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Shape my future

We all want a good retirement. But why not aim for a great one?

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Pension Planning: The Early Years

Video transcript

Pension planning? Isn’t that something you can worry about later?

The fact is that tomorrow comes around sooner than you think, so by saving more now it could lead to you having a better chance of you enjoying the future you want.

So, where do you begin?

First, find out what you already have, and what you could have when you retire.

There’s the State Pension, of course…

For a single person, the current full State Pension is £168.60 per week. You need to have made 35 years National Insurance contributions to get this. Wouldn’t want to live on that?. Maybe not. So, what other money would you have to live on?

Think about any money you’re saving in a bank or building society account, or an ISA. Factor that in.

Next, if you have a workplace pension, check how much is being paid in each month.

The benefit of a workplace pension is that you will normally be eligible for tax relief from the government on your personal contributions. So, if you're a basic rate tax payer, every £100 which goes into your pension will cost you £80 from your take home pay.

Next, think about what you’re going to need when you’ve finished working. To maintain living standards at retirement, most people will need an annual income of between 50% and 80% of what they were earning when they were working.

To help with retirement planning visit our website. You’ll find videos, calculators and online tools. Our Shape My Future tool can help you get an idea what your future could look like, and what you can do to make changes now.

You need to remember that your pension money is invested to try and help it grow – and, as with any investment, the value can go down as well as up and you may get back less than you put in.

If you want to join or make changes to your workplace pension just get in touch with your employer.

So in summary, find out what you’ve already got; plan how much you might need - and then take action.

Remember, if you really want to make a difference to your future, there’s no time like the present to act.

Pensions Planning: Building My Savings for the Future

Video transcript

When you get around to thinking about your finances, what sort of things spring to mind?

A mortgage or car loan? Looking after the family? Paying the bills? Probably not pensions, though.

But the fact is that tomorrow comes around sooner than most of us think…

So where do you begin?

First, find out what you already have, and what you could have when you retire. Your annual pension statement can help here.

There’s the State Pension, of course……

For a single person, the current full State Pension is £168.60 per week. You need to have made 35 years National Insurance contributions to get this. Wouldn’t want to live on that? Maybe not. So, what other money would you have to live on?

Think about any money you’re saving in a bank or ISA. Factor that in.

Next, if you have a workplace pension, check how much is being paid in each month.

The benefit of a workplace pension is that you will normally be eligible for tax relief from the government on your personal contributions. So, if you're a basic rate tax payer, every £100 which goes into your pension will cost you £80 from your post-tax pay. This tax relief is limited to the amount you earn in the tax year, or the level of the Annual Allowance whichever is lower.

Next, think about what you’re going to need when you’ve finished working. To maintain living standards at retirement, most people will need an annual income of between 50% and 80% of what they were earning when they were working.

To help with retirement planning visit our website. You'll find videos, calculators and online tools. Our Shape My Future tool can help you get an idea what your future could look like, and what you can do to make changes now.

Think about whether you can afford to save some extra money from your salary. Putting aside just a little now could still make a big difference later.

You need to remember that your pension money is invested to try and help it grow – and, as with any investment, the value can go down as well as up and you may get back less than you put in.

That’s why it’s important to keep a close eye on the value of your pension and other investments.

Pension Planning: Almost Done Saving

Video transcript

You’re getting closer to your selected retirement age which means more freedom to do the things you enjoy. To make the most of this new stage in your life you need to give some thought to your options, needs and goals.

So, where do you begin?

First, find out what you already have, and what you could have when you retire.

There’s the state pension, of course.

For a single person, the current full state pension is £168.60 per week. You’ll need to have made 35 years National Insurance contributions to get this. Could you manage on that?

Think about any money you’re savings in a bank or building society account, or an ISA. Factor that in.

Chances are, your workplace pension pot will also play a big part in planning the kind of future you’d want for yourself.

On reaching 55, you also have the option to take money from your pension pot.

There are a number of ways to take your money, such as: taking all the money as cash; or taking it as a guaranteed or more flexible income.

Before you make a decision on how to take money from your pension pot, you need to get a clear idea of how much you have in there, and how it’s invested

You’ll find lots of information on retirement planning on our website. It’s bought to life with videos, calculators and online tools to help you see where you are now and plan where you want to be when you retire. If you’d like to learn more about your choices at retirement view our Pensions Freedom video.

If you are over 50, you can get free and impartial guidance on your retirement options on the government’s Pension Wise website at pensionwise.gov.uk or by calling 030 0330 1001.

Before you make any decision, it makes sense to talk to an adviser. Advisers can be found at www.unbiased.com. They normally charge for their services. Or, you can speak to us here at Aviva by giving our Financial Advice Support team a call on 0800 092 3107.

Take a look now – your future self will thank you for it!

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