Your choices at retirement. Changing your mind. Today retirement tends to be a positive experience-something to look forward to. People are retiring earlier, living longer and are in better health to make the most of their time. Lack of money, however, could be a worry.
Many pensioners struggle financially during retirement due to lack of planning.
This section aims to show you how to plan for your retirement. Only one person in five will retire on a pension of two thirds of their final salary. To encourage you to save for your retirement, pensions receive many tax benefits, but there are annual limits on the amount you can put into your scheme. The big advantage to saving in a pension is that all your contributions attract tax relief. This means that for every 1 you put into your pension, the government will add 28p if you re a basic rate tax payer, or 66p if you re a higher rate taxpayer.