The twilight of your life should be the most relaxing and stress-free time you’ve ever lived through, not least because the last 40 or 50 years have been spent slaving away at a job you almost certainly didn’t enjoy just to help support the family. Even so, there’s a lot that can go wrong during this time, especially for those who’ve failed to prepare adequately, which is why this article has come about. After seeing increasing numbers of elderly residents with little or no income to survive on, I feel the time has come for all of us to start taking our retirement seriously and begin planning as soon as possible.
So, you probably want to know how to go about it, right? Well then, you should be glad to see I’ve boiled it all down to 4 quick tips that are guaranteed to make your life considerably easier when you reach your late 60s. Take a moment to read through my suggestions, and I’m almost certain you’ll benefit from the information presented.
1 – Start Saving In Your 20s
Although most 25 year olds have little or no desire to start putting money aside for their retirement, this really is the best time to start saving if you don’t want to notice the knock your wages will take. Simply holding £10 per week back in a designated bank account from this age will mean you’ll have an extra £20,800 plus interest to play with when you finally cease working for good. Now, this amount isn’t going to last forever, but it’s guaranteed to pay for that round the world trip you’ve promised the wife.
2 – Pay Into A Pension Scheme
Luckily, within the next few months all traditional employers in the UK are required to enroll their staff members in workplace pension schemes unless they opt out. This means you shouldn’t have to do anything at all – which is a bonus really. The best thing about the schemes available is that your employer will match any contributions you make, so the pot you’ll be left with will be considerably larger than you might imagine. Of course, you could always go one step further and create a self managed superfund, as they are renowned for providing lucrative results.
3 – Invest In Property
Anyone with enough savings (I told you starting in your 20s was a good idea) should seriously look into the opportunities and benefits of property investment, mainly because our homes tend to hold their value pretty well. Also, this could provide you with an extra income stream whilst working, meaning you might be able to reduce your hours to part-time before reaching the official retirement age. Then, once you’ve been given the gold watch (or whatever they do nowadays), all you need to do is sell the properties you own and live off the proceedings.
4 – Find A Financial Planner
In most instances, you should encounter few issues when attempting to deal with the planning yourself, but anyone who’s managed to accumulate significant amounts of wealth should probably seek the advice of a reputable financial planner just to be on the safe side. They’ll work out exactly how much you have, and weigh that up against how much you need, making sure you’re going to have enough cash to live on until the time comes.
Well, there you have it my cautious friends, now you’ve read through the info, there should be nothing stopping you from starting your plan today and increasing the chances of you obtaining financial security in the future. 40 years may seem like a long time now, but just ask anyone in their 60s, and they’ll tell you they’ve no idea where the time went.
I trust you’ll give this some serious thought!