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3 tips for a Financially Secure Retirement

3 tips for a Financially Secure Retirement

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Life expectancies have risen considerably over recent decades and this has had a profound impact on how we plan our future finances. Whatever your job, you’ll need to make sure that as well as covering your living expenses now, it allows you to build up enough money to help give you financial security in retirement. Here, we offer three tips that should make it easier for you to prepare your post-work finances.

  1. Start your planning as soon as possible

Retirement planning isn’t something you can afford to put off. The earlier you start preparing for this point in your life, the more comfortable you’ll be when you stop working. This means you’ll need to do your sums to see how much money you’re likely to require in retirement and what your income and assets will amount to once you give up work. If you think there’s a risk that you’ll be left short of money, now’s the time to take action. Bear in mind that the state pension is now just over £155 a week. Any money you need on top of this will have to come from workplace or private pensions, or other savings and investments. The longer you delay saving, the greater the proportion of your income you’ll need to put aside in order to enjoy a financially secure retirement.

  1. Take advantage of attractive savings and investment products

There are lots of different savings and investment options available these days, so it’s important to do your research when you’re looking for the best ways to save money. From basic ISAs to complex, tailored investment solutions, you can take your pick from a host of products. If you’re not sure which policies to opt for, it’s a good idea to seek professional advice. In fact, certain saving and investment providers, such as the Isle of Man-based RL360° (formerly known as Royal London 360°), will only accept business that comes through financial advisers.

  1. Try to time your retirement well

The prospect of having more time to yourself and being able to escape the daily stresses and strains of having a job can seem very appealing as you start approaching retirement. However, if you stop working too early and end up putting your finances under unnecessary strain, you might find you come to regret your decision. If you don’t want to carry on working full time but retirement would put too much strain on your budget, it’s worth pursuing other options. For example, perhaps you could reduce your working hours while continuing in your role for longer.

The key to a financially secure retirement is to think ahead and address any potential problems now rather than ignoring them and simply hoping for the best. By being proactive, you can boost your finances and help ensure you’re able to make the most of your retirement

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