What is a pension?
It’s the money that you will live off once you retire.
According to a recent data, inflation has made it harder for many people to achieve financial freedom and has made a good retirement even more out of reach. To keep the same standard of living as in the spring of last year, an additional £4,200 must be budgeted/saved each year. And to make sure you have earn that much money each year, you’ll need to save an additional £69,000 over your working life. Many pensioners simply cannot pay these kind of eye watering sums.
But did you know MoneyHelper from the Money and Pension Service could help you find your way round many of these issues.
Sponsored by the Department for Work and Pensions. The five core functions of Money and Pension Service are:
- Pension guidance: provide information to people about workplace and personal pensions.
- money guidance: provide information that enhances people understanding and knowledge of financial matters.
- debt advice: provide people with information and advice on debt.
- consumer protection: information about how to stay protected from financial scams.
- Strategy: focusing on everyone’s financial wellbeing.
To find out more about pensions and money guidance from MoneyHelper click here.
You could also sign up for Regular Saving Account at BDCU.
It is free and you can pay in as often as you like with regular deposits or lump sums.
You can find more information about our loans and saving accounts in the link below.