Pension myths vs. facts: get the truth

This is false. The earlier you start saving into a pension, the better.  

Your money has more time to grow, and even a decade can make a huge difference. Research from the Institute and Faculty of Actuaries (IFoA) shows that delaying contributions from age 25 to 35 could cost you up to £300,000 in your retirement pot.  

Don't forget, pension pots can fluctuate in value, but starting early gives you a head start. 

Calculating how much money you'll need in retirement and how much you can afford to save now can be difficult if you don't know what you're currently spending.  

Use our Budget planner to see how much you can put into pension savings.

This is true. Everyone's retirement goals and needs are different, so there's no one-size-fits-all figure. However, you can use tools like our Pension calculator to estimate how much you might need and how much you're on track to get.

Another false one! At MoneyHelper, we can offer free, impartial guidance to help you understand your pension options. You can access: 

• free tools and resources on pensions and retirement 
• our Pension Wise services (if you're over 50 with a Defined Contribution pension). 

False! You can boost your retirement income in several ways: 

• Check if you're eligible for Pension Credit, which can top up your income and help with housing costs, TV licences, and energy bills. 
• Review your National Insurance contributions to ensure you're on track for the full State Pension. 
• Use our workplace contribution calculator to see how increasing your pension contributions could boost your retirement income. 

If you have a personal pension, you may be able to make payments via a standing order or by bank transfer but do check with your pension provider about this. 

This one can be true. Pensions can be complex, but that's why we’re here to help. 

We provide free guidance and resources to help you understand your pension options and make informed decisions.

Don't let pension myths hold you back. Get the facts and take control of your retirement savings. Check out our help and advice pages for free guidance and support.