Everyday Money

If you haven’t yet managed to save for your retirement you could be facing an uphill battle when it comes to your financial future.

Many of us don’t feel able to save for retirement until we have our kids off our hands and our mortgages either paid off or at a manageable level. Don’t ever think it is too late to start, there are still ways you can achieve a comfortable retirement.

No matter how little working time you have left you should be investing. Even if retirement is just around the corner.

Remember you aren’t just putting money away for the day you retire but for the rest of your life. If you are healthy and likely to live more than five years in retirement, invest accordingly; it will be the share market will give you the most growth.

While you are creating your nest egg exercise some discipline and identify which parts of your lifestyle are really important to you, and which ones you are willing to live without.

Next identify your priorities, can you downsize and release some capital and lower your monthly expenses? Does retirement mean you will quit working? Could you work part time or switch to an employer where your pay might decrease but so will your stress ?

Finally, work out a plan and invest accordingly.