People manage their money in different ways. For some, it’s spent before they’ve even received it; others won’t deviate from the plans they’ve made for the month ahead. Identifying what your natural saving habits are can help you understand what you need to concentrate on to get the best from your savings, and develop the good habits needed to let your finances see you through your retirement years.
The Habitual Saver
Putting a little away on a regular basis is the best way to ensure a better retirement lifestyle. Habitual savers typically have a planned savings strategy where they’re saving to their pension pot every month.
The Occasional Saver
This type of saver puts money aside sporadically – they haven’t yet settled into a savings routine that will adequately prepare them. Although they’ve made a start, they need to make regular contributions and reign in the impulse to splash out on something extravagant and unnecessary.
The Past Saver
They may have a little nest egg already, but these people are not actively saving at the moment, perhaps because of a change in personal finances. While it may have become more of a challenge to save, they should still look for ways to put away as much as they can for the future.
The Aspiring Saver
While there may be good intentions, aspiring savers may not know where to start. This is when finding a financial consultant can be helpful. If you live in the Wiltshire area and are looking for a local independent financial advisor Marlborough and surrounding towns have some good firms to choose from. independent financial advice through Chilvester and similar advisers can help get you on the road to building a robust retirement plan.
The Non Saver
Non-savers are at most risk of running into difficulties in retirement. The ageing population continues to put a strain on Government support, and we cannot rely on adequate state pensions in the future. Already, the state pension age could increase to 68 as early as 2037.
Whichever of the savers category you most identify with, do consider spending the time and the fee for a professional consultation – the long term benefits of saving regularly throughout your working years are well worth it, and it’s never too late to start.