A pension is one of the most essential planning that should be done for the future at the right time avoid any kind of financial crunch when you are retired and left with a very little or no source of income. There are many people today who lack the right enthusiasm when it comes to company pension plans for various reasons like low-interest rates, not able to afford the premiums, and many others. However, this misconception is really hurting the Scotland people and they need to consult experts to get pension advice Scotland to avoid stress-filled post-retirement life.
Some of the misconceptions are listed below :
Depending on Children
We all have the expectations from our children that they will look after us once we retire, but we need to think if we are facing financial crunch then when their time comes the situation may become worse. You should never become a burden on your children. Let the children enjoy their life and you enjoy your retirement time in peace by selecting the right pension plan at the right time.
Not able to Afford
This excuse is heard the most by the youngsters today, but they need to think that small contributions towards your future will give you peace of mind and financial freedom when you are retired. There are many things that you can sacrifice which is not worth for the life to make these contributions like avoiding carbonated drinks, chocolate bars, cut down outside dinner and many more.
Investment is Risk
It is true that there are many investment plans that come with risk, but other than absolute scams, investments will have your capital secured. Moreover, the pension plans are always overseen by the regulatory boards and trustees. If you are opting for government pension plans then the drop in market value will be compensated by the government.
Waiting for the Right Time
There are many people who think that there is no need for saving early and they can wait until the right time. Well, there is no such right time, the early you start saving for your future that much secured and peaceful retirement life you can enjoy. Moreover, if you start saving at the early age you will have to contribute less towards your pension scheme.
If you still are not confident about pension plans then you should go through free pension guide proved by the Scotland Pension guide.