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Making the most of your pension in your 50’s

With more control over our pensions on the horizon your fifties could well be the best time to review your savings and investments. Around this age earnings typically peak and mortgage and other debts tend to fall even if you still have children as young adults to support.

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Enable’s IFA’s in Bishops Stortford know this is a time to optimise savings. If you have a company pension make sure you are making the most of it many employers match contributions, often paying £2 in for every £1 paid by the employee up to a set limit.

If you have other savings and investment plans it maybe a good time to review the investment strategy of your pension fund.  Some pension funds adopt “lifestyle” techniques where assets are automatically moved into safer assets, such as bonds and cash, as you approach your expected retirement date, if your circumstances have changed this may no longer be an appropriate strategy ie if you plan to retire later, or want to keep your pension fund invested beyond retirement.

New rules giving people more freedom over how they use their pension funds mean far more people – particularly those with larger pension funds – are expected to keep their pension funds invested throughout their sixties and seventies, and simply live off the investment returns.

Traditionally, those in their fifties took a more cautious approach to investing than those in their thirties and forties. But if you are keeping funds invested for a further 20 or 30 years you can afford to take more risk with your money with the aim to generating inflation-beating returns.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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