Planning for retirement

So that time is coming when you will be putting those forty-odd hour weeks behind you. This is often a time of mixed feelings. You may be glad to be getting out of the rat-race but you may also be wondering what to do with all the free time you'll now have.

You might also be worried about the financial implications that the impact of retirement will bring. To enjoy retirement and look forward to it you have to prepare for it early on in your working life.

Start contributing to your retirement as soon as possible even if it is years away. The time will creep up and if you haven't prepared then you'll be panicking when that time arrives.

If your employer offers a pension plan then contribute to that monthly. Take a look at private pension plans and ISAs. Maybe invest a little bit of your income in stocks and shares. A personal savings account will help to accumulate money but won't return the same percentage rates as the other options.

Unsure about how to start planning your retirement? Get a book with worksheets to fill out. Use online calculators to establish how much you need to be saving for your retirement, and to work out how old you might have to be when you can retire!

Saving more at an early age, though difficult, will prepare you for your retirement when it comes. A retirement planner can help you gather the information and devise a realistic savings plan.

If you're self-employed it's even more important to plan your strategy as it's unlikely that you will be paying anything like enough in to your national insurance contributions to keep you in the style to which you are no doubt accustomed.

Act responsibly now to ensure that your retirement will be emotionally happy and financially secure.