Securing Your Financial Future in Retirement
Planning for retirement is something we often, in our twenties at least, think is something we don’t (or won’t) have to consider yet – that pensions, savings and the many other financial products that go with ‘old age’ are the preserve of older generations.
You will have already been advised at some point that you need to plan for retirement now (whenever “now” happens to be), before it’s too late – which is true. This said, knowing what steps to take can be a daunting prospect – it involves dealing with the reality that you will eventually get old. Additionally, the noise around what will be the state pension in a couple of decades makes for a bleak future – and who wants to deal with that?
Also, while wading through the many brochures explaining the differences between stakeholder pensions and personal pensions, the best advice you could be given is to go to the pension advisory service – they are an impartial body that is best placed to explain the practicalities and let you know how to calculate your retirement finances based on your circumstances and the possible levels of investment.
This means that, as any financial advisor will be able to tell you, you do need to start as early as possible if you are to make your retirement finances into something more than a liveable income – but this also means making what extra cash you do have at your disposal work best for you. And now. This is a balance which many understandably struggle with and, perhaps even more understandably, is the main reason that many people feel like they “may as well put retirement planning off for a couple of years.”
To get around this, the wisest thing to do would be to speak to a Retirement Planner. Otherwise known as financial advisors, but with an obvious specialism in retirement finances, they are well-versed in determining the best policy for you. Speaking to a number of retirement planners from different financial institutions or banks will give you a lay of the land and put you in a position whereby you can make an informed decision about your retirement finances.
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More and more people are finding out that their pensions are not going to be as healthy as they first suspected.