For many Brits, a pension is just that pot – or those few pots – that tick along in the background until they can finally chuck in the towel and enjoy the payoff of retirement.
But millions of us are blundering towards retirement completely in the dark. Staggering research from Standard Life revealed that nearly half of UK adults (47%) have no idea how much money is actually sitting in their pension.
Making matters worse, the Money and Pensions Service’s (MaPS) latest data showed 10.7 million adults are either too confused or busy to think about their retirement, while 22.5 million do not understand pensions well enough to make crucial decisions.
Worst of all, half of Brits (50%) have no plan whatsoever for their finances in later life.
Financial experts stress that you have far more power over your nest egg than you think. Everything from hidden investment fees to your fund’s risk profile can make or break the size of your pot.
To help you take control, we’re teaming up with leading investment experts AJ Bell to answer your most pressing questions – whether you’re decades away from retiring or currently navigating retirement.
The floor is yours, but here are a few topics to spark some inspiration.
Please leave your questions in the comments by 5pm on Wednesday, July 29. The answers will be available to our Premium subscribers at 7am on Wednesday, August 5. Sign up HERE to Premium.
