Essential advice for your retirement plan

Have you thought about your retirement plan? No? Well here are some tips to help you get to that special moment...

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Everyone looks forward to retirement. All those lazy days spent fixing things around the house, making sure all the coasters are at right angles and thinking about missed opportunities.

But good times like these don’t come for free. How are you going to pay for all those boiled sweets? You won’t have a job, remember?

You could always get heavily into gambling. I’ve seen it in the movies. Or marry someone rich. You don’t even have to love them. Why not pay a visit to that leprechaun at the end of the rainbow?

Those are all terrible ideas. Instead, start investing in your future whatever stage you’re at now.

If you’re in your 20s, focus on clearing those pesky debts. Better still, if your employer offers a company pension, snap it up. It’s like getting a massive pay rise for your future self. Also, if you can, use your annual ISA allowance. The sooner the better, time waits for no man,apparently.

In your 30s? Then you ought to be paying into a pension by now. If your company doesn’t offer one, take out a personal pension plan.
Have a look at your ISA too, you might want to consider investing in stocks and shares rather than just cash.

If you still haven’t started saving and you’re in you’re 40s, there’s no time to delay. Two words, ISAs and pension. As much as you can afford in each!

Over 50, you want to be maximizing your pension contributions, and paying off your mortgage and any other debts.

Then with the money taken care of, you’ll be able to sit back, pop a toffee in your mouth and bask in the golden glow of your twilight years.

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