Last Minute Pension PlanningPosted on: 30 April 2008 by Gareth Hargreaves
Maximising your income for retirement is not easy with limited time, but there are steps you can take, according to an expert.
"I am 53 but have no pension. What can I do now to maximise my retirement income?"
Saving for retirement is often the last thing on people’s mind, particularly when other priorities dominate our thoughts - and quite rightly; bringing up children, trying to juggle other financial commitments or through plain bad luck, pension planning is often overlooked as a problem we can face tomorrow.
You have clearly recognised that tomorrow is now here and retirement is not too far away. Maximising your income for retirement is not easy with limited time, but there are steps you can take.
Firstly, I would recommend that you conduct a thorough appraisal of your financial position; usually this is best done with the help of a financial adviser. They can help you to identify the sum of money that you can sensibly afford to commit to planning your retirement.
It is only when you are aware of the funds available that you will be able to identify what impact you could have on plugging the gap in your planning, or, for that fact, if it is worthwhile plugging the gap. This in no way means that you shouldn’t consider planning, but you need to identify if you are going to be caught by the Minimum Income Guarantee (MIG) trap. If you are unable to save enough to have a significant impact on your retirement income, all of your conscious planning could end up being in vain, as the MIG will ensure you receive a minimum amount in retirement.
Without doubt, however, your first task is to seek professional advice to aim for the maximum income in retirement rather than aim for scraping through means testing on the minimum income.
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