How to plan ahead for your retirement (because it’s never too early to be prepared!)

How to plan ahead for your retirement (because it's never too early to be prepared!)

While retirement may seem like a lifetime away, it’s never too early to be prepared…

Let’s face it, we all are going to retire one day and we want it to be a time of well-deserved fun and relaxation – that’s why we’re slogging away for while we’re young! It is key to have a clear idea of this long in advance of the time coming so let’s look at what we can do to prepare for this time and then once it arrives how best to do it.

Plan Ahead For Pensions & Investments

The earlier you start thinking about saving for the future the better as it will affect your income once you hit retirement. Even if you feel money is not that flush at the moment it’s important to start putting away what you can afford to each month and you can easily see how much you’ll need to put away each month to achieve this.

Ensure You Are On The Property Ladder As Early As Possible In Life

Another way in which to ensure your retirement and quality of life in it is protected is to ensure you get on the property ladder as quickly as you possibly can as this will allow you to be able to enjoy retirement without the stress of having to make rent or mortgage payments once you’ve stopped working. This will also give you a valuable asset where you can either sell up or downsize to help funds in retirement.

When Should You Take The Steps To Leave Your Own Home

This is a big question and the answer really depends on your circumstances and options available to you. Some people may have the option of living with family, which can be great or you can opt to go in to sheltered housing where you have your own property but with some assistance on the estate or in the complex or you might be considering the option of a residential home. The problem with planning all of this is that things can and are changing in the care sector, this can be seen in the cost of care report.

Have A Clear Idea Of What You Want Out Of Retirement

What do you want to do with your retirement really? Are you looking for a high excitement, travel filled extravaganza or more of a sit in the garden and enjoy the peace type of existence? There are so many options of what to do when you retire so perhaps it’s best to not settle on one aspect and make plans for different times of the year and get the best of all worlds.

Consider Extra Money Making Schemes In Retirement

There’s no need to completely abandon the idea of making extra money once you retire, there may be a shortfall in your pension or you may just enjoy the challenge and want to see what you can do. You can work part-time, manage some investments, start a part-time business, there are so many options. It’s best to work out what you want, how much time to devote to it and in a way that doesn’t take over and spoil the enjoyment of your retirement.

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