Pension checklist: 3 things you need to know

The last 3 weeks of the WealthTalk podcast have been focused on the 2nd pillar of wealth, which is Pensions.

I believe that pensions are the most over-looked and under-valued asset of all 7 pillars. 

It’s true that the word ‘pensions’ isn’t the most exciting topic when it comes to wealth-building, however, it is where people rely on putting their money in order to create their future retirement wealth …and there are some big mistakes that I see.

The biggest one being that most people simply ignore it, ‘hoping’ that things will turn out for the best. And that’s a big risk to take.

This post is written to help you look at your current relationship with your personal pension – which is most likely attached to your current or former employer.

However, it’s worth highlighting that state pensions continue to be pushed further and further away from reach, forcing those who will be relying on this to cover their needs in retirement to continue working close to, if not into their 70’s.

The state pension age is currently 65 for men. It’s gradually increasing for women from 60 to 65.

There are more changes planned. From 2019, the State Pension age will increase for both men and women to reach 66 by October 2020.

The Government is planning further increases, which will raise the State Pension age from 66 to 67 between 2026 and 2028. [Source: ageuk.org.uk]

Action #1: Might you have a lost pension?

In episode 017 of my podcast, WealthTalk, we discussed a staggering statistic that 1.6 million lost pensions pots worth nearly £20 billion could remain unclaimed according to latest research from the PPI (Pensions Policy Institute).

Do you want the good news? The process of finding out is really simple.

If you listen to this podcast episode you’ll hear from three members of the WealthBuilders community who share their story of how they were able to trace lost pension money, with a combined total of over £400,000 being rediscovered – now accessible and ready to put to work within one of the other 6 pillars.

I’d strongly encourage you to think back through every employer you have ever had and make certain that you’re not forgetting about any unclaimed pension pots. 

You’ll hear just how simple the process of contacting your old employers can be by listening to the podcast below, or you can visit the Department for Work and Pensions and use their new service to help you find a lost pension.