Planning For Our Golden Years

I have two wonderful boys. I hope to live a long and happy life with them however because sometimes terrible things happen Roy and I have comprehensive life insurance so that if one or both of us shuffle off in an untimely manner we will do so knowing that the boys are financially sound. Likewise, if either of us leaves the other behind we would do so knowing that the financial burden of raising the boys and looking after everything else would be covered.

What we haven’t put enough thought into however is what will happen should we live to a ripe old age and face a long and leisurely retirement. We know and understand the importance of saving for a rainy day and the boys of course have CTFs (Child Trust Funds) in place however we have no private pensions or investments in place to see us through our golden years as such.

Having done a quick Google on investments for retirement planning and the like I have found a wealth of irrelevant and quite frankly confusing information. Ignoring this I have had a look at the SIPP Centre which has information about tax-efficient investment for retirement and this has opened a few doors in terms of our thinking about what we want to do.

In terms of pensions, it doesn’t bear thinking about what the government pension will be by the time we retire. Roy has access to a work pension however I am self-employed and do not so it is time to join the pro-active retirement planning party and make sure we have enough to keep us in the style we would like to become accustomed to when the time comes. There are other options we are considering, such as bonds, savings options or we might do something a little different and buy draftkings shares. Either way, we are working hard now to ensure that we will be financially sound when it comes to retirement.

My question for you today is this: Have you sorted your retirement out financially speaking yet or like me are you just grasping the bull by the horns now and find the vast amount of information “out there” commercially self-serving and jargon-packed? I’d love to hear we are not the only ones who have until now buried our heads in the sand somewhat!


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