Why I’m planning for my retirement now (AD)

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AD. As I enter my 30s and begin to think about my long-term life goals my finances become more important than ever. Saving money, making extra money, cutting back, starting to invest and learning more about pensions are all really important to me now. Just 5 years ago we were in debt, and all of these things felt less important. Because we didn’t have much choice. However, making our money work hard is the key to a good life and I’m so glad I’ve learned this at a young age. Lots of my time is spent thinking about or boosting our finances. Today I want to share with you some of my hopes for our future – including planning for my retirement. Now I know you’re probably glazing over at the thought of retirement BUT there is no better time to start working on your plan than RIGHT NOW! 

Why I'm planning for my retirement now

What I want to achieve in retirement

The most essential thing for me and my family is I don’t want to have to scrimp in retirement. Travelling the world, spending time with family, treating my loved ones and having enough money to live a great life are all important things I want from my retirement. I want us to have a similar quality of life to what we already have, and I know this means we need to save regularly. Thomas is enrolled in a workplace pension, but for me, I need to make my money work hard right now. This is why I am actively planning for my retirement.

When it comes time to retire, or at least cut down on work, I don’t want us to struggle financially. We will be mortgage free, and have low outgoings hopefully, but I want us to have extra money to enjoy life as we do now. Being able to go on a day out, or enjoy regular holidays, is a really important part of family life for us and as we grow older, and have grandchildren, I don’t want that to stop. If anything I want us to have more days out, and trips away, once we have the free time that retirement will afford us.

Hopefully, when I retire, our family will have grown lots. I’m hopeful that I’ll be able to spend time looking after my Grandchildren, or perhaps just helping with family life in general. Our parents are around lots, which is a great help with Daisy and saves us lots of money too. I’m hoping that the money we save now can help me pay this forward in my family in the future generations.

What that means for me now

My money needs to work hard, as I want to achieve lots with it. Last year I wrote about Profile Pensions, and their pension tracing service. As I had old workplace pensions it was important to me that I locate those, and put them to work on a better plan. This means I’ve already made inroads on my retirement plan, and made an improvement. Having a single pot for my old pensions makes it easier to keep track, and means I have less paperwork and fuss to deal with.

I am also working on investing more money, to help build a pot for retirement. On top of this, we will be buying a home next year and working to be mortgage free in under 10 years. This will then give us additional money to invest, and enjoy life as our children grow older and leave home.

Using a pension calculator to help myself with planning for my retirement

While I have an idea of the type of money we need for retirement there is always the worry of making an incorrect calculation. Recently I have been looking at the pension calculator from Profile Pensions. In just a few seconds I am able to check the amount of money that we may need for our retirement. One thing I love in particular about this pension calculator is that I can look at what we need for a modest retirement, and what we need for a more comfortable retirement. As I’m super frugal and make the most of my money, I can set myself a benchmark of aiming for somewhere between the two – as a minimum!

With the Profile Pensions calculator, I can answer a few small questions and then I’m on the way to planning for my retirement! I love that there are two different retirement options available and with the click of a button I can see the assumptions that have been made about these type of lifestyles.

planning for my retirement

As I already know the value of my pension pot from previous jobs, I know that I am on the way to living a comfortable retirement. However, even making a small additional contribution to my pension will make a big difference when it comes time to retiring. I definitely want to feel comfortable in retirement, and don’t want to have to scrimp, and I know that the next ten years of my pension contributions will make a huge difference to my retirement.

Who are Profile Pensions?

Profile Pensions offer a pension tracing and pension review service. This service allows people who have or believe they have, an unclaimed pension to find out more information about their existing pensions. Profile Pensions will track down your pensions and provide personalised advice from one of their expert pension advisors. The trace and review service is completely free, with no obligation to move your pensions. You can find out more about what Profile Pensions charge here for additional services including switching your pension to a new provider.

As it is estimated that there is around £400,000,000 sitting in unclaimed pensions at the moment I feel it is really important to trace old pensions. We paid that money in and we shouldn’t just let it fall by the wayside when it can make a big difference to our retirement plans, especially if found now! Profile Pensions have multiple pension types that they offer a review for.

