Starting a pension
Opening a pension fund as early as you can will undoubtedly work in your favour in later life, securing the future you really want for yourself. Our team of independent pension specialists will help you find the right pension to match your specific needs, guiding you on how much to contribute as well as where to put it.
Pensions can seem very complicated because of tax rules and investment strategies
However complex it may seem, in reality, with a pension you’re simply saving money towards your retirement. The goal is that when you do retire, you have enough funds to provide a sustainable income and give you the financial security and stability you want for your next chapter. So, how you invest the money is very important, as you ideally want the best growth possible.
With the State Pension age rising higher and higher each year, it’s risky to rely on the government to provide for you. Taking matters into your own hands now will help you be more comfortable in retirement.
Our pension specialists will help you make the key decisions when paying into pensions to help your money grow the right way and provide you with a better retirement. They’ll also provide ongoing support and advice with your pensions to help keep them on track so you can reach your retirement goals.
How much do I need to pay into a pension?
There’s no set number or percentage that you need to contribute. The truth is, it depends on how much income you want in retirement, and also what other assets you are building towards retirement. This might be a business, rental properties, or other investments.
An adviser will help you to understand how much you’d need in retirement, based on your life and objectives. Using this detail, they’ll be able to calculate how much you need to contribute to meet your aims.
Is it worth getting a pension?
The main advantage of pensions is that you get tax relief on the contributions. Under current rules, for every £100 you put into a pension, the government tops this up by a further £25. In other words, £125 goes into the pension, equating to 25% growth on day one. If you’re a higher rate taxpayer, you also get a further 20% tax relief.
This relief is tax off of your Income Tax bill, so by decreasing the tax you pay each month, it has the effect of increasing your net income. This is a significant advantage when building savings towards retirement.
Get in touch
If you’re interested in joining the Cardan family, please get in touch with us using the form below. We look forward to hearing from you.
About Cardan Wealth Management
Cardan will always be about trust, clarity, commitment, honesty, and integrity. We pride ourselves on being both commercially and morally sound, and socially aware too. We’re on a journey to create a group of companies that can share best processes and practices while recognising different ownership structures and regional nuances. Strength and flexibility are key ingredients to our growth strategy.
