For young people today planning for the future is a daunting task that will get pushed aside till later life due to other stresses that are thrown at us. However, having a pension plan from an early age is easy and can make retirement far more relaxing!
Pensions are seen as being for older people; therefore young people are making the mistake of planning for their retirement too late in life. Young people believe that being young is about living for the moment and spending money on the things they want in their lives, such as, socializing, holidays, clothes, etc. In part this is true, younger people should be living life how they want to, although saving for the future is not as much hassle as young people think. Also, the earlier you start the less you have to contribute, thus making it harder the later you start.
The best way to start your pension plan is if you are lucky enough to work for a company with a good pension scheme. The advantage to company pension schemes is that your employer will contribute as well. Other forms of investments and property can help and contribute towards your retirement plan; however a pension plan is a very good long term savings plan which requires minimal effort and guarantees a good return.
The advantage to a pension plan is that you can not touch your saving. This stops any temptations to touch your saving before you reach retiring age, ensuring that money will be there for you to enjoy throughout your retirement.
If you haven’t started a pension plan start thinking about it, get advice and consider planning for your future early to make retirement relaxing like it should be.
The Pensions Regulator’s principal aim is to prevent problems from developing. Where possible, they provide support and advice to trustees, administrators, employers and others where potential problems are identified.