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Looking after number one: Your guide to topping up the pension

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Live fast, die young, bad girls do it well, raps London’s M.I.A. But what if you are a sensible girl, live slow, and actually die old?

The millennial mindset may be one hurdle to long-term investing. But pensions are there for a reason: they are a “surprising, sneaky, clever little vehicle for investment”, as Tamara Gillan, founder of The WealthiHer Network, and Sally Beresford, financial planner at Tilney, shared with Morning Wire

We’re pregnant

Pension contributions should be part of the household shared expenses – and it’s important women don’t stop them during maternity. Even without earned income, a pension contribution of £2,880 net can be made per tax year, and with the addition of £720 of tax relief, that would make a gross contribution of £3,600 per tax year until age 75.

An education, again

Understand how to unlock financial potential, whether it’s a pension or it’s starting to invest. There are many sources of information – podcasts, videos, books. Education changes the way people engage with pensions and longer-term investment products. And also, if you’re savvy and you do it, normalize talking to your friends about it.

Keep passin’ me by

Be aware of changes to pensions. Missing years of contributions will negatively affect the build-up of state pensions, so speaking to the National Insurance Contribution office is crucial.

Where are your expenses at?

Know where – and why – you spend your money and use a little bit of that to start. Look at media subscriptions you don’t use, for example.
And know why you’re doing it. Because saying, “I’m doing it because I want to buy a house, or I want to retire early, or I want to change career early” – that gives you purpose.

Pensions matter, actually

And don’t forget that you can drive the change you want to see with your pension, too. Pension funds are amongst the world’s largest investors, and where they put your money should be your business. Want to go green? Push for a fund that invests in renewables.