A DECADE-BY-DECADE GUIDE

Planning for retirement is essential to ensure you have the financial security to enjoy your golden years. As retirement can be a long way off, it’s essential to start saving for retirement as early as possible.

To help you on your journey, here is a decade by- decade guide to saving for retirement. IN YOUR 20s: GETTING STARTED

Being in your 20s can feel like an exciting time to be alive but also daunting. It’s never too early to start thinking about your financial future and setting yourself up for success. With the proper knowledge and planning, you can easily create good savings habits that will set you on the path towards financial security. Start by setting realistic and achievable goals; whether they include buying a house, starting a business or taking out investments, having objectives in mind will help motivate you to save money now.

Creating a budget is also vital to staying on top of your finances. Knowing what expenses you have each month will help keep you organised and make sure there’s enough left over to put aside for savings. Ensure you know about upcoming bills and other costs to build those into your budget.

At the same time, remember to enjoy life too! Set money aside to do things you love, such as travel or hobbies. By taking a balanced approach to saving, you’ll be able to get the most out of your 20s while still investing in your future financial security.

1.Develop good savings habits early in life.

2.Budget for saving rather than saving what’s left at the end of the month.

3.Take advantage of tax-efficient ISAs and Lifetime ISAs.

4.Participate in workplace pension schemes.

IN YOUR 30s AND 40s: DIALLING UP FOCUS

Another way to make the most of your 30s and 40s in the UK is to take advantage of salary sacrifice if offered by your…

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A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless a plan has a protected pension age.

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time your take your benefits.