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Can you afford to plan for the future?

As more and more people in the UK find that their monthly income barely covers their living expenditure a number are starting to ask if they can afford to plan for the future. With the likelihood that the state pension will reduce in real terms in the future, increased energy costs and a general increase in taxation in the short to medium term, money certainly will be tight for many in the UK. However, it is not really a case of can you afford to plan the future, more a case can you afford not to plan for the future!

While your pension at retirement may seem years away for many at this moment in time, the need to start saving as soon as possible, making use of various tax breaks, has never been more vital. We all need to look to the future and the ever-growing requirement for income to at least give us a basic standard of living. Cutting corners now will have a significant impact in the future as every pound you invest today we produce a return in the short term which will then be invested again and again and again. The cumulative impact of reinvesting income is enormous in the longer term and should not be underestimated.

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