If you want to enjoy a better life when you retire, then it is essential to start planning as soon as possible. It’s never too late, though, and even if you are in your fifties, there is still time to get things arranged. In this guide, we’re going to take a look at five key principles that everyone should think about when they are making their plans.


Save more for a better retirement

When you are young and carefree, it’s difficult to imagine your retirement. However, it’s vital to start saving for it as soon as possible. Let’s say that you are in your twenties. There’s a good chance you have a lot of disposable income, but you have a lot of life events ahead of you that will cost you money. Buying a house, getting married, having kids, and sending them to a university will all impact your finances. So, the earlier you start a retirement plan, the easier it will be to keep saving through those expensive years.

Your company pension isn’t enough

Your company retirement fund might seem to be a great deal, but it probably isn’t sufficient to sustain you. Plus, if it’s your only source of funds, then you are a lot more exposed to risk. Your retirement fund is an investment, and like all other investments it is wise to spread your risk. So, get a private pension to support your employer’s plan, as well as looking at stocks, bonds and commodities. All of them put together should give you a better return, as well as spreading your risk.

You probably need help

Not everyone is a financial genius, and even the richest people in the world need straight advice from someone they can trust. With this in mind, you should find a financial advisor who will work with you to get more out of your money. They are professionals, so will be more in tune to market changes and know how to make better investments than you can ever hope to be.

It’s not just about money

Of course, the more money you have, the better quality of life you will have, too. But as you get older, there will be other things that occur that you need to plan for. Living a healthy lifestyle, for example, will improve your chances of having a healthier retirement – and a longer one. You also have to plan for lifestyle changes. While you may be perfectly comfortable in your home right now, there may be a point that you need another option. So, make sure that you research retirement living options in your local area – or even further afield. You never know what might happen in the future. So, if you have already looked at your options before you, say, suffer from illness, you will be safe in the knowledge you will be comfortable.

Keeping active

Finally, you should also plan to stay active when you retire. Having worked all of your life, you deserve a rest. But, you might want to keep your toe in to make yourself feel like still have something to offer. Think about volunteering, or taking up a hobby. It might be time to finally seek out that singing career with a local choir, for example. Or maybe join a local amateur dramatics society. It’s your time – just make sure you fill it wisely!