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Retirement Planning and Wealth Management in Cheadle, Cheshire

Life's Stages: Aged below 45 - Accumulators

Life stages below age 30

In the early years of adulthood, money may be short with student loans to pay off. our financial life cycle, it may feel like money is stretched and saving for your retirement is unlikely to be a priority.

However, these early years can be crucial to your future planning. Starting a savings habit early will create a savings discipline to benefit you in time.

Those who start saving at an earlier age will find it easier to reach their financial goals than those who delay saving. If you are 25 and want to retire at 65, you will have to save a lot less money every month than if you only start thinking about retirement when you're in your forties.

For example, say you want to save £100,000 by 65 and have a savings account paying 2pc AER. If you start saving at 25, you'll need to save £137 a month to reach your goal, £204 a month if you start saving at 35, but £340 a month if you start at 45.

No matter what your goals are, whether you are saving for a car, deposit to buy a home or for that all important person (family and marriage), the financial considerations during this period can be daunting. Keyline can help guide you through the various choices available.