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Building and protecting your wealth

Supercharge Your Retirement Fund With This One Financial Move

Everyone in the working world is labouring toward a common goal: retirement. But not everyone is equally prepared financially to stop working. Some are relying solely on pensions while others are banking on property. The good news is there’s a way to supercharge your retirement savings so you can relax and spending time with your loved ones without worrying about running out of money.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Home Sweet Home?

While it’s undoubtedly the British dream to own a home, it’s also one of the biggest monthly expenses for the average individual.

In London, mortgage payments take almost half (45%) of an individual’s income and that number only drops slightly, to 40%, for the rest of the south east of England.

With such a large proportion of earnings going toward keeping a roof over one’s head, it’s no wonder people are only able to save a paltry percentage towards their retirement.

While auto-enrolment has improved pension savings, Scottish Widows has found that three in five young people are still saving below the recommended level for a comfortable retirement, with 14% of 22-29-year-olds not saving anything at all.

The news is not any better for those closer to retirement, with more than half of 40-60 year olds (54%) saying they struggle to save money towards retirement according to LV.

How can a couple ever reach the £520,000 to £780,000 (depending on whether you plan to live comfortably or lavishly) needed to retire by saving that little?

What can be done?

It might seem like retirement is a long way off, but if you don’t start planning early, it will arrive quicker than you anticipate — and you won’t be ready. While property can still be a solid investment, if your mortgage is preventing you from contributing to your retirement, you’ll need to adjust your thinking and see your repayments for what they really are: a hindrance to your savings goals.

If your nest is empty, consider downsizing sooner rather than later. It might be difficult to part with your family home and the good times you created there, but if you consider that the financial advantages you gain from the sale of your home will only help you create new memories with your loved ones, the decision shouldn’t be hard.

Watch the market and strike when the iron is hot to get the best offer for your home so you can parlay the profits into a venture that will really help grow your bank account: investing.

The secret is out

The quickest way to supercharge your retirement is by investing.

When comparing the housing market to the stock market, stocks are the clear winner. While Halifax’s house price index reports a 40% rise over the past decade, the FTSE 100 has skyrocketed 75% all while producing about 4% annual dividend returns.

These results even factor in the fact that the last ten years haven’t exactly been steady in terms of the market and don’t forget that we could be facing a “cooling period” in terms of house prices in the country.

Speak to our experts

Dental & Medical Financial Services have been helping doctors and dentists prepare for their retirement for years. We can advise on what you will need financially in order to fulfil your desired lifestyle by recommending ways of potentially achieving your goals.

Want to save for your retirement? 
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

Tel: 01403 780 770


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