Not enough of us think seriously about retirement – that is until our last working years start to rapidly draw to a close. While some of us may set some money aside for our pension here and there, not everyone has the foresight to plan sufficiently to put enough into their retirement pot over the years.
That said, a dream retirement doesn’t come easy, but needs to be earned through years of dedicated saving and planning.
Here’s a few basic tips to help you successfully prepare for your dream retirement.
As soon as you pick up your first wage packet, it’s the trigger to start saving for retirement. Don’t put it off for ‘older you’ to deal with, because it’s vital that money starts being put into your pot and working for you as soon as possible.
After all, pensions are becoming harder to maintain, and today there are far more older people in the workforce than ever.
For example, from December 2017 to February 2018, just under 1.2 million people over the age of 65 were still in work out of a workforce of 32.3 million.
This figure has doubled since the 1990s and will keep on growing.
Today, no one is guaranteed a decent state pension, so it’s important to get a head start on your own personal retirement contributions and start saving as soon as you can.
Focus and save hard
The amount you need to put in your pension pot shouldn’t be underestimated. The average worker will need at least £230,000 for a comfortable retirement, and renting millennials will reportedly need double that for themselves. These are very sobering numbers, so it’s important that your retirement plans are given the focus they need if you want a comfortable standard of living in later life.
The secret to a financially stable retirement is to plan, save and review throughout your working life. After all, when you finally quit your nine to five routine and settle down into a quieter life, you’ll be glad you made the effort to save hard and on a regular basis.
Seek professional financial advice
Careful pension planning now will prevent you suffering financial hardship and the associated worry in later life.
Of course, with old age, you are more prone to face health issues and become more stressed, and money worries that may seem trivial now can end up being a far bigger worry when you’re older.
Making investment decisions for your future shouldn’t be taken lightly or ignored, don’t be afraid to seek advice from those who are qualified experts in these matters – it will pay dividends in the long term.
Whatever your situation, don’t be frightened to utilise the services of quality financial advisors as they can point you in the right direction and help you plan for a worry free retirement.
They can offer guidance on; pension contributions, tax considerations, lifestyle planning and more. If the prospect of retirement worries you, even more reason to enlist the services of a financial advisor sooner rather than later.
Unfortunately, a perfect retirement is hard earned these days. Still, with the right amount of focus, planning and some professional advice, your twilight years should be lived out comfortably, peacefully and without any nagging financial concerns.