Retirement Planning
Now, you will need to think about various things with retirement.
The words that come up large for each person are their pension and their individual pension plans. How much money will you need to live on and how much will you need to save in order to hit that target?
With pensions speed is of the essence, the earlier you start the more you will accrue over time for your retirement, due to the wonders of compound interest each year before thirty is worth much more than each year after it. So the earlier the better.
These days there is a vicious cycle, those in their 20s don't really want to save for their pension as they need every penny they can get to ever get on the property market, which means they are delaying paying into the pension pot which might lead to financial crises in fourty or so years time when the current generation is looking to retire but are unable to do so.
Independent of saving for retirement, there is also the question of what you will actually do in retirement and how to enjoy it.
Here again making plans is good, and not only strictly financial. It is a huge change of lifestyle if one day you wake up and suddenly don't have work to go too.
Some love it and embrace it whilst for others it can actually be daunting knowing that for the first time their day to day routine is not mapped out for them by someone else.
Therefore many find it instructive to discuss their plans for retirement in the more general sense too.
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