I am entering the workforce
When you first start working, your retirement will seem like it’s a long way off.
Small regular amounts add up over time
You may not have much spare money when you’re just starting out in the workforce, and saving for your retirement might not be high on your list of priorities.
Being able to join a scheme like the LGPS can be an advantage, helping you on your way to a reasonable level of income when you retire. But the pension you eventually receive from the fund and any other pensions you might have built up may not be enough for you to retire comfortably on.
If you can afford it, it may be worth putting away a bit of extra into your pension each pay. It doesn’t even need to be much, but whatever you put in will build up over time and, you could be thanking yourself later on. Find out how you can pay extra into your pension.
Any decision to join a pension scheme or to pay extra in is an important one and you should make sure you receive proper financial advice before making any decisions.
Get your pension together
You should keep track of all your pension savings during your career and take time every now and then to plan how much monthly income you think you will need in retirement. The younger you are the harder it will be to plan what you might need, but try to work it out and keep it under review. As you get older you will get a better idea of how much pension you think you will need and if you have planned well it will be easier to reach your goal.