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Today’s post comes from fellow S&S reader, Sophie.

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For most of us, old age (and all that comes with it) remains a blip on the horizon. It’s something we just don’t want to think about! And why would we? Instead, we prefer to pretend that the years aren’t passing and we’re as sprightly now as ever. There’s nothing wrong with that. Or, at least, not until you consider that ageing denial can also lead to denial about the state of pension plans these days.

The sad fact is, unless you’re one of the lucky ones, your pension projections right now likely have you on something as low as £1 per week during your golden years. It isn’t exactly the fruitful fund you’d hoped for a dream retirement. It isn’t even enough to live off!

Still, you put that pension summary in a drawer year in and year out, convincing yourself you’ll do something about it one day. Well, guess what? One day has come, and we’re going to discuss how you can overcome the pension problems threatening to ruin your retirement right now.

# 1 – Diversify your income while you can

When you reach retirement age, the chances are that you won’t want to scrabble around for odd jobs. You might not even be physically capable of doing so.

Yet, with pensions in such a poor state, having a savings fund you can rely on is non-negotiable. And, your best chance at ensuring you have money for emergencies later on is to take action now.

Luckily, diversification couldn’t be easier at the moment. Far from taking two jobs, simple steps like starting a blog or selling something online could see you boosting your earnings, and thus your personal savings, for when it matters the most. 

# 2 – Invest, invest, invest

In many ways, your pension plan in itself is a form of investment but, let’s be honest; the returns aren’t exactly up to your plans of luxury living. To achieve that, you’ll also need to invest in other areas, a goal you could pile your new income straight into.

Something like trading stocks or investing in bitcoin on sites like https://swyftx.com.au/buy/btc-bitcoin/ could see you investing in a brighter future. Make wise investment decisions, and you’ll certainly earn more this way in the long-run.

# 3 – Have more than one pension

Too often, we settle for an employer-led pension and assume that’s our lot. Undoubtedly, the matched employer contributions are a fantastic bonus. But, that’s not to say you can’t also expand your retirement fund by seeking further private pensions as outlined on https://www.lloydsbank.com/private-banking.

After all, the more pensions you’re able to maintain, the more money you’ll have to play with when the time comes. Even better, the fact that you’re not reliant on your employer matching your contributions here means you can pay in as much as you like each month. And, those increased payments on your part could be just what you need for a comfortable pension plan at last.