3 pension tips that could boost your savings

As we approach the end of the year, it is the perfect time to consider how you can plan ahead for the future, both near and far. And when it comes to your pension plan, there are a number of reasons why taking control and action of it today could benefit you more so in the future.

That's why we have listed 3 simple tips that could help boost your savings and set you up for more financial freedom later in life.

(1) Increase your pension payments over time

If your budget allows, why not consider increasing the contributions you make to your pension.

Many people consider doing this if they've had a salary increase and others simply increase theirs in line with inflation. However, there are plenty of options when it comes to increasing your payments. As little as an extra £10 per month could go a long way, especially if you start investing more while you're young.

Over a few months or a few year the effect of this may be small but over a longer period you build up the value of your pension savings.

If you can afford to, an alternative option is to make one-off larger payments, Although, many people find smaller, more regular payments more achievable.

(2) Regularly review your pension investments

How you manage your investments will depend on how much experience you have and how much risk you feel comfortable taking. However, seeking professional advice is definitely worth it's weight in gold in this circumstance as they will have more knowledge of how you can best achieve your goals, and where to invest to make that happen.

Even if you do delegate the investment decisions to the professionals, ensure you make time for regular catch-ups to make sure they're on track to meet your set goals.

(3) Consolidate your pension plans

Investments, much like many things in life, are a lot easier to manage when they're organised.

If like many of us, you have collected several pensions over the years from previous employment, it could make sense to combine them, so everything is in one place.

It's not necessarily right for everyone but it's a great way to get an idea of your overall pension value, thus, making it easier to check, track and could even lower your costs.

* This blog is for information and entertainment purposes only. It does not constitute advice in any way.