Children born this year could become millionaires by their 43rd birthday if their families contribute to a pension for the first 18 years of their lives.
Have you reviewed your pension or pensions recently and do you know how much you have saved for your retirement?
Withdrawing money from your pension pot may seem like a quick cash-flow solution, however, there are complex tax rules to consider.
Even now, given the current market volatility, pensions remain one of the most tax-efficient investments you can make.
Hospital doctors and GPs in the UK are lobbying the government to amend the current system of restricting tax relief on pension contributions.
If you decide to continue working past the State Pension age, you could be paying unnecessary tax, in some cases up to 40%.