Young adulthood

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Those embarking on adult life may not have a lot of money free to invest, but they do have time to let investments mature, which is a critical and valuable piece of retirement saving. This is because of the principle of compound interest. Compound interest allows interest to earn interest, and the more time you have, the more interest you will earn. Even if you can only put aside £50 a month, it will be worth three times more if you invest it at age 25 than if you wait to start investing at age 45, thanks to the joys of compounding. You might be able to invest more money in the future, but you’ll never be able to make up for lost time.

Early midlife tends to bring a number of financial strains, including mortgages, student loans, insurance premiums, and credit card debt. However, it’s critical to continue saving at this stage of retirement planning. The combination of earning more money and the time you still have to invest and earn interest makes these years some of the best for aggressive savings.

It’s thus crucial to first decide what you’ll want to do in retirement. Once you know what your dream is, then you can begin making it happen.

  • When Should I Begin Taking Social Security?
  • How Long Will My Money Last?
  • How Much Money Do I Need to Retire?

It’s great to have goals, dreams, and ambitions, but, frankly, they don’t mean a thing if you lack the financial means to fulfill them. Rather than living on hope, it’s best to do some soul-searching to determine what your future expenses will be and whether you will have enough money to live comfortably and actually enjoy your retirement years.

When people are young and employed they tend to live in more urban areas. However, it is often prohibitively expensive for seniors to live in, or on the outskirts of, major cities. Therefore, people who are expecting to retire within the next few years should consider making a move to a more affordable location.




View our 2017 financial prospectus brochure for an easy to read guide on all of the services offer.