As a teacher or public employee, It can be easy to get bogged down in trying to understand your pension plan. If you find yourself confused with aspects of your pension, wondering how it is performing or whether you are getting the most out of your pension, our team of experts at Appreciation Financial can help.
A pension plan is basically another name for a retirement fund. It is an amount of money saved up over time, available for you to spend when you are ready to stop working and retire.
Your pension is saved up throughout your career, and to build it up, you and your employer may pay into it during your years of employment. It is a simple way of saving money for retirement for public employees.
Once you are employed a public employee, you should automatically be opted into the state pension, which is also known as the government pension scheme. However, there are different types of pension plans, and depending on the type you have, there will be a set age for you to begin taking money from the account. This is usually around the age of 65.
Most employees with a pension plan often find the state pension amount too low to actually help build up a substantial retirement fund. Because of this, individuals might take out a private pension, which they pay into themselves monthly.
Educators or public employees who move residences and live in different places throughout their lives may be more in need of a pension review, as they pay into different pension schemes for each state in which they work. This can understandably add to the confusion of retirement planning because the pensions are separate, and it can be difficult to keep track of them.
A FREE pension review with Appreciation Financial can assess:
At Appreciation Financial, we have qualified and experienced professionals to help review your pension fund(s).
We will assess your current situation and provide you with unbiased advice on what you should do next to ensure that you are getting the most out of your pension and will have enough money saved up for retirement.
To learn more, get in touch with us today and we will work to make sure you are on the right path to having a comfortable and secure retirement.