One of the most common of all predicaments faced by those heading towardis that of having every intention of giving up work in X amount of years though being painfully aware of the fact that their pot may not stretch to it. Nevertheless, even with just 10 years to go until retirement becomes a reality, there still plenty anyone can do to supercharge their pension pot and make a huge difference to their retirement in general.
1. Cover the Basics
It might sound like stating the obvious, and indeed it is, but you cannot expect to gain an accurate and comprehensive insight into how your retirement will pan out until you first look deeply into your financial situation. Or in other words, you need to think about how much you are going to need in order to retire when you want to retire in order to then determine exactly how far short of the mark you expect things to fall. After this, you will at least know how much extra money you need.
While it’s only fair to say that there is no such thing as a 100% safeopportunity, investments are often the best way of taking any given sum of money and giving it the chance of exploding in size. Suffice to say you personally may have no idea whatsoever when it comes to the kinds of opportunities available to you and how risky each may be, but by speaking to a financial adviser you’ll soon get a better understanding of where and how you could invest your money.
3. Work More
Never forget that if you are enrolled in a workplace pension scheme, as in a scheme where your boss contributes to your pension on top of your own contributions, you are in a situation where the more you work and the more you contribute, the more your paymasters contribute on your behalf. As such, while this might technically be the time in your life when you’d be expecting to slow down, the more hours and indeed the more money you can pump into your workplace pension, the more ‘free’ money you can expect to earn as a result.
4. Consider Joint
If you are planning to retire around the same time as your partner, it is always worth looking into the options with regard to jointand plans. There are plenty of interesting and potentially rewarding opportunities out there for those who are willing to pool their savings and resources with others, so it’s more than worth speaking to your financial adviser about these kinds of options.
5. Consider Your Options Regularly
Last but not least, while it may seem as if your retirement is right on your doorstep, never forget that the difference that can be made to your pension pot in just a couple of years really can be enormous. As such, it is worth bearing in mind that while certainand savings opportunities may not strike a chord with you right now, things may look very different a few years from now. The advice therefore is to seek regular advice and to reconsider your options on a regular basis as circumstances in the financial world can change both quickly and frequently.