You’ve made a smart start by investing in your pension with AJ Bell Dodl. Now, it’s time to explore the benefits that making regular monthly contributions (adding cash) can have on your future retirement.
Retirement and taxes
The contributions you make into your pension come with fantastic tax advantages. You can pay up to 100% of your earnings for the tax year into your pension and receive tax relief, with a separate overall allowance of £60k per year across all contributions. The growth within your pension is also tax-free. Essentially, by putting your money into your pension account, you keep more of your hard-earned cash. When you make money on your invested cash, you get to keep that too. It’s a win-win!
Build your retirement
You ensure more of your money is invested and working for you in the market when you contribute to your account regularly. This can help build up your retirement potential, and can help you achieve your financial goals faster, setting you up for your post-working years.
Steady growth for your retirement
Regular contributions can help your pension grow steadily over time. Even small monthly amounts can add up, boosting your retirement pot without needing a large potentially burdensome one-off payment. It’s a straightforward way to watch your pension pot grow month by month, year on year and take control of your financial future.
Building a strong investing habit today, pays off later
Selecting a monthly investment and setting up a direct debit automates your investing habit, making it easier to stay on track with your retirement goals. Basically, you can set it and forget all about it, working towards growing your future financial security.
Ready to make regular contributions?
Making regular monthly contributions to your pension with Dodl is the smart, effective way to grow your retirement savings so you can enjoy your hard-earned money later in life. Set up a monthly contribution today and enjoy the potential benefits of compound-cost averaging and disciplined saving.
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How to start regular pension contributions
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🔔 Remember investing carries risk and nothing in this article should be taken as advice - Dodl doesn't give advice, but we do hope the info is helpful!