We get this question a lot- when should I start saving for my retirement? The answer is pretty simple, the earlier the better. The younger you are when you start saving, the more time that that money will have to grow, and the more financial security you will have later in life. No matter what your age, start saving!
If you’re in your 20’s or 30’s, retirement may seem a very long way off, but this is the perfect time to begin investing in your future. Even a little bit can get your started. Open a high-yield savings account, join your company pension scheme, and consider a personal pension. A sound investment amount is 10-15% of your pay each month, set aside for retirement or those big life changes. If you’re determined, you can even create an investment strategy that could help you to retire early, giving you many more years of freedom to enjoy.
If you’re a bit closer to retirement, we’d suggest assessing where you are at. Are you enrolled in a company pension schemes? Consider increasing your contribution to the maximum allowed. Take a realistic look at your situation and how much you have to invest, and how much you will need to comfortably retire. If possible, pay off large debts early, such as a mortgage, to free up some of your income for retirement investment. You can speak to your financial advisor about how best to invest in a way that will help you achieve your goals in the time frame that you have.
Whatever point in your life or savings journey you may be on, it’s never too late to start preparing to ensure your retirement years are financially comfortable. You can start by getting an idea of how much you’ll need to save in order to retire comfortably by using our pension calculator.
When you’re ready to take the next step, contact us to speak to one of our independent financial advisors, who can help you lay out an investment plan that will work for your lifestyle and retirement goals.