We are getting quite savvy when it comes to our savings towards our retirement age. But quite often we don’t explore our options. Whether it’s a pension scheme, private savings or property, have we considered our options? Let’s have a look at some of the most popular saving options.

1. Your Pension

Your pension is the most obvious starting point. You will be paying into a state pension, and very likely, your employer will contribute towards an employment pension scheme through the company alongside your PAYE contribution. However, it is easy to settle for the standard without looking beyond routine. You may have varying options, depending on your circumstances, when it comes to your pension. For example, have you considered overseas options? UK pension benefits can be transferred to an overseas scheme and could offer greater rewards in the future, so it is worth looking into your options. There are a number of qualifying recognised overseas pension schemes, so do your homework and ask for advice if this is the option you are exploring.

2. Property Investment

If you have the luxury of a good disposable income, it could be that investing in an additional earner could be the wat to go. So, aside from the regular pension route, perhaps property investment is the way to go. The pay-off of property investment could potentially be extremely fruitful, but it takes both capital and an appetite for risk. It’s important to know the risks and to fully explore your options when it comes to investing in property. For example, are you looking to invest in a UK rental, close to home? Or perhaps you’re looking for an overseas property which could offer a more affordable option and, of course, a greater rental appeal for holiday-goers. It could also be a great way to plan for an overseas move in your retirement.

3. Personal Savings Accounts

Besides your standard pension options, utilising a personal savings account can be a great top-up option. Not only can it compliment your traditional pension contributions, but it can offer a more flexible way to save should you need it. So, if you chose and ISA or personal savings account as a way of saving for your retirement, ensure that you are as strict with dipping into it as you would have to be with the more traditional options. It can be very tempting when the savings start to build up, to dip into them for that extra holiday or two – but think how much that money would mean top you in your later years. If you feel that temptation would be an issue, you’re probably better off with a pension scheme that won’t allow you to dip into it as you please.

Paying into a pension is probably the most straightforward way of saving for your future. But, as we say, your options aren’t limited to state or standard employee contributions. Look further afield, you may just discover that an overseas option works out best in the long run.