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Finding a balance between living now and retirement

One of the most difficult calculations you will have to do regarding your personal finances is finding a balance between what you can afford to put into a pension plan and what you need to live on today. While many people seem to ignore their pension arrangements until later in life, when perhaps they earn more money, you can give yourself a massive head start by starting your own pension plan very early (assuming that you can afford it).

However, there is no point putting away a significant amount into your pension scheme if this is going to impact significantly on your short-term ability to "enjoy life". We also need to take into account that the cost of living and our own personal circumstances can and do change on a regular basis and we may need to adjust certain elements of our expenditure to take this into account. Do not forget, if you have a personal pension scheme you can increase and reduce your personal pension contributions on a regular basis. While obviously it would be best to retain a constant payment as long as possible, this is not always achievable.

Your pension arrangements are vital for your later years of life but then again we all need to live today, as we work to live not live to work.

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