Starting retirement planning later in life may feel intimidating, but it’s never too late to make a meaningful impact! If you haven’t saved enough for retirement yet, don’t worry—taking action now will yield meaningful progress. Start by identifying your retirement objectives, envisioning the lifestyle you want in retirement. Whether you prefer a serene home-based lifestyle or an active, travel-focused retirement, clarifying your retirement lifestyle goals is essential to building your financial plan.
Then, zero in on actions with the biggest financial impact. Increase contributions to your pension or SIPP, and take advantage of catch-up allowances if available. Downsizing could also release extra funds or investigate high-growth savings options to accelerate your savings growth. You may also consider postponing retirement slightly, so you can boost your savings further and reduce the number of years you’ll need to withdraw from your savings.
A crucial step for late starters is building financial resilience. Prioritise an emergency fund to cover unexpected retirement plan expenses and keep your retirement savings intact. Check in on your progress regularly, and seek guidance from a financial expert for tailored advice. By staying engaged, focused, and committed, you can transform your retirement outlook and turn your financial story from zero to hero.