Save for your retirement, whatever your age

For many it seems that life continues to speed by us. As the weeks go by, so do the months and before we know it, we are celebrating a new year again! With this in mind, there really is an emphasis on saving for your retirement. Whether you’re a sprightly, young twenty-something, a responsible family man or would rather not mention your age, your retirement shouldn’t drift to far from your thoughts. Start saving With the government introducing new workplace pension legislation that ensure that employers are obliged to offering their employee’s a simple, one-pot pension scheme, the focus really is to start putting the pennies away as early as possible. This scheme has been introduced to ease the strain that the State Pension is feeling. By making people more aware of the importance of their pension early, they will only benefit as they see their savings grow over the years and decades. What many people lack is direction and understanding when it comes to retirement planning, which is why it is important to attain the expertise of an experienced financial adviser. They will be able to guide, advise and teach you as to how your pension will work, how you can benefit and aid you in planning for a richer retirement. What to do at what age? With so many things to consider from the expense of living to the impact of your lifestyle, knowing what to do with your money can be half of the problem. Luckily, the guide below will make things crystal clear. The twenties Now is the time to focus on clearing any debts and loans you have rather than putting away huge sums for your retirement. You will most likely be in your first proper job and understandably living costs and the lifestyle you lead take priority. One thing you should look at doing however is opening up an ISA account and putting away what you can afford. The thirties The thirties can be a busy and stressful decade for many families and individuals. It is important to sit down and re-establish your finances. With higher expenses, new prospects and even new faces entering the fold, now is the time to reassess your outgoings and debt. You should already be enrolled on your company pension scheme and contributing to your long-term investment pot. The forties If you haven’t started saving by now, do something about it! Pensions and retirement pots work by interest over long periods of time. Keep building your ISA and at this point, your earnings may be at their peak. Make sure you take advantage of this and dedicate a substantial contribution to your pension. Don’t waste pay-rises and bonuses make the most of your earnings. The fifties Arguably the most important decade when it comes to retirement planning now is the time to get serious. Maximise your contributions to your pension pot. You may have a retirement date in place so calculate what you will need to save and what you can afford. Seek the advice of your financial advisor; they may consider using a Self-Invested Personal Pension (SIPP) for greater understanding and control of your investments. Reap the benefits and enjoy a richer retirement The key really is to start making those savings early. Whether you’ve just started in an exciting new job or are a veteran of your industry, how you are going to spend your retirement should never be too far from your thoughts. If you would like further information regarding your retirement planning then contact one of our financial planners or visit the download page on our website.

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