If you are part of a workplace pension scheme, then saving for your retirement is a simple process. By making contributions from your salary your retirement savings go relatively unnoticed. But not all people are part of a workplace pension and as such will need to consider how they are going to support themselves in later life. People needn’t worry though, as are there are plenty of options for those looking to save for their retirement.
Take control of your spending habits
It is important that when you reach retirement you are debt free and have some savings. There is the possibility that you will still be paying off your mortgage, but being debt free is one way to make sure that you enjoy a stress free retirement. The easiest way is to look at your current spending habits and see if there are any sensible changes to make. Can you afford to put more into savings or reduce any debts more quickly?
Make a plan for the future
We can’t emphasise enough the importance of good planning and decision making. For some people this can be difficult. It can also leave them feeling anxious, which is why it is vital to seek professional advice. An expert adviser has the knowledge to help you make informed decisions about your retirement. They will take time to understand your current situation and listen to your future plans.
At the end of the day the advice is there to help you and not to put pressure on you to make a decision if it doesn’t fit your circumstances.
Find ways to boost your retirement savings
There are many ways this can be achieved, such as through ISAs, property or investment opportunities. You don’t have to rely solely on your pension contributions in order to make your money work in your favour. This is another avenue where financial advice is a great option and should be looked at before making any financial decision.
Monitor your plans
Make sure you keep track of your plans and investments so that you are getting the best return possible. If the plan isn’t producing the expected returns, there is nothing wrong with reviewing and amending. In fact this is what should be done on a regular basis as your circumstances change. The help of an adviser to monitor and make recommendations will be invaluable.
Make the most of your retirement savings
In the days when annuities were a popular choice for securing your retirement income the only decision to make was which annuity would be best for you? Today there is a lot more choice for your pensions and investments, so you don’t have to feel pigeonholed into one solution. Again, the one point to make from all of this is that getting the right financial advice is a must before any major decision is made.
Speak to the experts
As well as pension advice we are now able to offer wealth management advice and our advisers are extremely well placed to speak to you about your investments and future opportunities. If you would like to chat to one of the wealth management team you can get in touch with us here.