Friday, 20 April 2018

It’s Never Too Early To Begin Thinking About Your Retirement


Now, we know that life, when you’re young, should be all about having fun and figuring out what type of person you want to be. But there’s a strong case to be made for looking beyond the ‘living fast and making mistakes’ mentality, and instead focusing on the rest of your life, at least in some small way. You’re likely already focusing on your career, but what about your financial health? It’s never too early to begin thinking about your savings, and especially when it comes to your retirement. It may be a long way off, but you’ll be thankful you started early when the time comes!




What Will You Need? 

You can’t establish what you need to save until you know what you’re going to need. While it’s hard to judge when you’re still so young, you can have something of an idea. For example, if you currently have a £50,000 a year salary, and essentially have a lifestyle to match, then it’s unlikely that one day you’ll be OK going down to a £25,000 a year lifestyle. Once you’ve figured out how much you’ll need, you’ll have a target to aim for.

Putting Savings Away 

There’s no substitute for simply taking some of your wages and putting it away, somewhere where you can’t get to it. It doesn’t matter how much it is - even £10 a week will add up to a big sum of money when multiplied by decades. The important thing is not to overthink how much you’re going to put away, and just start doing it...like, today! You can review, increase, and decrease later on down the line. For now, it’s a good idea just to get the ball rolling.

Getting Extra Help 

Not that you should just be relying on your savings to get you through retirement. Today, there are many options available, which will help you top up your money. For example, there are robo-investors that can help you to put your money where it needs to be. Blooom reviews often praise its ability to increase a person’s pension much better than that person could do on their own, for instance. You may also wish to look at hiring a financial manager or diversify your portfolio by investing in stocks or property. If you don’t know the first thing about finances, then it’s not something that you should be trying to do all on your own.

Review and Update 

You never know what’s going to happen in life. Your ambitions might change. You might realize that you’re going to need much more in retirement than you thought, or that you don’t need quite as much. When you change salaries or have other financial matters to contend with, then take the opportunity to look at your retirement plan, and adjust accordingly. Only by taking an active interest in our long-term financial planning can we be sure that we’re not hit with nasty surprises later on down the line. Here’s to a bright future!

*Collaborative Post*

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