Four Tips for Boosting Your Pension and Retiring in Grand Style
Oftentimes, when the word ‘pension’ is mentioned, most people assume it is simply saving enough to get by when you retire. As a result, many people have developed a mindset centred on living a conservative lifestyle in retirement. While this is not a bad idea, however, living a fabulous life in retirement is also possible if you plan ahead of time.
To ensure you have a fantastic life in retirement, we have put together some quick tips to help you boost your pension and retire in style.
Start early, start now
This simple but profound approach cannot be overemphasized. Starting early and starting now, regardless of your age, is critical to having a great life in retirement.
The benefit of starting early is that it provides you with more years of potential growth, allows you to take higher risks because you have a longer time horizon to invest, and a small difference in returns can have a significant impact over time.
Avoid the common entrepreneur’s mistake
As a self-employed, there is usually a tendency not to save enough towards retirement. However, the best approach is to start contributing to your pension investment as soon as you start making a profit, not until you have enough. Have a stipulated amount you save monthly towards your pension.
Delay accessing your pension
One of the ways to boost your pension is to delay when you will start receiving your retirement income. The unwritten rule here is that the longer you wait before taking your pension the more time it will have to grow and the shorter the retirement period it will need to fund.
This can be accomplished by deferring retirement or relying on other savings or income sources when you first retire.
If you want to postpone taking your pension, check with your Pension Fund Administrator (PFA) to see if there are any charges for changing your retirement date.
Get professional advice
Whatever your plans are for retirement, ensure you seek professional advice from pension fund experts. A professional will be able to identify ways to maximize your investment and guide you in other ways you can increase your pension and investment strategies.
At Oak Pensions, we understand this aspect of your life's critical need and have a unique service to attend to this need; Retirement Pensions Advisory Service. Through this product, we offer retirement advisory services to our various customers. You can reach our dedicated team of professionals via our multiple channels, which include but not limited to telephone helplines, written enquiries, website and face chats to offer the following services;
Provide advisory services to clients on the implementation of Pension Reform Acts 2014.
Organize sensitization and awareness programmes for the active workforce.
Organize pre-retirement seminars.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.