Top tips on retirement planning

Know how to boost your retirement fund by simply following these simple steps.

15:21 20 February 2013

A lot of people in the UK are approaching their retirement years. Sadly, not all of them can afford to stop working. In fact, a huge number of these people will need to continue working in order to get the amount of money they need for comfortable retirement. 

The good news is, you don’t need to be one of them. The key here is planning for your retirement as soon as possible. If you still have 5 to 10 years before you retire, here are the steps that you can take in order to boost your retirement fund:

 

1.The first thing to do is find ways on how you can increase the amount of money that you save every month. This obviously will require some adjustments. You may need to cut down your travels every year, lessen the time you eat at pricey restaurants, stop buying thing that you don’t really need, look for passive income, etc. 

 

2.Check all your insurance. Do you still need all the insurance that you’re currently paying now? If yes, are you getting the best rate for them? You may also need to get more insurance policies that you’re going to need for the future. For example, you may want to add coverage to protect surviving spouse or add protection for your home coverage. Having these will give you an assurance that should something bad happen, you will not need to shell out the money you saved for your retirement. 

 

3.Pay your debts ASAP. You should pay off your debt while you’re still working. Your retirement years will surely be more pleasant if you don’t have to think about mortgage or car payments every month.