Are You Saving Enough to Live on When You Retire?
There is no doubt the closer we all get to retirement the more our minds focus on what income we will have and where it's going to come from.
And the strange thing is, just about everyone see retirement as something to look forward to.
To have more holidays, spend more time with our families and just do stuff we never got round to when we were busy working.
So the big question for all of us..
...
"Are we going to have enough saved for a comfortable retirement?" Where ever you are at, it's never too late to start doing something about your retirement savings.
And of course the closer you are to retirement the greater need to make sure what savings you have are protected as much as they can be.
It would be very disappointing to put it mildly if the value of your retirement savings fell dramatically just before you retired.
So it's really important to make sure you are not exposed to too much risk especially in the current economic climate.
Don't get caught out by delaying your investment - The cost of delay is often overlooked.
Even a delay in saving for a few years can have a dramatic effect on your retirement income.
Studies have shown that a delay of as little as 5 years can have an enormous effect on the value of your investment.
After all the longer your money is invested and working for you, the more the investment can grow for you.
When you do finally retire, you can usually take 25% of your retirement savings as a Tax Free Lump Sum.
This can be very useful in producing additional income in retirement, which if done correctly can be tax free and also allowing you to retain the lump sum.
Of course the Tax free lump sum does not have to used to provide income and can be used for whatever you like.
It may be that dream holiday or that sports car you really wanted.
Whatever your retirement savings situation, don't delay taking action.
The more time you have to do something about your situation the less painful it's likely to be.
There is a limit to what can be done if action needs to be taken right at the point of retirement.
Talk to one of our qualified financial advisers, if you are concerned about your retirement savings.
And the strange thing is, just about everyone see retirement as something to look forward to.
To have more holidays, spend more time with our families and just do stuff we never got round to when we were busy working.
So the big question for all of us..
...
"Are we going to have enough saved for a comfortable retirement?" Where ever you are at, it's never too late to start doing something about your retirement savings.
And of course the closer you are to retirement the greater need to make sure what savings you have are protected as much as they can be.
It would be very disappointing to put it mildly if the value of your retirement savings fell dramatically just before you retired.
So it's really important to make sure you are not exposed to too much risk especially in the current economic climate.
Don't get caught out by delaying your investment - The cost of delay is often overlooked.
Even a delay in saving for a few years can have a dramatic effect on your retirement income.
Studies have shown that a delay of as little as 5 years can have an enormous effect on the value of your investment.
After all the longer your money is invested and working for you, the more the investment can grow for you.
When you do finally retire, you can usually take 25% of your retirement savings as a Tax Free Lump Sum.
This can be very useful in producing additional income in retirement, which if done correctly can be tax free and also allowing you to retain the lump sum.
Of course the Tax free lump sum does not have to used to provide income and can be used for whatever you like.
It may be that dream holiday or that sports car you really wanted.
Whatever your retirement savings situation, don't delay taking action.
The more time you have to do something about your situation the less painful it's likely to be.
There is a limit to what can be done if action needs to be taken right at the point of retirement.
Talk to one of our qualified financial advisers, if you are concerned about your retirement savings.
