When it comes to thinking about how much you save, “the future” might be buying a new car in the next month or two, or saving up for that three-week trip abroad next year.
However, as bills getting higher and outgoings expanding, it can be tricky to work out how much you’ll be able to set aside tomorrow, let alone in a decade from now.
Whilst the thought of saving may not be a priority for many, it will certainly be playing on the minds of those approaching retirement. Whether it’s through property investment, a pension scheme or stocks and shares, people fund their retirement in various ways – often with little consideration.
Although it’s difficult to know whether conscious planning will pay off, careful consideration of your options is rarely a bad thing. Rather than leaving this until it becomes an issue, younger generations are being encouraged to think about their retirement, expanding their awareness as to what it will mean.
In a recent survey conducted by YouGov, those who were yet to retire were asked about their future saving plans. Chosen by just under half of respondents (46%), property was voted as the top way for people to make the most out of their retirement savings, with employer pension schemes coming a not-so-close second (24%). Less popular still were personal pensions and premium bonds, with proportions of 6% and 1% respectively.
Although property investment is seen as the best way to boost retirement savings, it’s not something which can be undertaken lightly. As something which does not occur automatically – unlike other schemes – investment will usually require proper consideration, and most notably, planning.
The importance of preparing for your future should not be underestimated. At a time where you’ll be enjoying the benefits that later life has to offer, you won’t want to be thinking about what you could or should have done. This is why it’s important to start planning as soon as you can; it’s never too early.
Although it might seem like a hassle, planning for your future doesn’t have to be difficult. Having worked in estate planning for a number of year, E.L.M Legal Services are experts in the industry.
As well as advising you on providing for your loved ones, our professional team can ease any worries you may have.