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5 Reasons to Plan for Your Retirement

April 03, 2012 | Comments: 0 | Views: 134

Retirement for many of us may seem like a long time away and that we can think about it when the "time is right". That time to think is now! When you think that you could be retired for a third of your life if you reach a ripe old 90 years old and combine that with the fact that you may not have started work until you were in your early 30's it doesn't leave a lot of time to save money in between.

We get so stuck into the day to day, spending what we earn that we don't often take some time to think about what will fund our life in retirement. A proper structure plan is so important and there are plenty of specialists out there to help you get the most from what you are earning now. Also having a plan will help you make decisions from now until you retire that will really help in the long run.

Here are our top five reasons to plan for retirement now:

1People are living longer

There are going to be a lot of us around past the retirement age. In fact the office of national statistics stated that between 1985-2010that those who were 65 years and over increased by 20%. The figure of those over 85 more than doubled in that time. This means that state pensions will be stretched and it means having your own private pension will be increasingly important.

2The earlier you start the better off you will be

Obvious to say really but if you have put more money into investments and savings thenyou will be able to have a better standard of living. You may even be able to leave something significant behind for your family.

3Rising costs of living

You only have to look at the news to read about fuel prices increasing which pretty much has a ripple effect through the economy. Costs of transporting goods rises, heating and simply getting around. That means that prices have to increase in virtually every sector. We need to plan for the fact that the cost of living may continue to rise and therefore make sure we can cope with increases.

4Unexpected bills or emergencies

We don't want to think about it but what if something goes wrong. Will you have some money in reserve if you need to pay for a home repair or your car breaks down. Emergencies that carry a cost happen all the time. Again, planning for this type of event can really take the strain off if the unthinkable happens.

5Continue the same lifestyle or try new things

Having more time in retirement may mean you can start new hobbies and even travel to places you always dreamed of going. Planning to do the exciting and fun things in life can make the golden years even more special. Also if you are used to having a holiday every year, you don't want to have to stop in retirement because you need to conserve your funds.

So if you do nothing else, think about the points above and get some professional advice to get your plan started. Its never too late to start!

Tim Tavender is a writer with years of experience running his own businesses. He has written for National Newspapers and Magazines. For Pension Planning he recommends Retirement Investment Solutions in Hampshire, UK.

Source: EzineArticles
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