Whether you are just starting out in your working life, or just about to stop working permanently, you should still be thinking about your pension. 

A pension doesn’t simply sit there until you are ready to use it. Depending on the part of the world you live in, and your job role, you may be entitled to a state pension, company pension, or both. 

Many people have an array of questions about their pension and how versatile the system is. 

Can I transfer my pension? The answer is simple: yes, you can. Transferring pensions can be a great idea if the provider you are currently with does not offer a pension plan that suits you. You may also have more than one pension plan in place, from multiple or previous jobs, that you wish to bring together into one lump sum. This can be done by instructing the current providers of your change – you click the above link for more info.

There are a wide variety of pension plans available in the United States that give you a wide range of choice dependent on your current and future situations, as well as familial responsibilities. 

Can I pay more if I have the spare money? Again, the answer is yes. You can pay in more than the minimum amount if you so choose, to increase the payments you will receive later in life. You may find it beneficial to use some form of pension calculator to figure out just how much you should be putting in now so that you can afford the lifestyle you want in the future or essentials at the very minimum.

A good pension plan is vital to your later life. When you no longer have a stable, monthly income from your current place of employment, it is the pension that will make sure you can pay your bills and buy food. 

Some pensions can also be used by your spouse. This means that, if you die, your money won’t entirely be wasted. Your spouse can then receive some of this money up until their own death.

Once you reach the age of entitlement, your pension is yours to do with as you see fit. Unlike food stamps or other government-provided means of assistance, the pension comes from years of input from either yourself or your employer, meaning that it is actually, in part, your money trickling back to you. There are no limitations on what this money is used for, but once you have used that payment, you would not receive another until your next scheduled date. Due to this, it is increasingly important that your pension does what you want, and that you spend wisely. 

Having a good pension plan in place now can make life that bit easier for you when you retire. Enjoying your golden years can be a very real possibility when you have put the work into place in your youth. 

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