Wednesday, January 13, 2010
Category:
Personal Finance Tips
As 2010 gets underway, Friends Provident is suggesting that the New Year is used as an opportunity to commence planning for that ideal retirement.
It is believed that realistic goals, combined with viewing retirement as an ‘ongoing process rather than an event’, can assist in achieving the desired result.
Research commissioned by the long term savings provider has shown that the younger generation has started to adopt this way of thinking. It was found that a range of savings options are being used for retirement purposes, with 57 percent of 21 to 29 year olds intending to use property and 43 percent preferring the flexible nature of an ISA.
Head of corporate pensions marketing at Friends Provident, Martin Palmer, commented: "It sounds obvious but taking simple steps to work out the sort of retirement you want, could be half the battle. Only once you have done this can you start planning properly with your IFA how to best reach those goals. For many people a 'retirement career' is an attractive way of keeping a moderate income in retirement, whereas for others the plan could be to move abroad – either way, careful advanced planning is required along with a dose of realism. The first step for anyone should be to check whether their current savings are sufficient for the future."
……………………………………………………………………………………………….......
Homeowners who are currently reviewing their finances could consider taking out a secured loan to tie up any existing debts. One of many finance options available, a secured loan for debt
consolidation could be used to reduce multiple monthly repayments down to just one. This single monthly repayment could even be lower than the sum of current outgoings – thereby releasing useful money each month, which could potentially be set aside in a savings account for future use. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
