When it comes to retirement, all of us want to be financially secure when we clock out for the final time. Not only financially secure, we need to planning for a richer retirement. However, with folk living longer and healthier lives, accumulating the kind of nest egg we need to keep ourselves in the lifestyle we’ve become accustomed to requires some serious financial planning – and relying on a state pension is not going to cut the mustard.
Instead, it’s prudent for each individual to plan for retirement off their own back to avoid unnecessary monetary pressures and have a richer retirement.
Earmarking part of your current salary for retirement is obvious. However, many folk can struggle as paying for everyday expenses tends to get in the way – and this means there’s not enough left to put into the retirement fund. But from small acorns mighty oaks grow, which is why it’s crucial you get into the mindset for squirreling away part of your income. The easiest way to do this is by treating it like a tax and deducting it straight away. That means the decision to save or not is effectively taken away.
Take advantage of a funeral plan
Admittedly, not many of us want to face up to death when we’re thinking about retirement, but by investing in a funeral plan from, you can rest assured that, when the time does come, your funeral is arranged and paid for in advance and at today’s prices. What’s more, your family are spared the cost and stress of organising your service, which means unrivalled peace of mind for everyone involved.
Decide on your retirement age
With folk living longer, retirement needn’t be a formality once you blow out 65 candles on your birthday cake. In fact, thousands of pensioners continue to work well past retirement age, with many benefitting from the extra cash and confidence boost that useful employment brings. For those who do decide to carry on working, National Insurance contributions are no longer required and you can even delay drawing your state pension – which will give you considerably more when you do decide to stop working.