Boosts are a great way to ensure you’re making the best use of your money. Based on several elements from your plan, including short-term goals and when you want to retire, the plan finds ways to boost your money to make sure you’re on track to do all the things you set out to do.
- Emergency fund boost - We recommend having 3 months’ salary easy to access, for all of life’s unexpected events. You can’t plan when the boiler will break or the car will break down, but you can make sure you are prepared if they do!
- Savings boost - If you have a goal coming up in your plan in the next 5 years, we recommend keeping cash savings instead of investing, so that money is on hand when you’re ready to take the next step.
- Investing boost - For goals over 5 years, your money could be working harder for you in an investment account. Putting it away for longer is a great way to help it grow.
- Retirement boost - This boost focuses on the money you have in retirement. Based on your goals and plan, it will figure out the best time to start putting more into your pension, to ensure you live the life you want when you’re no longer working.
Boosts can be toggled on and off in your plan so you can see the impact they have. It’s important to note that they work together so can’t be turned off individually, this is because of the way they’re calculated against your goals and forecast, to ensure your money is working as hard as it can and you’re living the life you want.