The latest from Westside Financial
Graham from Westside Financial in S6, Sheffield, sets the world to rights in his latest blog. This week, saving for your retirement.
"I felt great with my first ever wage slip most of us have a similar feeling when we were younger. When we are young, we would rather spend the money and then earn more and the cycle continues. However, that’s a mistake. Everyone needs to think about retirement and it’s never too early to start.
Five great action pension planning tips
1) Get used to saving and investing. Start off saving immediately. This will then discipline you for the rest of your career. If you spend everything, then you’ll get used to a certain lifestyle and it will be very difficult to cut back. From the beginning if you save and invest a large portion of your wage, then you won’t even miss it.
2) Savings Compounding Effect. Getting an early start with investing can make a massive difference in how much you will have when you retire.
3) Education about your investment. Most people are not very good investors. Many people buy stocks when prices are high and panic and sell when the stock market crashes, which is the worst possible time to do both.
4) Tax advantages. That’s free money that everyone needs to take full advantage of. There are many great tax advantages and within the Inland Revenue adding to your pot it helps for long term growth.
5) Auto-enrolment – Many of us now have to be auto enrolled if employed, again this offers great benefits with your employers paying up to 3% of your salary, tax relief and your own contribution, there could be 8% of your earning going into a pension plan.
Head to Westside Financial and book your appointment!