Everyone thinks about retirement when they roll out of bed and force themselves into work each day.
Although many people think about retirement and fantasise about spending this time leading a life of leisure, not many people actually make plans for their retirement in the form of putting enough money into their pension.
This is, of course, tricky when you have mouths to feed and the cost of living is so high, but it is important that you are adding enough so that you can lead a fun, active and happy lifestyle once you decide to quit the 9 to 5.
How Pensions Work
One of the main reasons that people do not contribute much to their pension is a lack of understanding. You and your employer will make at least the minimum contribution to your pot which is normally 2% from your employer and 3% from you, but this is subject to increase in April 2019 where you will pay 5% and your employer will pay 3%.
The money that you add to your pot is not taxed and there is also tax relief in that each time you add money the government will refund the amount of income tax that you have paid. Therefore, the more money that you put in the more that you will save so it is a good idea to add as much to your pot as possible.
Where To Learn More About Pensions
This lack of understanding can be corrected at helpful resources like Portafina. Here you can discover everything that you need to know about pensions, including:
- What pensions are
- The benefits of having a pension
- The different types of pension that there are
- How you can manage your pension
- What is pension advice?
- What happens to your pension if you move abroad
- What happens to your pension if you get divorced
- What happens to your pension if you become ill
- Your pension options at 55
- How much you should be paying into your pension
Portafina is an excellent resource for clearing up anything that you do not know about your pension and arming you with the knowledge to make the best decision about your own pension.
Pensions & Working Mums
As a working mum, you will always be thinking ahead and planning how you can provide for your family. Putting enough into your pension scheme is one of the best ways that you can build towards a bright future, but it can also be hard to know how much to contribute when raising a family can already by so expensive.
Resources like Portafina Discovery can be helpful for helping working mums to figure out how much they should be contributing along with any questions or concerns that they might have related to their pension.
You can also stay up to date and learn how to keep your finances in order by following the Portafina social media channels, including Facebook, Twitter, LinkedIn and YouTube. Check out Portafina jobs if you are thinking of a career switch and want to embark on a rewarding career related to pensions.
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