Set your investment goals for retirement
For many of us, managing our money day to day occupies most of our attention, particularly when rising inflation puts family budgets under ever greater strain.
But thinking about your financial future now and having goals for the immediate and long term will motivate you not only to save but save more. It’s crucial to take time out and visualise your future so that you can then act to financially prepare and realise your ambitions.
There is a definitive link between goal-setting and saving when it comes to pensions. Those with a workplace or private pension who set goals for life for when they are aged 65 or over – such as travelling, taking up new hobbies or being able to financially support children and grandchildren – save more of their salary into their pension than those who don’t know what their aspirations are upon retirement.
Certain goals often have a greater impact on savings behaviour than others. Where people have an emotional attachment to a goal (for example, saving to support elderly relatives, have children or go on holiday), they are more likely to take positive saving action to achieve them. Saving towards retirement is often the most important saving goal, as well as one of the most emotionally motivated.
Small steps taken early on can make a huge difference. Saving regularly into your pension or drip-feeding amounts of money into the right investments can generate an income that will make your goals achievable.
If you would like to discuss effective ways of investing for the future, please contact Kathryn Arnold on 0161 495 4700 or email kathynarnold@cnfp.co.uk to set up an initial free, no obligation discussion.
