Interesting reasons to stop avoiding your retirement planning

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Interesting reasons to stop avoiding your retirement planning

It’s hard to think about your retirement when you’re working long hours, juggling family responsibilities, and barely getting enough sleep each night. Thinking about your retirement and even making plans feels like a luxury you haven’t yet been granted.

What many people fail to realise, however, is that planning for your retirement should be done as soon as possible. And from the moment we begin work as adults, we should all be looking ahead to the future and planning the retirement that we deserve. While the idea of pensions, workplace pensions, transfers and tax relief can be daunting and confusing, there are plenty of online tools available to help you – click the link for everything you need to know about pension allowance.

Whatever the reason you’re avoiding your retirement planning, here are some interesting thoughts on why you should make it a priority instead. Read on to find out more.

Longevity of contributions

Whether you’re contributing to a workplace pension, your own personal plan or both, the sooner you start making contributions, the bigger the build-up of savings in your pension pots. Saving a little every month for the next 30+ years could easily set you up for a long, happy and content retirement.

Lower contributions

While starting as soon as possible means you have more time to build on your retirement savings, additionally, the sooner you start, the more flexibility you have with the size of your contributions. Effectively, you can afford to save less each month than someone who is panic saving because they’re nearing retirement and having to put larger contributions in to make up for lost time. The sooner you start thinking toward your retirement, the easier saving for your golden years will be.

You never know what the future may hold

Whether you have grand ideas of how you want to spend your retirement, it’s important to remember that not all plans work out. If you suddenly fall ill, require medical treatment or long-term care as you get older, then having a healthy pension in place can help fund your personal needs, without having to potentially burden other members of your family and asking them to fill in the financial gap.

Supplement your state pension

While state pension is a contributing factor to your retirement funds, very few people can live on this contribution alone during retirement. Saving for your own retirement with a personal or workplace pension means anything you save will boost your state pension. This in turn, means you’re less likely to run out of money and enjoy a good quality of life.

And finally, saving now means you can have the retirement you want

It’s not always easy to think about how you’ll spend your retirement, especially if you’re still raising your own family. But, having a vague idea of what you want your golden years to look like could be the prompt you need to start taking your retirement seriously. Maybe you want to retire overseas, spend more time with your grandchildren or even start your own business – whatever you want to do, you’ll only get to experience it if you start saving now.