Most of us know the benefits of saving money for those items that we really want to buy, for a example a car or a house. You my not relaise that one of the most expensive things you will ever buy in your life time is not a house, but your retirement. Perhaps you have not considered the concept of buying your retirement.

This is exactly what you do when you put money into a retirement plan to meet future regular living expenses when the annual salary is no longer deposited into your bank account. This concepet is paying today to meet the cost of tomorrow's living expenses.

This may sound hard-hitting and be seen as an impossible task. The wage or salary you receive from employment may be inadequate to meet your needs. However, you may have more pressing financial needs and goals than buying something for the future, or you may decide to wait for few more years Cost of Delay before you start saving to meet those regular living expenses. Whether you are 18 or 56, you can take steps towards a better and more secure future.

Future Costs

The cost of future years will be more expensive for these reasons:

We are living loger after retirement
You will have to have to meet a greater portion of the cost of your retirement

Whilst fewer companies are providing the traditional pension plans that gives some level of a guranteed pension, many retirement plans, such as the Money Purchase Pension Plan offered today, gives no guarantee of a pension at retirement and have some investment risk. The responsibility now rests squarely on the shoulders of the individual to take control of their retirement planning, changing the face of UK Pensions

In short, to summarise this section, paying for retirement you truly desire is ultimately your responsibility. You must take charge. You are the architect of your retirement planning, not the financial advisor. Pension planning requires determination, sound and consistent savings habit, the rigth knowledge, a well designed financial plan, starting early and making those regular affordable contributions with a built in review program.

Managing Your Personal Plan

To Summarise, retirement can be a state of mind as well as a financial issue. For most of the working population, the question in the minds of many is: Is it worth saving for my retirement when I may lose most of it. Do remember that you are not retiring form life - you are just moving into another stage of life. Many see this cycle as a 'New Career' of learning a new skill in time management and pursuing a faviourite hobby. The answer to these questions are on your goal list.

Finally, pay yourself first, save small amounts regularly and make good use of the Pension Tax contribution, given by HMRC. It will pay dividend later.