As for planning for your retirement, it is not an easy task and oddly enough the best time to start planning your retirement is in fact at the beginning of your career, not the end of it. Indeed, many people who leave retirement planning at 55 thinking 10 years to go they have plenty of time to start saving money would be wrong.
In general, it is the length of time you have paid for a pension fund that helps build a big pot, indeed, are the funds in the first years that ensure that things work well in recent years.
Generally, the more you pay each month longer your retirement fund will be. However, if you have a personal pension instead of a business then you would be better advised to take professional retirement planning advice before making a decision to go with the system, it is because there are literally hundreds of thousands of personal pension plans available for you to sit.
Image Source: Google
The choice of the system may be even wider if you just run a very small business and had set up a company pension under the pension reform program in the workplace.
If everything went to plan and you have accumulated a reasonable pension plan then you might consider taking a lump sum of your retirement-related pension pot at age 65. This may be an attractive option because it is free tax to do so, and it can be used for a variety of purposes to take a dream vacation, buy a boat to tinker in your retirement, or just pay any debt.
Whatever the size of your pension pot is that you have several choices open for you to retire, but it is imperative that you do good when it comes to retirement planning, as you only have the option to things once.