Retirement might not be at the top of your agenda right now, and we appreciate their may be other financial goals which take priority. That said, the sooner you start the better. This way, your hard-earned savings will have longer to grow. And whilst growth is never guaranteed, the longer you allow for interest to compound on your investments the better. If you start saving in your twenties, you can put less aside each month and build up more retirement savings by harnessing compound interest. If you leave it until your fifties or sixties, you'd need to save much more to provide the same level of income in retirement which could have an adverse effect on your day to day living.
It's a good idea to think about how much income you will need when you retire. Think about the lifestyle you'd like to have in the future - holidays, hobbies, time with family and friends. Everyone is different so each retirement dream will look different! You may be able to supplement your retirement income with other sources of income, such as interest from other savings and investments, share dividends, rental income from property or part-time work. Financial advisers come in handy here and will be able to work out a realistic figure for you and help you plan how you're going to achieve your retirement goals.
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.