Most people neither plan for retirement nor set financial goals. This is understandable as it is hard to think about retirement, and even harder to predict how all the variables will play out over the longer term. Most people only seek advice about six months before they retire. More often than not they have not saved enough and there is very little at this point they can do about it.
Thinking about what level of income you might need in retirement, and ideally when you might like to retire, is especially important now that most people are not members of final salary pension schemes. And the state pension alone does not make for a comfortable retirement.
The best time to start retirement planning is when you start work. The second best time is now. The earlier one starts to plan and put aside some form of savings the better. Money put away in your 20s and 30s means you are less likely to have to seriously reduce your standard of living in your 40s and 50s in order to make up any shortfall.
Inflation can improve or ruin your financial plans
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