Thinking about your Retirement
Ayodapo Oyebade
Film and Theatre Production Accountant; Financial Secretary of Actors Guild of UK Nollywood, Actor, Producer, Rotarian, Father, Grandfather.
Check out this video with Martin Lewis https://www.youtube.com/watch?v=nvYdENgdj18
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Here's a detailed list of steps individuals should take to secure their pensions and state pensions, including nominating beneficiaries:
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1. Review your current pension situation:
?? - Gather information on all your pension schemes (workplace, private, state)
?? - Check your annual statements and online accounts
?? - Request a state pension forecast from the government
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2. Maximize contributions:
?? - Take full advantage of employer matching in workplace pensions
?? - Consider increasing your contributions to benefit from tax relief
?? - If self-employed, set up and contribute regularly to a personal pension
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3. Track down lost pensions:
?? - Use the government's Pension Tracing Service to find old workplace pensions
?? - Contact previous employers for information on forgotten schemes
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4. Consider consolidation:
?? - Evaluate the pros and cons of combining multiple pensions
?? - Seek professional advice before making decisions, as some schemes have valuable benefits
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5. Understand your state pension:
?? - Check your National Insurance record for gaps
?? - Consider making voluntary contributions to fill gaps and increase your state pension
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6. Nominate beneficiaries:
?? - Complete an "expression of wish" form for each pension scheme
?? - Keep beneficiary information up-to-date, especially after major life events
?? - Be aware that state pensions typically can't be inherited, but there may be provisions for surviving spouses or civil partners
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7. Review investment strategies:
?? - Assess your risk tolerance and adjust your pension investments accordingly
?? - Consider lifestyle or target date funds that automatically adjust risk as you approach retirement
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8. Plan for retirement:
?? - Decide on your target retirement age and income
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?? - Use pension calculators to estimate if you're on track
?? - Consider seeking advice on whether to purchase an annuity or use drawdown in retirement
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9. Stay informed about pension rules:
?? - Keep up with changes to pension regulations and tax laws
?? - Be aware of the lifetime allowance and annual contribution limits
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10. Protect against scams:
??? - Be cautious of unsolicited pension offers or advice
??? - Check the credentials of financial advisors with regulatory bodies
??? - Never feel pressured to make quick decisions about your pension
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11. Consider additional protection:
??? - Evaluate the need for life insurance to provide for dependents
??? - Look into critical illness cover or income protection insurance
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12. Make a will:
??? - Ensure your wishes for pension benefits are reflected in your will
??? - Consider setting up a trust for more complex estate planning
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13. Regularly review and update:
??? - Reassess your pension strategy annually or after significant life events
??? - Adjust contributions and investments as needed
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14. Seek professional advice:
??? - Consult with a qualified financial advisor for personalized guidance
??? - Consider getting advice at key life stages or before making major pension decisions
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15. Understand your options at retirement:
??? - Familiarize yourself with options like lump sum withdrawals, annuities, and drawdown
??? - Plan for the tax implications of different withdrawal strategies
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16. Keep records:
??? - Maintain a file of all pension-related documents
??? - Store contact information for all your pension providers
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By following these steps, individuals can take a comprehensive approach to securing their pensions and ensuring their retirement savings are well-managed and protected.