It's Never Too Early To Think About Retirement*

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*This is a collaborative post*

The future of the British economy is - shall we say - somewhat uncertain now we're set to leave the EU. Many have grave concerns of how life will be post-Brexit. Many would argue that the future is uncertain regardless, after all, no-one can predict what's just around the corner. But we can help create some sort of peace of mind for ourselves by planning ahead and securing our future.

Indeed, whether you’re working for yourself, for an employer, or you’re a stay-at-home mum, there will come a time when you’ll need to plan for your later years. Nobody likes to think about getting old, in fact, most people are afraid of old age so it’s understandable that words such as pension schemes might send a chill down your spine. However, it's sensible to be pro-active and there’s no time like the present to make sure that you have a sweet and easy retirement ahead of you. Act now so that you can relax later, that’s the key principle here.

No, your pension isn’t going to be enough

According to the Financial Conduct Authority, 15 million people – aka a third of all workers – are not saving for retirement. It wouldn’t matter if state pensions were enough. But, here’s the problem, they’re not, and far from it. State pensions, while they are a significant part of your retirement provision, are not sufficient to maintain your living standards. In fact, when a full state pension is only £159.55 per week, it’s easy to see how it’s not going to help you.

However, even people who are saving – and they are saving more than in other European countries with over 11% compared to 9.9% – will face a financial setback. According to Schroder’s annual Global Investor Survey, even saving 15% of your income into a pension would not achieve a retirement income worth 66% of your salary. In other words, you have to look for other options rather than just saving and hoping for a generous pension.

What’s your financing plan?

That’s precisely why everyone who is 30 or over should consider getting in touch with a wealth management expert in order to define the best possible solution for your retirement. You could discuss investment strategies to maximise your earnings and secure revenues in the long term. Additionally, the option to make the most of inheritance money - if you have any - can make a great deal of difference between retirement impoverishment and a healthy pension life. Bear in mind that the earlier you start, the easier it will be to define long-term strategies.

Have you protected your family?

Finally, you may not want to think about it, but sadly death happens to the best of us. Consequently, as you plan for your retirement, you might want to consider looking out for funeral organisations and financing plans to save your family some troubles. You can also subscribe to a life insurance so that, should the worse happen, your family is not left without resource. Besides this, life insurances can also help to repay your debts and help your family to maintain their living standards. Some children have even used life insurances to pay for their studies.

There’s no time like the present to plan for a safe future.

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