Are You Taking A Chance With Your Pension?

Are You Taking A Chance With Your Pension?
Underwater by Julian Cohen. Why?

As a DWP pension report reveals 12 million people could be short of money in retirement, wherever you are on your retirement journey, this excellent on-line tool featured below could ensure your pension plans are on the right track.

Make It Your New Year’s Resolution To Check Your Pension

Don’t Leave Your Pension Planning To Chance

If you have a money purchase (defined contribution) pension, be it a SIPP, SSAS, personal pension, stakeholder pension or even if you’re a member of an employer money purchase scheme, it’s well worth spending a few minutes on Fidelity’s pension check-up website.

It covers every part of your retirement journey. 

pension

A Pension Tool For Everyone

You could benefit from using this tool if you’re in the early stages of building a pension fund. 

Or you’re looking to maximise your investments as you diversify your pension across a range of asset classes. 

Or you’re planning to stop work in the near future. 

Or you’re in retirement and want to maximise your pension income.

Whatever your life stage, it’s designed to assess your overall ‘financial wellness’.

It’s a free service and it’s packed with lots of useful information, centred around an online questionnaire. 

You’re guided effortlessly through a series of questions about your age, salary, savings and debt before being asked about your financial goals. 

Having analysed the information, the tool identifies where you may need pension help.

The guidance and suggested action plan is tailored to you, whether your making first-time pension decisions, or whether you’re financially established.

You’ll be offered guides and questionnaires for further reading appropriate to your circumstances.  You’ll have access to savings calculators, as well as information about your pension and savings more generally.

Whilst the tool is located on Fidelity’s American website, and the numbers are shown in dollars, the principles are the same on both sides of the pond.  So if you’re asked for numbers in dollars, simply add them as if they were in pounds, and you won’t go far wrong.

Check Your Pension Now

Launch the pension tool.

Once you’re confident you’re up to speed with your pension planning, do your friends and relatives a favour and send them a link to this article.

It might just help them avoid being short of money when they come to draw benefits from their pension!

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AJ Bell Is Often The Best Value SIPP For Stockmarket Assets

That's our opinion.  Not just because AJ Bell was the first company to offer an online SIPP.  Nor that it's received many prestigious awards.  And not even because the wife of SIPPclub's Founder has an AJ Bell SIPP.  It's because it's one of the most competitive stockmarket SIPPs on the market. 

Over time, charges can wipe out a huge part of your fund.  We like AJ Bell because there are no set-up costs.  If you hold passive funds, which is our preference, or shares, investment trusts, EFTs, gilts or bonds, you pay one small fixed fee no matter how large your fund.  And when you come to draw your benefits either as occasional drawdown or UFPLS payments, there's a small charge for the whole year no matter how many times you access your money (many SIPP and SSAS providers charge more than this for each payment).  However, you should always compare charges in detail, because AJ Bell could be more expensive than other providers, depending on the type of stockmarket assets you hold.

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IMPORTANT NOTE: NOTHING FEATURED ON SIPPclub IS EITHER AN IMPLIED OR A SPECIFIC RECOMMENDATION TO MAKE, OR TO REFRAIN FROM MAKING A FINANCIAL DECISION.  THIS PAGE HAS NOT BEEN APPROVED AS A FINANCIAL PROMOTION.

As SIPPclub neither advises on, nor arranges, nor recommends specific investments or strategies, we're unable to say whether a SIPP or SSAS or any investment within it is right for you. Ultimately, it’s your money and your decision, and you should only proceed once you're satisfied you've undertaken sufficient due diligence. If you need advice, you should speak to your trusted adviser, or you could find a local adviser from Unbiased.co.uk.  Alternatively, we'd be pleased to introduce to a suitably qualified independent financial adviser.

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