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How far ahead should you plan your financial affairs?

One subject which is hitting the headlines at the moment is retirement and the very fact that many people in the UK are not putting sufficient funds aside for their retirement. This is a growing problem for the UK government, UK workers and those entering retirement because ultimately if you wait until the final years of your employment there may not be sufficient time to put money aside for your retirement. So what should we do?

During our lifetime there will be many different financial goals in our early years, such as buying our first home, and there will obviously be other factors to consider in later years such as retirement. In between these periods there will be problems, issues, opportunities and other financial questions to be answered although ultimately we should always look to the longer-term with regards to our financial affairs.

While very often the financial risks which we take in our early years can be rectified, assuming they do not work out, by the time we retire, any financial risks, such as stock market investments, taken in later life can be more difficult to fix and can impact upon the standard of living we can expect in our retirement years. You should always review your finances on a regular basis and consider the short-term, medium-term and long-term outlook for your financial well-being.

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