Don’t be nonchalant about your retirement – it’s no laughing matter

User Written by Lynda Calver on November 19, 2015.

Don’t be nonchalant about your retirement – it’s no laughing matter

The image above popped up in my Facebook feed the other day and did raise a smile. There is something about living for the moment which appeals to all of us and, let’s face it, planning for the future can seem so darn boring when there are many more exciting things you could be spending your money on. Perhaps you like to splash the cash on clothes, make-up, beauty treatments and partying hard, like this Monroe-esque glamour girl probably does, or maybe luxury holidays and a look-at-me car are more your bag?

Whatever your indulgence, if you are planning to live past next Tuesday, and I’m assuming that your expectations are a little higher than that, you might need to stop being quite so blasé about your financial situation.

Life expectancy is increasing and experts are predicting that reaching 100 will become the norm in the not-too-distant future. A cavalier attitude towards saving might seem funny now but in my experience when people start approaching retirement and there savings pot is small or non-existent the laughter comes to an abrupt end. There is nothing funny about racing towards retirement age and not enough put by to pay for the basics like food, utilities and a decent roof over your head let alone the finer things in life.

Being savvy about saving doesn’t mean you have to sacrifice all that’s fun in life but it’s all about balance. With careful budgeting you can afford to put some savings aside each month while still allowing yourself a few indulgent treats. By investing your savings carefully you can profit from compound interest - interest on interest which is basically free money. Over a long period compounding can produce surprisingly large increases in the value of your investment.

That is one reason why even though retirement may seem a distant prospect not worth bothering about, tackling the somewhat unglamorous task of planning for your financial future is something that you should be doing now. A financial adviser can help you choose just where to put your money to make sure it is working as hard as possible for you and can motivate you to keep on track with saving when the temptation to splurge rears its ugly head!

Failing to save for retirement is folly so seek professional advice and get your pension fund started today.

Lynda Calver

Lynda Calver

Posted on November 19, 2015 in Retirement Planning.