Why should you save for your retirement?

Retirement might seem like an awfully long way off, especially if you’re still paying off your student loan, furiously saving to get a foot on the housing ladder, or have a young family which are burning a rather large hole in your pocket. But you could end up spending more than 30 years in retirement, so it’s essential to make plans to save into a pension, keep a close eye on how much you’re saving, what investments you are choosing and what level of income in retirement you will get.

Before looking at providing for yourself you should check what your entitlement is for the State Pension and what you may get from any employer schemes you belong to now or have belonged to in the past.

What can you expect from the state
Employer pensions are becoming less generous

To find out where you stand in terms of making pension provision, your first step should be obtaining a state pension forecast from the Department of Work and Pensions’ Pension Service by calling 0845 3000 168, and then have a look at ‘How can you save for your retirement’ for details of different pension and savings vehicles available to help you plan for your retirement. A visit to an experienced and qualified IFA will help you with your pension choices and will explain what you need to do with your financial plans to have a comfortable retirement.