We all look forward to the day when we can give up work – but to ensure your retirement is comfortable you will need to prepare for it carefully.
Putting a proportion of your earnings towards a pension may seem like a drag right now, but realistically you will need to save for as long as possible to gain a decent income in later years. Not only this, but there are substantial benefits to saving into a pension – you’re not taxed on contributions and there may be additional extras such as life insurance or lump sums included in your scheme.
These days people are investing more and more in private pension schemes and long term savings – the state pension is likely to become negligible with an ageing national population.
State Pension
At present, the basic pension for a single person is