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Saving for a happy and healthy retirement

It’s never too soon to start saving for a happy and healthy retirement. Knowing that your pension is taken care of, you can look forward to retiring and living a comfortable life. However, it’s not a good idea to get too busy with the present and forget about your retirement. Rather than burying your head in the sand, it’s an excellent idea to be adding to your retirement pot now. Therefore, it’s crucial to prepare your retirement savings while you still have time.

Take into account that, State Pension age is currently 66 and two further increases are currently set out in legislation: a gradual rise to 67 for those born on or after April 1960; and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977. *

Pro tips on how to save for a happy and healthy retirement

Here are some tips on how you can enjoy a happy retirement in good health.

Seek the best advice

The first step to enjoying a lucrative retirement is to invest wisely. This is why it’s crucial to get sound advice from a reliable and independent financial adviser. Get in touch with us today, if you’re ready to start saving.

How much money should you be saving monthly?

It is ideal for you to determine the amount of money you need to save every month until you retire. This will help you get your finances in order and plan for the kind of lifestyle you have always admired.

How much should i pay into a pension and receive tax relief?

Typically, you can’t access your retirement fund until you’re 55 years old since pensions are meant for retirement. You can get tax relief in line with the annual allowance of £40,000.

If you don’t have any taxable earnings, you can still contribute £3,600 and get 20% tax relief.  

Make the most of your pension contributions

Ensure you add as much money as you can into your retirement fund. This may even make it possible to retire earlier than 66. In addition, by adding to your pension, you can also get 20 per cent in tax relief from the government. Therefore, you will be in a better position financially to enjoy a happy and healthy retirement.  Tax relief can be as high as 40% depending on your earning.  

Save as much as you can

Not having the finances to support and sustain a lifestyle will make your retirement boring, lacking adventure and thrill. Remember, when you stop working, you will have more freedom and time on your hands. Therefore, ensure you save as much as you can afford, which will eventually pay dividends.

When can you afford to retire?

Although there is an official retirement age in the UK, no one says you have to wait until 66 to start collecting your pension. So rather than thinking about what age you can retire, think about at what age you want to retire.

Getting the best financial advice will help you make lifestyle changes now, which will add to your happiness and prosperity when you retire. Think about saving for retirement as saving for a holiday. The more money in your kitty, the more you can do when you quit the workforce.

Ensure you go for regular health check-ups

As the saying goes, ‘prevention is better than cure’. So, it’s an excellent idea to get your free midlife MOT. The NHS has a program to help older folks make changes to minimise their risk of stroke, diabetes, dementia, kidney and heart disease.

You can assess the risks of these age-related sicknesses and get the appropriate support and advice to manage the risks associated with them.

That way, you put yourself in the best position to enjoy a happy and healthy retirement.


Please note:

  • The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
  • Tax treatment varies according to individual circumstances and is subject to change.

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