Think about investing in your future

We are often told to “live in the moment”.

But we also need to look forward and take a few steps to make sure that we – and our loved ones – are taken care of in the coming years.

Retirement and pension planning are good ways to make sure that you aren’t spending your remaining years worried about money.

But it seems that many of us haven’t taken steps to alleviate that burden.

According to the Chartered Institute of Payroll Professional’s (CIPP) annual survey, 36% of workers aged 51-60 admitted they have no pension provision.

Lindsay Melvin, CIPP CEO, said: “In these uncertain economic times we would hope most people are thinking about their future, but these results show over a third of those towards the end of their working lives are not planning financially for their retirement and some are not even sure they will have enough to live on.

“With the Government putting pensions at the forefront of its agenda it’s even more disturbing that so many people are taking a relaxed attitude.”

Making sure your will is up to date is also vital, as this is one of the most important documents you will create and will determine how your estate is settled after you pass away. This can help reduce the stress on family members in a time of grief.

The Government recommends reviewing your will every five years, as well as after any life changes such as divorce, having children or moving house.

And in many cases, a whole new will isn’t needed. Alterations can be made by creating a codicil, which is signed and witnessed in the same way as a full will. However, for major changes a new will, explaining that the previous version of your will is no longer valid, will be necessary.

Appointing a Power of Attorney – a person named by you who can act on your behalf in situations you are unable to act or explain your wishes – could be a wise move.

Depending on the level of authority you give them, they can make medical and financial decisions for you, based on instructions you give them.

A Power of Attorney can be anyone over the age of 16, who you trust and believe will make the choices you would want.

Taking time to invest in the future could reap dividends for you and your loved ones in the years to come.