In a recent survey on just how well prepared the UK population is for retirement, it was revealed that the average household faces a cut in household income of almost 60%... well below most people's expectation... and considerably lower than the amount which the majority felt would be necessary to enjoy a comfortable standard of living.

A barrage of negative comment within the media, coupled with constant government 'interfering' has undermined most people's confidence in the importance of pensions generally. However, Argyle feel this is an area which can only be ignored at your considerable peril and would like to propose four basic steps which could make a significant difference to your own retirement prospects.

A fundamental rule of thumb, which needs to be addressed if you want to meet your retirement goal. Get rid of high interest debts, particularly credit cards and store cards (if not repaid in full every month) and establish a regular saving discipline. Modest, but periodic amounts into the right savings vehicle will make a world of difference over the long term.

Establish exactly how much money you will need to fund your retirement... it's amazing how few people actually know what that is! Then find how much extra you will need to put aside annually to achieve this target... it's not as difficult to do as you might think and doesn't have to be overly precise as circumstances change over time. Aim for a sensible (manageable) target.

It is important not to be too cautious when you are young, or to be too adventurous when you are nearing retirement. Review your plan annually to make sure you stay on track and, above all, ensure your savings are properly diversified. It is often tempting to follow the latest trends or heavily advertised funds but , past performance is no guarantee of future performance and the importance of good asset allocation can not be overstated.

Life expectation has increased significantly over the past few decades and there are other important factors to consider, such as inflationary pressure and the impact of failing health. It is now more important than ever to have your money properly managed... not only before, but also AFTER you have retired. The appeal of fixed income annuities is becoming less and less attractive, especially when one considers they may well have to cover several decades of change!

Argyle Financial Group are here to help you plan your retirement properly. Please contact us today... we're here to help!

www.argylefinancialgroup.co.uk