advantage of all of the pension support on offer
  • Protect your pension through market turbulence

Retirement is coming. Maybe not for many years but it is coming.

On average, you are likely to spend at least 20 years in retirement. For some people, it will be much longer. This means one thing: during your working life when you are earning an income, you need to invest some of it for your future.

The good news is that you don’t have to build a pension pot all on your own. The government and your employer will make contributions, while the range of options for managing your pension youself is expanding. To navigate the system and prepare yourself for a comfortable retirement, we have prepared the ultimate guide to pension planning. 

 

How to get the best possible pension 

This step-by-step guide, can help ensure you are ready for retirement. Whether you work for the private or public sectors or you are self-employed, this comprehensive guide will help you build a sturdy pension pot. 

Click here to download the full guide.

 

7 things to know about investing for a pension

There are so many things we all want to save for – a holiday, a car, a mortgage, a wedding, a baby. We’re not quite so keen on saving for our pensions though which means some of us are at risk of spending our retirement years in poverty. But with a bit of planning and saving discipline, a healthy income in later life should be within reach.

Here are seven things to ponder if you are starting out on your pension saving journey.

 

Remember to consider a Sipp

Pension planning has come on in leaps and bounds in recent years, thanks to the arrival of pensions freedoms combined with the development of Self Invested Personal Pensions (Sipps), now in their fourth decade. Our comprehensive Sipps guide will show you how to pick a platform for both basic and full Sipps, plus how to select assets at the various stages of your retirement preparation. 

 

Your questions, answered

Do you have questions about your own pension? Chances are, someone has asked the question before. The articles in the links below can help you learn from other people's pension management. Or submit your own portfolio and have it analysed by Chris Dillow, Investors Chronicle economist, and other selected top industry experts.

How do I maximise my pension pot?

Jeremy's (50) Sipp and Isa are invested in funds, workplace pensions, shares in employer and residential property. He wants to build up as much as possible in pensions so they pay out 6 per cent-plus a year, with £15,000-plus a year in retirement from non-pension investments. Click here to find out how he plans to do that.

Can I meet my income goal using ethical criteria?

Sabrina (40) wants to retire between the ages of 63 and 65 on a retirement salary of £20,000 per year. She wants to reduce working hours before then, beat inflation and exclude fossil fuel companies from her investments. Here's our expert advice on how that criteria can be managed. 

How do I prepare for a retirement abroad?

Cheryl (40) wants to retire in France in about 20 years time. She wants to draw 5 to 6 per cent a year from investments from between the ages of 55 and 60 to pay down mortgage on French property by time she retires. Click here to find out more. 

Should I consider ditching my workplace pension?

Jeremy (64) and his wife (62) want an annual income of £40,000 a year, plus money for extra purchases. They're considering transfering 25 per cent of the tax free entitlement of Jeremy's final salary pension to help buy a property worth up to £1m. Here's our expert advice on final salary pensions. Meanwhile Ajay (42), an NHS manager who expects to earn at least £94,000 a year for the next three years is considering opting out of his NHS pension. Here's why we think that could be a mistake.