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How does your future retirement look?

September 25, 2008 by admin  
Filed under Banking, Featured

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Most of us look forward to a comfortable retirement when we eventually reach out golden years, and we all want to be able to spend time travelling and seeing the world, spend quality time with loved ones, and do the things that you simply cannot do when you have work related commitments. However, many of us tend not to bother thinking about how we will fund our retirement when we are in our twenties and thirties – after all, retirement seems such a long way off at that stage. But the years soon catch up with you, and many people may find that they are suddenly thundering towards retirement age with no real plan in place to fund a comfortable retirement.

Some industry officials have expressed concern over the fact that many people who are working today who are in their twenties, thirties, and even forties may not be able to retire until well into their seventies. Whilst the government is planning to increase the retirement age for both men and women in the coming years many may still find that they have to continue working well into their retirement years, robbing them of what should be the most relaxing years of their lives when work commitments do not interfere with enjoyment of life.

And it’s not just about the fact that many people are failing to save towards their retirement either – it is also the level of debt that many older people are in. There are concerns about the debt levels amongst older people who are coming near to retirement age, as many will still be in a significant amount of debt by the time they do reach retirement age, and this may also hamper their ability to retire at the normal age. In fact debt levels amongst people aged between 55 and 64 years are through to be around four times what they were ten years ago. A recent study that was carried out by Help the Aged indicated that whilst the debt levels owed by individuals in this age group may not seem very high they would still prove difficult to pay off when on a fixed income.

Of course, consumers also need to bear in mind that the state pension is not going to be up to much in years to come, and those planning to rely on their state pension to fund their retirement are likely to be disappointed. Industry officials have been urging younger consumers to try and think about retirement early on and start saving towards a comfortable and enjoyable retirement rather than waiting for retirement to sneak up and then finding that there is little or nothing in the retirement pot to fund living costs.

There are a number of options open to those that want to start thinking about their retirements, and if you are unsure as to what sort of pension scheme or retirement fund is best suited t you then you can always speak to an independent financial advisor who specialises in pension products. Once you have set up some form of retirement fund you can continue enjoying your younger years safe in the knowledge that you can continue enjoying the lifestyle that you have become accustomed to once you retire.

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