Everyone talks of what they will do once they retire. Nice cosy place by the beach? Travel the world? Buy that car you always wanted? The reality is a lot less glamorous. More than half the population that is retired struggles to get by due to the fact that they haven’t saved enough. One should consider that in Europe the life expectancy is a 100 in first world countries. With medical advancements and a world-wide drive to live a healthier life this figure could become a reality anywhere in the world in the future. So if you are planning on retiring at the age of 55, 60 or 65 then you could have up to 40 years of you which will be living off your savings with no income. Are you prepared for that?
What do you need to do to start planning for retirement?
Well the first thing you will want to do is start as soon as possible. The earlier you start the more you will have saved up at the end. Even if you contribute a little to begin with remember that interest on interest could allow you to save more in the long term than waiting to invest a larger sum of money at a later date. The only way to create wealth is to save!
Next step contact one of our Money101 advisors in order for them to tailor a plan to your personal needs.
Our advisors will look at your
1) Financial needs analysis
What do you want, at what age and how are you going to get there.
Our advisors will tailor a plan to suite your budget in order to maximise your investment.
3) Tax implications
What tax implications and benefits do you receive when saving for retirement.