It may seem odd to start thinking about your retirement already – especially if you are even now just thinking about more study before even getting your first job! Your retirement may seem like a lifetime away, and in many ways, it probably is! However, you need to start thinking about your retirement as soon as possible to make sure you can afford to relax and live out your last after years of work. You certainly don’t want to be struggling for money in your twilight years, and that means getting ready right now. You may have heard of the saying, ‘Make hay while the sun shines,’ and this is the life-long equivalent!
Of course, the first thing that comes to mind for many is their pension. Paying into your pension each month should be preparing you for when you retire, however as it stands, a rising population of old people as compared to those is employment means tough times for pensions. Even with the rising retirement age, this imbalance has not been addressed, which may mean that your pension payments are already being used, rather than saved and invested for your retirement. Of course, theory has it that subsequent generations will pay in to cover your pension, but will this be possible with the pensionable population on the rise? To put it simply, there may not be enough workers paying in to cover the cost of the pensioners taking money out.
Of course, private pensions offer an alternative, but perhaps you should also look at other investments – just to be sure. Even if you are lucky enough to expect to inherit some money in the future, it never hurts to make your own moves and build up your own money – just in case.
Some may look to invest their money in the hope of striking it rich, but a more sure-fire way of looking after your future lies in the simplest of solutions – just start saving! Just by regularly putting money away into a savings scheme you can build up a considerable nest egg. You needn’t put much into your savings (at least until you are earning more), as even a small amount is better than none, and will soon begin to add up. It is also good to get into the habit of saving, especially before you get used to having your whole pay-packet each month. Take your savings away first – as if it is a payment to yourself – and you won’t miss it.
By investing into your pension and setting up a savings scheme (or two), you are doing a favour for your future self. While your retirement may seem a long way off right now, that actually works to your benefit, as it means you have more time to make sure things are even better when you finally get there. Where do you see yourself after a lifetime of work? Hopefully, you will be happily relaxing in your dream home, secure in the knowledge that you don’t have to worry about money. Why not give yourself the future you deserve – invest in your retirement now!
