Building financial security with your Sipp

Building financial security with your Sipp

The coronavirus outbreak and its effect on financial markets is a reminder of how important it is to prepare for times of acute stress. One of the most effective ways to establish long-term financial security is to ensure that you have the best possible retirement savings provision in place. Extreme market volatility of the kind that has happened in recent weeks is unnerving, but it should not deter you from continuing to save into your pension, if you can, because otherwise you will lose out on valuable tax relief. If you are a higher-rate taxpayer, for example, your investments would have to drop 40 per cent before you actually suffered a loss in ‘real’ terms.

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