Money · 10 recordsPlan for retirement

The hard part is not investing strategy, it is that most people do not know what they already have. This finds the old pensions, adds them up honestly against a real target, and then changes exactly one thing — because one change that happens beats a plan that does not.

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Goal

Know what I have, and change one thing Month 4

One contribution changed beats a plan that never happens.

Find what I already have Month 2

Most people cannot name the value of an old pension.

  • List every job I have had and whether it had a pensionDo firstDay 7
  • Trace the ones I have lost track ofDo firstWeek 6
  • Add the whole lot upDo firstWeek 8

Change one thing Month 4

After the arithmetic, not before it.

  • Work out what the total actually buysDo firstMonth 3
  • Change the contribution, or take advice if it is complicatedMonth 4

Routines

  • Check one pension statementweekly
✦ It comes with a note

Not advice

This is a plan for finding out what you have and reviewing what you pay in. Anything about specific products, transfers or your own circumstances belongs with a regulated adviser.\n\nSome older schemes carry guarantees that are expensive to give up, so consolidating is a decision to take properly rather than by default.

Questions

Plan for retirement, answered.

By finding what you already have. Most people have pensions from previous jobs they cannot name the value of, and the total is usually different from what they assume in one direction or the other — which changes what the plan should be.
Sometimes, and it is genuinely worth advice, because some older schemes carry guarantees that are expensive to give up. This plan asks you to find and value them; whether to move them is a decision to take properly rather than by default.
No. It is a plan for finding out what you have and reviewing what you contribute. Anything about specific products, transfers or your own circumstances belongs with a regulated adviser.
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