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How to Safely Fund Your Retirement

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The UK news has recently been reporting about the demise of high street store meaning that pensions of many of the staff employed there now and in the past may be underpaid as a result. This can be a scary warning to anyone who has their money in one pension scheme as any business could potentially be at risk. It is not worth panicking but it is also good to safeguard yourself as much as you can against this sort of occurrence. There are many things that you can do and there are a few ideas below.

Seek professional financial advice
There are many financial advisors out there and paying one to advise you on what to do could be a really good idea. There are many advisors that are associated with certain financial institutions and if you use these they will only recommend products offered by that institution. That is great if you want to use a specific company. However, most people want to choose between all possible companies to get the best possible deal that they can. This will mean that they will need to use an independent advisor who does not work for a specific company. They will be able to look across the whole investment market and let you know which investments they feel would be the best for your retirement.

Spread your investments
It can be wise to not ‘put all your eggs in one basket’. If you have all of your retirement fund with one company and they collapse then you could risk losing it all or a big chunk of it. This could be even worse if you and your spouse both have your retirement fund in the same place or one of you is relying on the other for a retirement income. Although it may feel that putting it all in one really great fund could be the most profitable, there is some risk with this. Make sure that if one of your pension sources gets reduced or removed, that you will still have enough money elsewhere to be able to manage.

Over Invest
It is also worth investing more than you will need in a pension fund. Although there is always a risk that you may not have a long enough pension to enjoy all of the investment, it will mean that you will be more likely to have a well-financed retirement. It may be possible to find a way to have your pension fund passed on to partner or even children so any investment that you make will not be lost if you pass away before being able to make the most of it.

Start investing as soon as possible
You are not too young to start thinking about a pension fund. You do not have to invest in a standard pension fund but any money that you put away with thoughts of it paying for your retirement will be valuable. The sooner you start to invest the bigger a pension pot you are likely to build up and this should allow you to be able to have a comfortable retirement.



Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process and sells her books through

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