068 - Pension Breakdown Part 2 | Should I Be Saving Money In A Pension Or Into An ISA?
In this episode of the Mind Money Soul podcast, I’m going to be sharing the benefits and the downfalls of different pension products, the other ways you can prepare for retirement and I’ll be comparing pensions vs. ISA’s.
This is part 2 of the pension series and today I’m going to be answering the question “should I be saving money in a pension or an ISA?”. Remember, pensions are just one way that you can prepare for retirement - business, property and investment are the 3 main alternatives. It’s normal to feel overwhelmed and confused by your options, however when you understand the pros and cons, rules and features of each product, it will help you make a decision that is right for you. Remember, knowledge fuels power and allows you to make educated choices with confidence.
Ultimately, there is no right or wrong way on how to prepare for retirement and it’s going to look different for everyone. It’s about getting clear on when you want to retire, how much you want for retirement and understanding what option/s will work best for you.
In this episode:
Alternative ways to prepare for retirement
A breakdown of the different types of ISA’s
How you can withdraw money from a pension
Pros and cons of paying into a pension
The basics of tax relief explained
Investing into a pension vs. the stock market
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