How much thought have you given to your retirement? The startling truth is, millions of individuals will only begin their retirement planning within 2 years of retirement age. Unintentionally, sabotaging their own golden years.
While it’s easy to think that retirement is so far away in the future that you can worry about it later, the truth is, the sooner you start planning your retirement, the stronger your financial position will be. Worryingly, many people push their intention to plan so far ahead, that they neglect to complete any planning at all. Here we’ll explore the shocking reasons why individuals are neglecting to plan their retirement. Is your excuse on the list?
It’s Overly Complicated
Everyone can quickly become overwhelmed with jargon and terminology and the same applies to pension pots, interest, investment styles, workplace pensions, tax relief and pension consolidation plans. Walking away and worrying about it later certainly seems like the best option. Thankfully, with pension plans and guides from Wealthify, you can enhance your knowledge of personal pensions and be given step by step advice and guidance through the whole process. Wealthify’s personal pensions give you full control of your savings and help you plan for your retirement, effortlessly.
Current Expenses are too High
Whether you’re renting, paying off a mortgage, have children at home and numerous other financial responsibilities, it’s all too easy to believe that you don’t have the money to set aside for your pension. And with so many other pressing financial obligations, your pension can take a firm backseat. In truth, with careful planning and incorporating your retirement plans into your current budget, you should be able to start saving for your future, today. Revisit your budget and see where you can make changes.
It’s too Far Away
Possibly the most common excuse! Your retirement might be thirty years away, but interestingly, the longer you save for it, the more you’ll have invested in your future when the time comes. Adding to your pension now means less pressure on your current finances, as you’ll be able to invest small amounts each month and still enjoy a healthy retirement fund. And you can change your contribution amount – any time!
It’s Too Late!
While retirement planning is very much like a ticking clock, if you’re on the verge of retirement or even past your retirement date, it’s never too late to think ahead. By looking over your financial retirement plans, or contributions and making some simple changes to your expenses and strategy, you’ll be able to boost your retirement funds and enjoy the golden years you’ve worked so hard towards. Reaching out to a financial advisor is useful here.
And Finally, You Don’t Think it’s Necessary
Thinking you don’t need to save for your retirement is incredibly naïve. While you might have savings to fall back on, when your retirement is several years away, you have no idea what may happen in the interim that could decimate your current savings. You may need medical care or treatment, or your savings may not cover the cost of living which is rising year on year. By being proactive and having a genuine pension plan and retirement fund, you’re guaranteeing the retirement you always wanted.