I am entering the workforce
When you first start working your retirement will seem like it's
a long way off.
Small regular amounts add up over time
You may not have much spare money when you're just starting out
in the workforce, and saving for your retirement might not be high
on your list of priorities.
Being able to join a scheme like the LGPS can be an advantage,
helping you on your way to a reasonable level of income when you
retire. But the pension you eventually receive and any other
pensions you might have built up may not be enough for you to
retire comfortably on.
If you can afford it, it may be worth putting away a bit of
extra into your pension each pay day. It doesn't even need to be
much, but whatever you put in will build up over time and, you
could be thanking yourself later on. Find out how
you can pay extra into your pension.
Any decision to join a pension scheme or to pay extra in is an
important one and you should make sure you receive proper financial
advice before making any decisions.
Get your pension together
You should keep track of all your pension savings during your
career and take time every now and then to plan how much monthly
income you think you will need in retirement. The younger you are
the harder it will be to plan what you might need, but try to work
it out and keep it under review. As you get older you will get a
better idea of how much pension you think you will need and if you
have planned well it will be easier to reach your goal.