SAVING FOR YOUR RETIREMENT

Christine Ross, Client Director at Handelsbanken Wealth & Asset Management, discusses flexible ways to build your pension amid high inflation.

If saving a smaller amount is not possible either, we recommend having a clear aim as to when you can restart making pension contributions, and (if feasible) to restart at an increased level to help to make up the shortfall.

With state pensions increasingly deemed insufficient for a comfortable retirement, private pension savings have become a critical part of long-term financial planning. It’s important to remember that no investment ever comes without risk, but workplace pensions and private pensions are widely accepted as good long-term options for building up retirement savings.

If you work for a company in the UK, your employer is already paying into your pension on your behalf, and you can make additional contributions yourself. Similarly, if you are paying into a separate private pension, the higher your regular payments into the scheme, the better your chances of accruing a healthier pension pot over the long term.

You should of course think carefully about how much you can afford to save, and we always recommend taking advice to ensure that you understand the risks, limitations and processes involved.

Find out more at your local Handelsbanken branch, Manchester Trinity Way: manchestertrinityway@ handelsbanken.co.uk