Builders have three different types of pensions have to choose from. They are:
State pensions
Employer-sponsored pensions
Stakeholder pensions
If the state pension is available to you by the time you retire, it is unlikely to provide you with the luxuries you may have grown accustomed to. Last year, it was just £84.25 per week. Take out your utilities, money for food and a mortgage if you are still paying one off, and that doesn't leave much, if anything, to live on.
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All builders have different financial commitments, so only you can determine how much money you'll need to retire comfortably. But, you may want to consider these questions when deciding:
Will I own my home outright?
How big will my house be?
Will I be married, single or divorced (a hard one, I know)
Will I still have dependent children living with me, or at university?
How active and healthy will I be? Looking at family health history could be helpful.
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Builders and construction workers want a comfortable retirement, like everyone else, but that means taking responsibility for the future and thinking about saving for your pension – now.
There's no guarantee that there will be a state pension by the time you retire, and if you do get one, it's unlikely to provide any luxuries in retirement. In the 2006/07 tax year, the state pension was just £84.25 a week.
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