Decade-by-decade guide to better retirement

A guide for savers, whether they are in their 20s or their 60s.

09:24 20 June 2013

Whatever your age is, you can still plan for your retirement. Here’s what you could do:

Early On

 

• Open an individual savings account and save what you can afford.
• Clear all your debts.
• Learn about investment vehicles that you can get into later on in life.
• Join a company pension scheme ASAP.
• Reassess your outgoings and debts.
• Start making long-term investments (stocks, bonds, mutual funds, etc.)

Around half-way through your retirement

 

• Increase the amount you put into your pension.
• Put more money on your savings account.
• Save more by managing your expenses and getting additional income.
• Maximize contributions.
• Shift from risky investment to safe investments (example: from stock market to bonds).
• Consider SIPP for greater control.

Nearing retirement

 

• Check all your debts and ensure that they are in order.
• Decide on whether or not you’ll buy an annuity that will give you monthly income for the rest of your life.
• Plan for your retirement by getting advice from independent financial advisor.

Saving for a better retirement isn’t too hard. The secret here is saving as early as possible and investing them to increase earning potential.