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Find out the answers to all your questions relating to pensions and retirement. Don’t put off till tomorrow, what you can do today. Contact us for a no obligation chat about your needs.
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Suite 1GG, Burlington House, Crosby Road North,
Waterloo, Liverpool, L22 0LG
FAQ
Frequently Asked Questions
When should I start saving for retirement?
The earlier, the better! Starting in your 20s or 30s allows more time for compound interest to grow your savings. However, it’s never too late to start.
How much money do I need to retire comfortably?
This depends on factors like your lifestyle, healthcare costs, and expected lifespan. A common rule of thumb is to aim for 70-80% of your pre-retirement income per year or saving 25x your annual expenses.
When can I start collecting Social Security benefits?
You can start as early as age 62, but full benefits begin between 66-67 (depending on your birth year). Waiting until age 70 increases your benefits.
What happens to my pension if I change jobs?
Your workplace pension still belongs to you. If you do not carry on paying into the scheme, the money will remain invested and you’ll get a pension when you reach the scheme’s pension age. You can join another workplace pension scheme if you get a new job.
How does inflation affect my retirement savings?
Inflation erodes purchasing power, meaning you’ll need more money in the future. Investing in stocks, real estate, or inflation-protected securities can help offset this risk.
How do I avoid running out of money in retirement?
- Follow the 4% rule (withdraw 4% of savings annually).
- Diversify investments.
- Adjust spending based on market conditions.
Should I work part-time in retirement?
Many retirees work part-time for financial security and personal fulfillment. However, earnings will be subject to tax before and after retirement age.