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Look Forward to Checking your Finances with these Retirement Saving Ideas

Company retirement schemes are slowly becoming null and void – what used to be a given in most jobs a generation ago, is now a very rare perk. This means that most people have to take their retirement savings into their own hands, or rely solely on a government pension.

 

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Company retirement schemes are slowly becoming null and void – what used to be a given in most jobs a generation ago, is now a very rare perk. This means that most people have to take their retirement savings into their own hands, or rely solely on a government pension.

Saving for your own retirement can be a bit tricky – especially if you aren’t all that savvy when it comes to finance. However, there are some really great things that you can do to ensure that you are on top of your retirement savings.

These are our top tips for ensuring that you are comfortably set up for your retirement years:

 

Start immediately

 

No matter how old you are, now is the time to start saving for your retirement. Those people in their 20s and 30s can start saving smaller amounts, as they have a longer period of time to save over. If you are in your 40s, you may have to save larger amounts, but hopefully your salary is better now than it was was in your 20s and 30s! Don’t panic if you are in your 40s and haven’t started saving yet, you still have a good 25 years to get your retirement savings right where you want them to be.

 

Set a goal and stick to it

 

The first thing that you need to do is set a goal for how much money you want to live on in your retirement. This is totally dependent on your lifestyle and how you wish to live out your golden years. Once you have set this retirement savings amount, you then need to work out exactly how much money you should be putting aside a month in order to reach it. You should then automatically put this aside every month.

This handy pension calculator from the Money Advice Service helps work out your total retirement income, how much you should be saving and also gives you advice on how to reach your goal if you are falling a bit short.

 

Have a private pension plan on top of your National Insurance Fund

 

While everyone who is employed in the UK will be paying into the National Insurance Fund, your retirement savings will benefit hugely from continually topping up a private pension plan or PPP. Some employers will have PPP schemes for their employers and the best ones will match their employees contributions to this fund to a certain extent. So before you look at a private firm or the free market for your personal pension plan, check to see if your employer can’t offer you something better.

 

Think about property

 

Property is one of the fastest growing investment avenues, as many find it a safer bet than stock-based investments, which can be hugely affected by an unstable economic climate. The great thing about buying property is that you can get a passive income through renting to tenants while you continue to work, and then once you are done working you can either sell the house for a great nest egg, continue renting it out or move into it.

This is why buying property overseas in popular areas is a great tip for retirement savings. In an area with a large number of tourists, you will have a steady stream of tenants, a great holiday home and somewhere warm and beautiful to retire to.

Spain is one of the most popular European countries for Britons to invest in, and with its mild climate, clean beaches and wonderful Mediterranean waters, that should come as no surprise. If you are looking to invest in property overseas, have a look at our excellent portfolio of property for sale in Costa Blanca and for other expert advice on investing in the Spanish real estate market.

 

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