While every saver is different, there are a few golden rules that everyone should stick to when it comes to investing for retirement.
Here we run through some of the prime principles…
Finance check: Keeping an eye on your investments is key to making sure your funds are performing as expected
REMEMBER YOUR INCOME GOALS
It’s easy to get side-tracked from your strategy when you read about exotic funds that have doubled investors’ money.
But if what you need is income, then these funds are not much use to you.
Remember the reasons why you picked your investments and only change them if they’re not performing or your needs have changed.
Not only will this keep you on track, but it will avoid your returns being eaten up by the costs of buying and selling funds.
Mr Clark says: ‘Frequent trading can eat into returns so buy and sell funds as little as possible.’
DON’T GET OVERCHARGED
Each pension provider has a different charging structure and it is important to work out which is best for you.
Some providers will charge a flat annual rate, others will charge you each time you want to withdraw money.