Destination retirement - getting started on your saving journey
Mark Woodruff
I’m a highly rated, qualified, and regularly referred Chartered Financial Planner and Chartered Actuary helping clients to plan their finances and reduce taxes. Retirement, investments, insurance, pensions, inheritance
Tony Clark, a retirement expert at St. James’s Place, suggests ways to put yourself on the road to financial security.
We all have financial challenges to face in reaching our financial goals. If you're juggling career demands and a family life, you may have little time left over for your personal finances.
1. Set some savings goals
Think about what you want your retirement to look like. Once you are clear on how and when you want to retire, work backwards to calculate how much to save. Think about how much you want to put away by the time you reach certain ages.
2. Write it down
Once you have a rough idea of what it takes to achieve your goals, commit it to paper. Put it in a visible place to remind yourself daily.
3. It's okay to start small
Investing even very small amounts early in your career can reap big rewards. This is because your money will have more years to benefit from that magic ingredient: compounding.
4. Check how much your employer is contributing
When you pay into a workplace pension, your employer also contributes. The amount paid depends on your pension scheme and your earnings. To find this out, check with your employer.
5. Take financial advice
Becoming your own investment adviser and money manager is not easy. A financial adviser can assist you in creating a financial plan and mapping out your goals.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.