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If you don’t seek retirement planning advice from an independent financial advisor, you could be leaving yourself open to a world of trouble. The state pension age will rise to 66 and will be linked to life expectancy from now on. This means that the state pension age could be 77 in the next 60 years. In order to avoid scrimping and saving in your later years, get retirement planning advice now.
Begin As Soon As Possible
The simplest way of avoiding penury in your old age is to start saving for a pension now. Even an individual in their 20s should be looking to the future. Although it may not be best to invest in a private retirement pension at this age, it is still a good idea to remain as debt-free as possible, to open an ISA, and to contribute to a company pension scheme if possible. This will ensure you are in good financial shape by your 30s which is when a private pension scheme should be looked at. By your 40s, you should be well on your way, but still seeking retirement planning advice to stay on the right road.
Once you hit your mid 50s, it may be a good idea to start reducing your investment risk. This could maximise the amount of money you have for an annuity if the economy suffers. Also, be sure to maximise your pension contributions as this could be your last chance to ensure a prosperous retirement. Once you are in your 60s, the clock is ticking and you need to make yourself debt free. Hopefully, you will already have received enough retirement planning advice from an independent financial advisor but if you have not, be sure to contact one.
The above is just a small, generalised snippet of retirement planning advice. Naturally, your individual circumstances will dictate what you can and can’t do. Nonetheless, you must speak to an independent financial advisor as soon as you can. Fill in our form in order to receive worthy advice from an expert in the field of pension planning.
