Phillip's story
Phillip is now enjoying an early retirement thanks to increasing his pension contributions early on.
"I started saving for retirement early - at age 27. I had a workplace pension, and I could choose how much to save. I paid in the maximum which I think was 6% of my salary at the time and my employer matched this. Retirement felt like such a long way off, and several times I questioned myself if I was doing the right thing, but I’m glad I did. Once I hit age 40, I started increasing my pension contributions. I could see that even small pension increases early would have time to really grow my pension pot over time.
My top saving tip is simple. Start early. I'm 56 and having taken an early retirement, I’m reaping the rewards. I’ve just got back from two weeks in Costa Rica, where we zip lined across jungles, hiked up a volcano, abseiled waterfalls and drunk piña colada as we were following dolphins to snorkelling spots. I’m very grateful that the younger me did put the effort in as I’m now comfortably enjoying my retirement – and wow it’s fun.
A few years back, I made sure that my pensions weren’t scattered around with different providers, and I consolidated them into one account for convenience and easy management. Keeping things simple and together, I believe, has enabled me to make better investment decisions.
I think the key to successful investing is doing your own research and don’t invest in anything you don’t understand. Also remember that investing is for the long term.
I really enjoy reading up on different investments and managing my own portfolio. I hold a combination of shares, funds and investment trusts. The HL Self-Invested Personal Pension (SIPP) allows me to buy and sell investments with ease, particularly through the app which is excellent. I invest for growth and reinvest any income that my investments produce. When I come to take money from my pension, I might switch my strategy to income, and in the meanwhile I’m off to plan our next adventure holiday which is looking like white-water rafting in the Canadian Rockies."
CLIENT STORIES
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Christopher used the HL website to help him retire early. With HL he’s able to manage all his wealth under one roof, and uses the linked account service to manage his family’s money too.
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Andrew invests monthly to benefit from compound growth. This strategy could turn a small savings pot into a significant amount when left untouched.
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Lynne uses HL insights to help her manage her pension. She’s able to keep on top of her HL Self-Invested Personal Pension (SIPP) with ease and likes the wide range of investment options.
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Haydn transferred his pensions to HL to make managing his money easier.
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Alan uses our tools and research to help him manage his families HL accounts. He also speaks to our knowledgeable helpdesk to get answers to his questions.
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Holli, age 33, is self-employed and recently opened an HL Self-Invested Personal Pension (SIPP) to help her save for retirement.
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Peter uses the HL Self-Invested Personal Pension (SIPP) to help him reduce his tax bill and to save on inheritance tax.
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Joanna is a sole trader who recently opened an HL Lifetime ISA (LISA) to help her save for retirement.