SunLife specialists stated: “So if you delay taking your state pension for three years, you’ll get almost a third more.”
However, the specialists continued: “It’s also important to note that you need to have 35 years of National Insurance contributions to get a full new state pension, and if you haven’t quite got there, you may be able to buy back missed years.”
Track down outdated pensions
Changing jobs each few years is changing into the norm, making it straightforward to neglect concerning the completely different pension pots opened at every one alongside the way in which.
SunLife specialists stated: “You may lose track of pension pots that would have helped to boost your retirement wealth. Hunt out any paperwork that you have from former employers and see how much might be in your pots.”
People may use the Government’s free Pensions Tracing Service device.
The specialists continued: “If you have a few pensions with different providers, you could consider transferring them to your current provider.”
However, there could be a penalty cost for shifting a pension from one supplier to a different, so it’s greatest for individuals to get recommendation from an impartial monetary adviser in the event that they intend to take action.
SunLife specialists stated: “[The experts] will do the sums and work out what’s best for your pension pots. It will cost to use an adviser, but in the long run it tends to be worth getting proper financial advice on something as important as your retirement wealth.
People can also get a free session with a trusted financial adviser through VouchedFor.co.uk or MoneyMagpie.com.
Consider a side hustle
People who are at risk of facing a shortfall in their pension could consider taking on a side hustle.
SunLife experts said: “There are hundreds of different ways to make extra cash in your spare time, depending on your skills, geography and time constraints.
“You could do some dog walking in your area, tutor kids locally or online, do repairs and alterations, and much more.
“Maybe you have a practical hobby that would boost your retirement income, such as candle making, knitting or baking cakes to sell at car boot sales, markets, events or even on local groups on Facebook.”
The cash individuals could make from this could possibly be a superb enhance to their retirement revenue.
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