Income from employment or self-employment provides individuals with the means to support themselves and their dependants over the course of their working life. Earned income will cease on retirement, at which stage the majority of individuals will experience a reduction in income levels. Setting up a pension and contributing to it throughout one’s lifetime are crucial for securing one’s financial future and replacing lost income in retirement. This provides a structured way to save for retirement while offering tax benefits and the potential for compound growth over time.
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