Nobody likes to think about getting older, we all are guilty of thinking it will never happen to us, but the truth is, it happens quicker than you realise, that is one of the reasons you need to plan ahead especially when it comes to financial planning, it is important that everyone plans for the future, but no more so than planning for their retirement.
Planning for retirement comes with different options, for instance you may want to plan to receive a lump sum upon retirement age and then a monthly payment thereafter, or you may want just the monthly payment as it may be a little bit more money.
Whichever way you decide to plan for your old age pension it is always advantageous to start as early on in life as possible, this will secure that the monthly payments are adequate for you way of living.
First step is to have a quotation from an insurance company, and then if you agree with the terms they will start you on a monthly plan whereby you will pay the insurance company an agreed amount of money every month until retirement age.
Obviously the more money you pay in to the policy each month then the more you will receive upon retiring.
Retirement planning is so important because it comes in a time in your life where you will not be able to work, or may not want to work so will not be able to have a monthly salary coming in, this is where the pension comes into its own, because you will be able to enjoy your well deserved pension without having to change your lifestyle and struggle financially, something none of us would ever want.
So if you do not plan for anything else in your life, make sure that you always plan for your retirement.