Don’t just file your statement away; pension statements can be extremely useful when it comes to planning out your finances.
With a range of helpful information, your pension statement can be a valuable tool for retirement planning. Figures such as the current value of your pension and its expected growth can enable you to check whether you’re on track to receive the income you need in retirement. This will reveal whether the later life goals you already have are within reach or enable you to plan new ones accordingly. Your pensions statement will also come in handy when it’s time to decide how to withdraw your retirement income.
Review Your Investments
Your pension statement will outline the fund or funds you are currently invested in. If the performance of these funds isn’t harmonising with your retirement plan, it may be time to make some changes. It’s important to bear in mind that pensions can go down as well as up in the short term, and this isn’t necessarily something to worry about. As ever, if you need help deciding on how to invest your wealth, it’s always best to enlist the support of a specialist financial advisor.