To afford the lifestyle you want when you retire, you need to do something about it today - the buts stop here. It may be tempting to say, "But retirement is a long way off", yet it's never too early to start investing in order to protect your future. To find out more, read our 'Pensions Guide' section by clicking 'Open Guide'. Once you have read that, why not view our 'What is a Pension?' video, presented by Lisa, our online guide.
Our easy overview introduces you to the basics of pensions, provides information on the products available and gives you helpful hints on things to consider.
You can choose to fund your retirement through a pension plan, which can:
A pension plan is a good way to invest for your retirement. You make payments into your pension plan, many employers will also pay into it and the government chips in with tax relief, which also boosts your pension fund.
Your retirement and you
Any state pension you receive, and any other benefits you may be entitled to, may not be enough to fund the lifestyle you want. If you retire in your early sixties, it's possible that you may live for another thirty or so years. You need to be sure that you've put enough into your pension to provide you with an acceptable income during your retirement.
The more you can invest during your working years, the better standard of living you could have when you retire. This means that the earlier you start paying into your pension plan, the better. You can invest more money over a longer period of time and your pension fund will have longer to grow.
However, you need to be aware that the value of your pension fund can go down as well as up and may be worth less than the amount paid in. You should also be aware that tax rules may change in the future.
Again if your response is, "But I don't really understand how to plan my finances better", we're here to help. It's all about getting the information you need to make the right decisions. Our tools and calculators can help you get to grips with your finances and plan for the future.
See whether you're on track to fund the retirement you want.
Now you've learnt more about pensions, you can compare the features of Aviva's pension plans, or apply for your chosen option:
You can make regular or one-off payments into a Personal Pension plan and stop, restart and change your payments to suit yourself.
It's a tax-efficient way of investing for your retirement, but bear in mind that you won't have access to the money in your pension fund until you retire.