If any babyboomer managed to get a peek at the newspaper read by their parents, one of the adverts they were likely to notice was the cartoon type drawing of a man at four different ages in his life, worrying (or not) about his pension. The message was that as time goes by, the need for a pension becomes more noticeable but that everybody should start a pension as young as possible. This is as true today as it ever was. The additional problem today is that we need more money invested for a pension than ever before because –
The population of most western countries including the UK is getting older. A government pension is likely to be insufficient because there are fewer taxpayers to pay for it. We are living longer and need more money in a pensions pot to keep us going. So if you are not thinking about paying into a pension, you ought to be. Talk to a financial adviser if you are not sure what to do. If you are close to retiring, take some time to forecast what your income will be after finishing work and what you will have to pay out. The work time that you have left might allow you to make some adjustments so that your retirement spending is covered by your income.
Energy Conservation Managing bills on a pension can be difficult. Planning is essential and one of the things that you can do beforehand is try to reduce your energy costs. Make sure that you buy energy efficient appliances when you need to replace. Buy energy saving light bulbs. Consider improving your loft insulation, double glazing and cavity wall insulation. Some local authorities give grants for energy saving projects as well as free advice. If you are on a water meter consider using a water butt to collect rain water for the garden.
