Retirement is coming. Maybe not for many years but it is coming.
On average, you are likely to spend at least 20 years in retirement. For some people, it will be much longer. This means one thing: during your working life when you are earning an income, you need to invest some of it for your future.
The good news is that you don’t have to build a pension pot all on your own. The government and your employer will make contributions, while the range of options for managing your pension youself is expanding. To navigate the system and prepare yourself for a comfortable retirement, we have prepared the ultimate guide to pension planning.
This step-by-step guide, can help ensure you are ready for retirement. Whether you work for the private or public sectors or you are self-employed, this comprehensive guide will help you build a sturdy pension pot.
With a bit of planning and saving discipline, a healthy income in later life should be within reach. Here are seven things to ponder if you are starting out on your pension saving journey.
Protecting your pension during troubled times
Stock market turbulence can cause nervousness for investors saving for their retirement. But careful management can help ensure that your pension pot is not too badly disrupted.
One of the worst impacts the coronavirus could have on your long-term financial future is if it were to scare you off completely from investing in riskier assets such as shares.
With prudent management, you should be able to mitigate the effects of the current market storm. Markets tend to recover over the longer term, so with the right strategy you don't need to realise large losses.
Many thousands of people approaching retirement will have seen their nest-egg pulverised in the last few weeks as global stock markets have fallen. The closer you are to needing those savings, the more concerning the recent market carnage will be.