Due to the current economic downturn and several other factors more and more people are realising that their state pensions simply will not be enough to live on and are looking for other ways to invest their savings for the future.
Many employers also offer pension schemes but as recent events have shown, in many cases these will not be sufficient for most retirees in the future either, which is why more and more people are looking for the best pension that they can invest in privately.
What are the best pension plans?
Most financial experts would agree that in order to find the best pension plans you need to be willing to research several different pensions and consider investing your money in several places, rather than in one pension scheme.
Private pension plans are available from several different companies and at several different rates, dependent on a number of factors and you can choose to pay as much or as little as you like into private pension plans depending on your income.
How much will I get from my private pension plan?
The amount of money you can accrue from a private pension plan will depend on a number of things such as how much you invest in the plan each month, how long you have the plan for and when you want to retire. Different plans will offer different advantages so it’s a good idea to spend time shopping around and studying different pension plans to find the best pension for you.
One of the easiest way to do this si to use a pension comparison site where you will be able to find lots of different deals from different providers and weigh up the pros and cons of each before making a decision.
You could choose a pension annuity which is different to a private pension, with an annuity you invest a lump sum and then receive a monthly income from this investment. If you pass away before your annuity is spent you can arrange for the lump sum to be passed on to your dependents.
Once you have decided what the best pension for you is you can work out how much you are likely to receive in monthly payments by using a pension calculator online. By entering your details such as your age and income, the amount of money you intend to invest in your pension each month and when you hope to draw your pension you can determine which is the best pension for you by finding out which pension will reward you with the most money.