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Simple Tips To Help You Boost Your Pension

If your pension is not working as hard as you, here are some tips that you can follow to boost it.

1.Save pay rise

If you have been struggling to pay as much as you would like into your pension, you can start off by paying in whatever you can afford, then whenever you get a pay rise, you can move a portion of it into your pension. This way, you won’t spend the money that is headed to your pension and you will still benefit from your hard-earned pay going into your bank account.

2.Pay more when a regular spend ends

You can do exactly as the above move, whenever a regular expense comes to an end. For example, if you pay off a car loan, you can pay the extra money into your pension plan. Small increases like this will make a big difference over the long term. You can also reduce the contributions if you need to reduce the outgoings in the future.

3.Maximize the employer contribution

Many employers increase the amount they pay in when you increase your contributions up to a certain limit. So if you put some extra percent of your salary, they may pay in more also.  You can ask your manager for details whether they can contribute to your pension plan and if yes, then by how much.

4.Lumpsum 

Paying a lump sum is also a quick and easy way to give your pension a boost. With other payments into your plan, the government will also top it up with tax relief up to a certain limit.

A better estimate of retirement income can be made with the best FERS retirement pension calculator and get FERS retirement eligibility calculator to know if you are eligible.

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