It's never too late TO BOOST YOUR PENSION

We're all feeling the pinch, but here, Katie Binns explains how to keep your future finances on track

If you've been tempted to skip pension payments to get through the current cost of living crisis, you're not alone. Government data shows around 10% of people have already opted out of their workplace pension. And this figure could rise to around a third of workers, according to research from investment firm AJ Bell, while others are temporarily reducing their contributions.

However, opting out of your pension won't save as much as you think when you factor in losing tax relief and employer contributions. For example, a one-year break from contributing 8% of a £30,000 salary would save you £100 a month (or £1,200 a year) of your own money - but you'll lose tax relief and employer contributions of £1,200, leaving you, in reality, £2,400 worse off, plus you're missing out on thousands of pounds of potential investment growth.

However, opting out of your pension won't save as much as you think when you factor in losing tax relief and employer contributions. For example, a one-year break from contributing 8% of a £30,000 salary would save you £100 a month (or £1,200 a year) of your own money - but you'll lose tax relief and employer contributions of £1,200, leaving you, in reality, £2,400 worse off, plus you're missing out on thousands of pounds of potential investment growth.

Women retire with significantly smaller pensions than men, but there are steps you can take to keep your retirement plans on track. 'Doing a couple of positive things for your pension now can mean you can forget about it for a while,' says Becky O'Connor, head of public affairs at PensionBee. 'And if you take some action well in advance, you could end up with more in retirement.'

Are you retirement ready? Try our five simple pension-boosting ideas. 

1 TRACK DOWN LOST PENSIONS