Planning for your retirement is likely to be one of the most important investment decisions you make. It could dictate the lifestyle you and your family experience for many years after you decide to scale back on or stop working.
It’s never too early to start planning for retirement. However you plan to live in your golden years – travelling around the world, starting a new business or taking up a new sport, it is crucial that you map out a financial plan for a comfortable retirement as soon as possible. The later you begin, the less you’re likely to have in retirement because you won’t have as long to benefit from investment growth.
One of the more common ways to build your retirement pot is to put aside a certain percentage of your income into a savings or investment plan. The larger the percentage set aside, the greater the options available to you at retirement.