• Financial Advisory Services

If you want to ensure that you are saving for retirement to the best of your ability, or have any questions about any of the elements in this article, you should seek a financial advisory service. These unbiased and expert services at Portafina will leave you in contact with a professional and knowledgeable guide who can advise you on how to achieve your savings goals.

  • Annual Allowances

If you are particularly eager to add to your savings all at once or have had a large windfall in one year, then you should consider carrying over your annual allowance. You can carry over your annual allowance for the past three years if you have used up your current yearly allowance, and this will let you avoid the tax costs that you face from going over the £40,000 threshold.

  • Workplace Pensions

If you are over 22, employed, and earn more than £10,000, then you are eligible for a workplace pension. These are incredibly advantageous and will allow you to save much more money throughout their tenure, as your employer must match all of your contributions, which can double your fund.

  • State Pensions

You are eligible for a state pension if you have donated National Insurance for over 35 years, and this gives you £168 a week in 2019. If you have been self-employed or unemployed, you can pay these through voluntary donations if you believe that you have not contributed enough. You can visit Portafina’s Facebook page to find out more about state pensions.

  • Saving Funds

You do not want to reach retirement and realise that you have not saved up enough to get you through. Therefore, you should save whenever you can. In addition to your regular amounts, you should contribute an extra amount where possible.

  • Pension Performance

Portafina also offers a financial pension performance service, where you can track the growth of your pension; click here to discover more now. It is vital that you do this as inflation, interest and poor performance can leave you with an undesirable amount of money when it comes to retirement if you do not take action.

  • Previous Workplace Pensions

However, your current workplace pension may not be the only one that you have gained, and your pensions from other jobs will still be valid come retirement. Therefore, by finding out how to access these, you can drastically add to your funds.

  • Tax Relief

If this wasn’t good enough, paying into your pension also allows you to receive tax relief on your contributions. By ensuring that you are paying the full amount, you will be able to save extra free money to add to your fund.

 

If you want to find out more about any aspect of your pension or Portafina, Portafina also has active social media accounts that you can follow at @portafina_uk, Portafina’s Facebook Page, LinkedIn and Youtube.