21st September 2016 Posted by - Financial Adviser in Derby
When you’re stuck in traffic on the morning commute on the way to the office, retirement can seem a very long way off but before you know it, it’ll be staring you in the face and you’ll be wondering where the years went.
That’s why it’s so important to plan for retirement as early as possible. We’re not saying don’t live your life now and enjoy yourself, but do think about putting something away to plan for those twilight years.
So here’s a quick low-down on what to do at what age to help build a nice retirement nest egg.
In your 20’s
- Focus on clearing any debts you may have, especially those with a high interest rate
- Think about opening an ISA and saving regularly into it.
- Save whatever you can afford.
In your 30’s
- Assess your debts and outgoings, ensure you’re not paying out for things that you don’t use ie gym memberships if you never go, magazine subscriptions that you never get around to reading etc
- Join your work pension scheme as soon as possible – if you’re not already in it.
- Think about longer-term investments.
In your 40’s
- If you haven’t started saving, now it the time to start!
- Keep adding to you ISA investment wherever possible
- Ensure all debts are cleared (mortgages are a little more tricky to clear but look for financial advice on this matter as you could move to a better deal making you better off each month)
- Dedicate a little more to a pension if possible
In your 50’s
- Maximise your contributions to your pension scheme
- Remove uneccessary risk from your pension investment plan
- Consider using a SIPP Pension – talk to us about this option.
In your 60’s
- Ensure that all your debts, including your mortgage, are either cleared or are in good order
- Decide on how you’d like to take your pension when it comes to retiring
- Talk to us before you take any action.
Although this is a generalisation on how to approach saving for your retirement it is always best to ensure that you look at getting financial advice that is personal to you, your circumstances as well as your hopes and aspirations. Why not give us a call today to discuss your options, you can even make a no obligation appointment, give us a call on 0800 044 5733 or complete the form below and we will be in touch shortly