Five ways to start planning your pension pot even if retirement is a few years away

dailyrecord.co.uk:

When it comes to our financial priorities, pensions are not often at the top of the list until you get closer to the age at which you are thinking of retiring and leaving permanent employment.

While this is somewhat understandable, not preparing for your pension is a common oversight when it comes to finances and can be of detriment to your financial security throughout your life.Claro Money’s Mental Health Report recently revealed that over a quarter of UK adults (28%) admit to living for the day and letting tomorrow take care of itself when it comes to finances, while only 34 per cent of those aged between 25 to 34 had a pension plan in place.

To help those who want to understand more about their pensions and take the steps to maximise this, Rachel Harte, Head of Financial Planning, has shared five ways to start planning your pension, whatever your age.If retirement is a milestone likely to be decades away for you, then the word pension may not be at the front of your mind, however, regardless of your age or how far away retirement may be, it is essential to understand and be educated about your pension.Whether you’re starting a new job or have simply never spoken to your employer about pensions, investigate what schemes they have in place and how these work - find out if you are eligible for the pension based on your salary, if you have been or will be auto-enrolled, and whether this pension is flexible when it comes to increasing your contribution.Building your understanding of both the pension schemes available to you, and pensions as a financial concept more generally, will help empower you to make smarter and more conscious financial decisions.While the age you retire is in part dependent upon your financial