How to start a pension by Clare Law

"I've set up a pension to ensure I have a small income in old age. Go me."

How I did it: I spoke to my financial adviser about what I wanted from a pension. He was very helpful, and asked lots of questions about how much I thought I could afford, and what my plans for the future were.

We filled in some forms, sent them off and before I knew it, I was putting away a small amount each month.  

Lessons & tips: Think about 

  • risks to benefit ratio 
  • minimum payment
  • variable payments 
  • how much can you afford (ask yourself what Future You would say to you if they knew you were going without to pay into your pension)  
  • whether I could skip payments if I needed to

Resources: Martin Lewis Moneysaving Expert


 

Jul 25, 2011, 03:43AM PDT | 0 comments | 5 cheers


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Clare Law has gotten 5 cheers on this entry.

 

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