If you have retired in the past number of years and are now living off your pension, or pensions, from what you know now, would you have done anything differently while planning for your retirement? The reason for the question is that inflation has been quite high over the past year or two and it seems that the cost of living continues to rise significantly.
The second question is in relation to taxation and fees. The benefits of saving into a pension scheme is well publicised and the amount of taxation that you will pay once you retire can be calculated quite easily but it seems more difficult to estimate the amount of charges and fees that will reduce the pension pot each year. When you see the cost of living increasing with no signs of it every going the other way, you may look to see where you can make savings in your expenditure but in terms of taxation and the costs associates with administering a pension scheme, are there any possibilities to reduce these expense? I keep thinking about these points as I continue to maximise my pension payments in order to make the most of the tax savings while I am still working.