Working in financial planning, we often get asked when it is too late to start planning for retirement. This question is one that plagues many people when they look at their personal financial plans. Unfortunately, there is no one answer to suit all. Our lives are full of ups and downs, and planning for retirement is a privilege not many will think of. 

With the cost of living crisis, many are focused on how to make it through the turbulence. This means planning for retirement is left on the backburner. Especially for those who are younger and have a longer time before they would consider retiring. 

Let’s look at what age could be best for you to start planning for retirement. 

When should you start planning for retirement?

Ideally you should start planning for retirement as soon as you are able to. While many people are enrolled in workplace pension plans, any additional retirement pots you can create is only going to be beneficial in the long run. 

A small amount set away for 30 years is better than a larger sum for 10 years. So start as soon as you are able to, even if it is a small amount. It all adds up at the end.

How to plan for retirement at any age

The first step in planning for retirement at any age is to first find yourself a financial planner. They will be able to help you plan and prepare for your retirement, as well as scour the market for the best financial solutions for you. 

Another thing you should do when planning for retirement is to set out any financial goals and budgets. Keeping on top of your finances enables you to know where you are spending your money and what you have left. We have a fantastic resource to help you with your financial planning for 2023. 

Saving plans for retirement 

Consider looking at setting up a savings plan for your retirement. This could be in the form of private pensions, or high interest savings accounts. Set up a budget and keep track of your financial planning goals, read our blog on long term financial planning and growth.

Always speak to a financial planner to see which options have and would be best for you.

Investment plans for retirement 

Another way you can plan for retirement is to consider investment plans. This can be either investment bonds, investment savings accounts, investing in stocks or other assets. When looking at investing, always speak with a financial planner as they will be able to help you decide which type of investment works best for you and your financial goals. 

Read our blog on tips for first time investors. 

Ultimately the best time to start planning for retirement is as soon as you are financially able. For many people the idea of a state pension might not exist, and taking your own retirement plan into your own hands will ensure your future retirement. 

Here at Schofield we work with you to have the best financial planning for your retirement and more. Contact our independent and chartered financial planners today to see how we can help you.