Happiness is pension-shaped

Article Abstract:

Advice on financial planning for retirement is presented. It is important to begin contributing to an occupational pension scheme, a stakeholder pension or a personal pension as soon as possible.

Finance, Retirees

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First, pay off your debts

Article Abstract:

It is better to use any spare money to pay off debts, as the interest incurred on debts can be considerably greater than any interest gained through saving the money. The cost of borrowing money can be very high, with some card issuers charging 29% in annual interest and banks charging between 9% and 20% in annual interest on authorized overdrafts. In comparison, even a relatively risky investment such as an equities unit trust is unlikely to bring an average annual return of more than 15%.

Analysis

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Putting extra into the pension means you can take the money and run early

Article Abstract:

Those who wish to save additional funds for retirement, thus increasing their prospects of taking early retirement, can contribute to an additional voluntary contribution (AVC) scheme operated by their employer or to a free-standing AVC (FSAVC) scheme run by an insurer or other financial services provider. It is generally recognized that occupational AVCs are cheaper than FSAVC plans, as employers are able to purchase in bulk and therefore obtain better deals from investment services providers. However, independent advisers believe that FSAVCs can bring considerable benefits under certain circumstances.

United Kingdom, Financial management, Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Pensions

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