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How to Plan for Your Retirement

If you’re currently approaching the end of your working life, you’ll know that some things can often start to seem rather daunting. For many people this is a time of celebration, but for others it marks the beginning of a countdown, so it’s important that you’ve prepared for situation you’ll soon be facing.

For those amongst you who have only just started their working life, this guide will help to fill you in on everything you need to know about making sure you’re in the best position possible when you reach retirement age. I personally know a few people who are about to retire and they have many worries due to their lack of planning. So, don’t make the same mistakes that so many others have before you and pay close attention.

What To Do In Your 20’s

Preparation for retirement should start as early as possible. That way, you’ll stand the best chance of having all the bases covered when the time comes. The first thing you’ll want to do is pay off any debts you may have accumulated in your youth or early 20’s before you reach 30. Then it’s a good idea to book an appointment at the bank and open an ISA account, as these offer the best rates of interest on savings. Also, don’t be scared of opening a standard savings account. If you only paid £20 per week into it, that would equal well over £41,000 by the time you retire (and that’s without interest).

What To Do In Your 30’s

It’s a good idea to get in touch with a reputable company that provides retirement planning services, as they are the ones best placed to help you make a plan based on the current financial legislation. Also, you might like to try making some sound investments if the opportunity arises because you never know; you could end up having enough return to retire a few years earlier than you had previously planned.

What To Do In Your 40’s

I’d advise that if your financial situation is rather good by this point, it might be worth paying some extra cash into your workplace pension each week. The great thing about workplace pension schemes is that your employer will probably match any payments you make, so you could end up far wealthier than you imagine.

What To Do In Your 50’s

Now you can start to unwind somewhat if you’ve made the right choices early on. Although it’s always wise to maximise your saving contributions, if by this point you’re already in for a significant payment when you retire, I’d say now is the time to start enjoying your wages. Just make sure you carefully read through your pension small print, as now is the time to move it to a different provider if that seems like the best option.

What To Do In Your 60’s

If you’ve invested well, you might be in a position that allows you to retire early. However, if your investments haven’t gone so well (it happens), now is the time to start working out how you’d like to receive your pension payments. Remember, you may be entitled to a much higher annuity rate if you’re a smoker or have an illness, so this is the one time when you should be honest to an official body about how many cigarettes you smoke (because we all lie to doctors don’t we).

So there you have it. Hopefully now you’ll have a better idea about some of the things you need to bear in mind when planning for your retirement. I wish you the best of luck!

Image source link from Flickr

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