This post is in collaboration with Profile Pensions. All opinions within this post are my own. Profile Pensions is a trading name of Profile Financial Solutions Ltd which is authorised and regulated by the Financial Conduct Authority, The FCA is a financial regulatory body in the United Kingdom. They work to protect consumers and promote effective competition as this is in the best interest of consumers.  The value of your pension can go down, as well as up. With pensions, your capital is at risk. I am not qualified to give financial advice and all opinions in this post are my own.

22 Responses

  1. Treasure Every Moment December 19, 2018 / 9:34 am

    This is really interesting – I have recently gone self employed and have just thought that I need to consider what I’m going to do about a pension now. I need to look into this more, so thank you for reminding me 🙂

    • katykicker December 20, 2018 / 10:22 am

      Please do! The sooner you start the better x

  2. Sonia December 19, 2018 / 12:00 pm

    This calculator is a really good idea. I have no idea what amount we should be looking at (and the thought scares me a little) but I will looking into using this so we can plan a little and have a better idea

    • katykicker December 20, 2018 / 10:23 am

      Hope it helps you!

  3. Laura - Dear Bear and Beany December 19, 2018 / 1:19 pm

    There is so much to think about with pensions, that often it scares people to actually sort theirs out. But its so important to do. I love the sound of the calculator that would really help people.

    • katykicker December 20, 2018 / 10:23 am

      I think like a lot of financial things it isn’t that scary once you get started! I remember how long I left writing wills for because I was worried!

  4. Sam | North East Family Fun Blog December 19, 2018 / 6:05 pm

    It’s so important to think about and plan for the future isn’t it. I’d love to spend my retirement travelling too 🙂

    • katykicker December 20, 2018 / 10:24 am

      Oh I bet you will as well! x

  5. Rachel December 19, 2018 / 10:03 pm

    It is such a good idea to think about planning for later in life, but a little daunting I can imagine too! I have an NHS pension that I am playing into and I think it will serve me well in the future. Interesting post, thanks!

    • katykicker December 20, 2018 / 10:24 am

      Yeah it’s very daunting but once you get started it’s really not that bad!

  6. Kara Guppy December 20, 2018 / 9:16 am

    I have two pensions from previous employers, only glance at any paper work when it comes in – really need to look into it

    • katykicker December 20, 2018 / 10:25 am

      I’m not qualified to give financial advice but I always tell people that you should get started sooner rather than later! Speak to someone who is qualified and gives independent advice x

  7. Donna December 20, 2018 / 11:04 am

    You’ve reminded me that I really need to sort a pension out next year. At the moment we’re relying on Dave’s pension so I really need my own

    • katykicker January 1, 2019 / 6:33 pm

      Yes, definitely time to sort your own! xx

  8. Anosa December 20, 2018 / 3:50 pm

    When I turned 30 I too started to think about my retirement and now have two pensions, at work and a private one as i do want to live comfortably when I retire

    • katykicker January 1, 2019 / 6:33 pm

      That’s fantastic – well done Anosa! x

  9. Sonia December 20, 2018 / 8:54 pm

    Oh I’ve just had a look how well off I will be using the calculator and don’t think I’ll be too bad! I’m not one for forward planning but our pension is something we have taken very seriously.

    • katykicker January 1, 2019 / 6:33 pm

      Yes, absolutely. Nobody wants to spend old age living in poverty.

  10. Stephanie December 20, 2018 / 9:22 pm

    Oh I’m burying my head in the sand with this, I started my children early and have never paid into my pension at all. It’s scary to think of the future and maybe once were a bit more stable financially we can look into this properly. I will be looking into using these types of calculators then

    • katykicker January 1, 2019 / 6:34 pm

      I understand completely! I’ve only had money really the last couple of years, however, what I would say is even a small amount of money monthly can really make a BIG difference by the time retirement comes around! I’m not a financial advisor, and not qualified to advise, but I would say to see if you can squirrel away even a little money! x

  11. Amy - All about a Mummy December 20, 2018 / 11:37 pm

    This is a great reminder to get my pension sorted. I had one when I was employed but now i’m Self employed it has slipped. I’ll definitely give the calculator a try.

    • katykicker January 1, 2019 / 6:35 pm

      Time to get on it now the New Year is here! x

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