Recent reports are showing that people in the UK are just not planning appropriately or early enough for retirement. Three different reports conducted by different agencies are showing that people are not planning for their retirement until well into their 50’s and 60’s.
This is worrying in that as many as 2 of 3 people put off planning until into their 50’s according to Skandia research and that more than half of those we refer to as baby boomers felt that the state pension would be enough to provide for them, even though they are now realising this is just not the case.
In an article released by the Telegraph, the golden rule of providing for one’s retirement is to ‘start planning as much and as early as you can.’ According to Skandia, even small investments will help greatly in the future if they are made early enough to have time to take root and grow. Unfortunately, when left too late, there is little time for investments to gather any momentum.
Those who are just now realising government pensions are not going to provide for them in their golden years are also realising that they will not be able to retire as early as they had thought to do. What is being suggested by experts such as Jerry McLoughlin is that you take a serious look at your current net worth. Take an audit of your existing pension funds to see where you stand.
All is not lost, even at the 11th hour, if you can get a realistic look at your current worth. Find out if any investments can be consolidated to those which have higher guaranteed yields and in the end, double and triple your current investments in pensions when at all possible if you have waited until later years to begin worrying about retirement.
