At Voyage Financial Planning, we often meet people in Southampton who tell us they “haven’t got around to” their pension yet. We get it. Life is busy, retirement feels a long way off, and pensions can seem complex. But here’s the truth — delaying your pension planning could cost you in the long run.
If you live in Southampton and you haven’t yet looked into your pension options, now is the time. The earlier you start planning, the better your chances of enjoying a secure, comfortable retirement.
The Cost of Waiting
It’s easy to put off pension planning. Maybe you think you’ll sort it out “next year” or once you get a raise. But every year you delay, you lose out on potential investment growth. A pension is not just a savings account — it’s an investment vehicle that grows over time. The longer your money is invested, the more time it has to grow.
Please note: A pension is a long-term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates, and tax legislation
Take two people, both aiming to retire at 67. One starts contributing to a pension at age 30, the other at 40. Even if the second person contributes twice as much each month, they may still end up with a smaller pension pot. That’s the power of compound growth, and it’s why starting early is one of the most important steps you can take.
Peace of Mind in Uncertain Times
Planning ahead offers peace of mind. You might be years away from retirement, but the sooner you start building your pension, the clearer your future becomes. You’ll know where you stand, how much you’re likely to receive, and what changes you might need to make.
At Voyage Financial Planning, we help clients across Southampton understand their pension options, estimate their retirement income, and put together a plan that suits their life and goals.
Pension Options Can Be Confusing — But They Don’t Have to Be
A big reason many people delay pension planning is because they don’t understand the options. Personal pensions, workplace pensions, the State Pension — there’s a lot to consider. Throw in things like pension consolidation, tax relief, and drawdown strategies, and it’s no surprise people put it off.
That’s where we come in. We provide clear, straightforward pension advice in Southampton. We explain your options in plain English and help you make informed decisions. Whether you’re self-employed, employed, or have pensions from previous jobs, we’ll help you make sense of it all.
Pension and tax rules can change and depend on your individual circumstances. You should seek personalised advice before taking any action.
How Much Should You Be Saving?
This is one of the most common questions we’re asked, and the answer varies. It depends on when you want to retire, what kind of lifestyle you want, and what other income sources you might have. A general rule is to aim for a pension income that replaces around two-thirds of your current salary. For many people, this means saving more than they initially thought.
But don’t panic — the key is to start now, even if your contributions are small. Over time, small contributions add up, and as your income grows, you can increase the amount you save. We’ll work with you to create a realistic, sustainable savings plan.
Pension Planning Isn’t Just for the Over 50s
It’s never too early to start thinking about your future. In fact, the earlier the better. If you’re in your 20s or 30s, retirement might seem a long way off — but that’s exactly why you should start planning now. You have the advantage of time. Even modest savings now can grow into something significant by the time you retire.
If you’re in your 40s or 50s, don’t worry — it’s not too late. There are still smart steps you can take to build your pension pot. It might involve increasing your contributions or making use of catch-up opportunities. Either way, having a plan in place is far better than continuing to delay.
We’re Local and We Understand What You Need
As a Southampton-based firm, we understand the local community and the challenges people here face. Whether you’re a teacher, a small business owner, or nearing retirement from a long career in the city, we’ll take the time to understand your personal circumstances and offer tailored advice.
We also know the local employers, pension providers, and common workplace schemes — this local knowledge helps us provide practical, informed guidance that makes a real difference.
Let’s Make Your Retirement Something to Look Forward To
Retirement should be something to look forward to, not something to worry about. With the right plan in place, it can be a time of freedom, choice, and comfort. You’ve worked hard — your retirement should reflect that.
Don’t wait for the “right time” to start planning your pension. That time is now. Even a simple conversation with one of our advisers can set you on the right track.
Start Today with Voyage Financial Planning
If you’re looking for expert pension advice in Southampton, we’re here to help. At Voyage Financial Planning, we specialise in clear, honest pension planning that’s built around your goals. Whether you’re just starting out, changing jobs, or getting close to retirement, we’ll guide you every step of the way.
Get in touch with us today to take control of your retirement future. The sooner you start, the better off you’ll be.
Please note: The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Voyage Financial Planning Ltd is an appointed representative of 2plan wealth management Ltd which is authorised and regulated by the Financial Conduct Authority.
Voyage Financial Planning Ltd is entered on the FCA register (www.FCA.org.uk) under no. 992319.
Registered office: C/O Vantage Accounting 1 Cedar Office Park, Cobham Road, Ferndown Industrial Estate, Wimborne, BH21 7SB. Registered in England and Wales Number: 10889785
