BAC

We all need to think about how we are going to support ourselves when we no longer work. As an athlete if you leave this decision until you have finished your sporting career you may well find yourself struggling to save enough to fund your retirement.

Everyone in the UK has access to a State Pension that is linked into your national insurance payments – if you are lottery funded it is likely that you aren’t making enough contributions to qualify for the full amount. (NI contributions link).  You will need to have made 30 years contributions to be entitled to the full pension.

At present the state pension is: £90.70 per week
The government will top this up to ensure that everyone has a minimum of £124.05 per week.

There are many different ways of financing your retirement; pensions, property, savings and investing can all form part of a retirement plan.  There is a huge range of products available to help you save for the long term; the BAC has a pension policy available to all members (link)

Although retirement can seem like a long way off Pensions and retirement are one of the longest term decisions you will ever make.  The sooner you sit down with an expert and work out what you need to achieve the better position you will be in. 

The cost of waiting: 

Putting of thinking about retirement for even a few years can have serious consequences on the amount you will receive when you choose to retire.  The table below shows the effect of saving £100 per month Gross from a range of differing ages and stopping at age 65.  Assuming an annual growth of 7%.

Projections are based on an investment return of 7% and a contribution of £100 per month until retirement at 65. All insurance companies use the same rate of growth for illustrations but charges vary. The figures are only examples and are not guaranteed. What you get back depends on how your investment grows. Remember, inflation will reduce what you can buy in the future with the amount stated