<\/p>\n
On the surface, retirement planning hasn\u2019t changed all that much over the years. You work, you save and then you retire. But while the mechanics may be the same, today\u2019s savers are facing some challenges that previous generations didn\u2019t have to worry about.<\/p>\n
Golden years <\/strong> So, how can you have the retirement you\u2019ve always wanted? Retirement is inevitable, but that doesn\u2019t mean you have to stop living. Your retirement should be a time for enjoying your life and the things you most enjoy doing.<\/p>\n Working lives <\/strong> Some people might choose to live off their savings entirely, while others may choose to supplement their income with rental properties. Still others might prefer to have a mix of sources for retirement incomes.<\/p>\n Pension money<\/strong> Some people find they don\u2019t have a clear plan for what they want from their retirement, and many underestimate how much money they will actually need when they do eventually retire. The reality is our goals are all very individual, but whatever it is you want from your retirement, it pays to plan ahead.<\/p>\n If you have a defined contribution pension, here are six simple tips to consider:<\/strong> How much money will I actually need when I do eventually retire? A full and happy retirement is a priority for many. But no two people are alike. A \u2019one-size-fits-all\u2019 system cannot accurately account for everyone\u2019s individual lifestyle choices, so it makes sense that the way you prepare for your future is likely to be… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3838"}],"collection":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3838"}],"version-history":[{"count":0,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFirst of all, life expectancy is longer, which means you\u2019ll need your money to last longer. This is compounded by the fact that more companies are moving away from defined benefit pensions \u2013 which guaranteed you a certain amount of money in your golden years \u2013 to defined contribution plans, which are more subject to market ups and downs.<\/p>\n
\nHowever, some people are unprepared for retirement due to high debt levels at the end of their working lives or because they were not saving enough during their careers. Sometimes, people are forced into retirement through circumstances outside of their control.<\/p>\n
\nWhatever the case, being aware of the options available today can help you prepare for your future in an effective way. With the introduction of pension freedoms, there is no onus on us to cash in our pensions at set ages, and instead we can take our pension money any way we choose. But, with this freedom also comes responsibility, and for some, uncertainty.<\/p>\n
\n1. Use pay rises as an excuse to save more.
\n2. Pay in more when a regular spend ends.
\n3. Maximise any employer contributions.
\n4. Invest lump sums you receive.
\n5. Put off breaking into your pension pot.
\n6. Be choosy about your investment choices.<\/p>\n","protected":false},"excerpt":{"rendered":"