This is how you can regain control of your finances in the cost of living crisis. 💪 GlamourPartnerships 🔗
) and so on. Ask your workplace about employer/employee schemes and what benefits – such as Employee Assistance Programme – are available to you.”The short answer is: yes but focus on opting back in as soon as you can. “You are able to opt-out of your workplace pension at any time, and while it’s great to be saving for your retirement, now is not the time for a lot of us – there are other priorities during the cost-of-living crisis,” says Samantha.
Add in compound interest, growth and inflation over a 35-year period, and this would equate to around £25,000 less in her pension savings when she wants to retireMany of us can’t put aside as much money as we’d like at the moment, but as long as you’re keeping up with your workplace pension contributions, you can be safe in the knowledge that you’re saving some money for retirement, and you don’t need to do anything more.
30% of your income goes on ‘wants’: discretionary spending, such as eating out, shopping, trips and subscriptions. 20% of your income goes on savings or debt: paying off debt beyond minimum payments, putting money into a savings account, investment or pension fund.”If you’re part-time, you’re just as entitled to a workplace pension as a full-time employee, though because you’re working fewer hours, the amount in your pension pot will also likely be less.
For more information and advice on paying into your pension during the current cost of living crisis, click
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