What do you think?
Most people aren’t because sticking to a long term retirement plan isn’t easy. But, like most things, the real difficulty is getting started.
Your retirement might be a long way away or just around the corner.
Either way, funding it is a problem that never goes away because the longer it goes unresolved the worse it gets.
The reward for getting started though is that you start making progress.
You also start utilising time to your advantage.
This is important because time is either your best friend or your worst enemy depending on how you use it.
That’s because the effects of compounding are always working whether you’re aware of it or not.
And that means that the passing of time implies that your pension fund is getting bigger or your problem is.
There is no escaping the fact that you have a limited amount of time to save for retirement. So the earlier you start the better off you will be.
You can see how you’re set to fare by using our calculator here
You will already know deep down if you’re on track or not.
The best way to get a handle on it is to review your plans.
In the meantime, here are the suggested milestones by age.
Pension Milestones
- 2x your annual salary saved by 35
- 3x your annual salary saved by 40
- 4x your annual salary saved by 45
- 5x your annual salary saved by 50
- 6x your annual salary saved by 55
- 7x your annual salary saved by 60
- 8x your annual salary saved by 65
…don’t worry, you’re not alone.
Most people aren’t on track to retire with the financial independence that they want to have.
The value of working with an advisor is that you have someone in your corner. They’ll help you manage your plan and hold you accountable to it.
But, whatever plan you have, is only as successful as your willingness to pursue it.
A good advisor will strive to keep you engaged with your long term financial planning.
The best thing you can do get started so give me a call on 01 442 3929 or send a mail to kevin@thepensionstore.ie.
As Jim Rohn famously said:
“We must all suffer from one of two pains in life: The pain of discipline or the pain of regret. The difference is that discipline weighs ounces while regret weighs tons”
Kevin
Pensions Are Complicated. We’ve Made Them Simple.