Retirement planning is an important part of life that should not be overlooked. Planning for retirement early is the best way to ensure you have enough money to live comfortably when you reach retirement age. It can also help to reduce stress and anxiety associated with financial insecurity in later life.
As you reach each milestone in your life, your financial needs, responsibilities and concerns change. It’s important to have a specialised wealth plan that’s focused on your particular stage in life.
It can be difficult to take time to think about your future when there are so many other things competing for your attention, but starting to plan early and ensuring there are regular reviews of your plan is key.
In your 20s your retirement may seem a very long way off, but the earlier you start planning and putting away, even small amounts at this age can make a huge difference to your retirement funds when the time comes. It also encourages good financial habits making it easier to continue to save as your financial commitments change. You could even get help from your employers with workplace pension schemes. With many workplace pension schemes employers also contribute, which can significantly boost your savings pot over time.
A financial adviser can provide you with personalised advice that is tailored to your individual needs and requirements. They will be able to guide you on which pensions are the most appropriate based on your age, needs and risk aversion as well as providing regular reviews to make sure that you are on track to achieve your goals.
If you have multiple pension accounts across different employers, an adviser will also be able to advise if it is appropriate to consolidate them, which will make it easier to manage and help to provide more clarity about your pension savings.
Staying focused on your goals, reviewing regular and making regular contributions will help you to have the retirement you dream of and allow you to enjoy life to the full.