When Should You Consider Starting a Pension Plan?

Posted May 9th, 2012

Here a few sign posts along the roads of life that say it’s time to start thinking about a personal pension plan:

1. You can’t name any artists in the top 10 singles chart.

That or you plainly don’t recognise any of them. This is the latest top 10. How many of these artists do you know?

1. Tulisa – Young
2. Carly rae Jepson – Call Me Maybe
3. fun. – We Are Young (feat. Janelle Monae)
4. Cover Drive – Sparks
5. Alex Clare – Too Close
6. Calvin Harris – Let’s Go (feat. Ne-Yo)
7. Train – Drive By
8. Jessie J – Laserlight (feat. David Guetaa)
9. Nicki Minaj – Starships
10. Gotye – Somebody That I Used To Know (feat. Kimbra)

OK then. Perhaps you may recognise one or two names, but I’d wager you didn’t know they were currently in the top 10. And why not? Because you’re not interested in the music charts anymore as the responsibilities of being a hardworking, maybe even family orientated adult are what’s important to you now. That or maybe Country and Western is your thing. Who’s to say? Still, the point stands. You could be at that age where the things that made your parents boring are all of a sudden important to you. That should include a good pension plan.

Top 40 Thanksgiving 1970

2. You enjoy Sunday afternoon naps.

Which in and of itself doesn’t mean much. You may find that there are many University students throwing out Z’s on a Sunday afternoon. That is probably because they didn’t get home till 10 am that same morning. Not because they stayed up to watch Casualty and the episode of Benidorm they’d sky plussed.

3. Negative Equity scares you!

And so it should! Chances are, if you bought your first house during the last 8 or 9 years, you could be looking at negative equity at the moment. Not generally a problem if you’re not looking to sell anytime soon however, it’s the fact that you now know what it means that should be a pointer. It’s one of those phrases that adults threw around when we were children that we paid no mind to as it was “adult stuff”. As are pensions. And you should be thinking about one. Retirement doesn’t just take of itself you know!

4. You can name more than half the shadow cabinet but you couldn’t name one person that featured in the latest series of celebrity Big Brother.

I wouldn’t really say this is a bad thing. However, it’s a sign that a comfy pair of slippers are creeping up the priority list these days. You’re taking an interest in politics as you’ve begun to realise how it affects you. When they start talking about “budget deficit” and “interest rates” it feels like it’s going to make a difference to your life somehow. And it does! As does not planning for what happens when you finish work.

ladders

5. You’re on the first rung of your career ladder and haven’t given it much thought.

To be honest. This is the biggest indicator. Even if none of the above applies to you. So you’re in your prime and still listen to the top forty. You’re out with friends and painting the town red on a Saturday night and you couldn’t give a hoot who the shadow chancellor is. Fine, but if you are working and have a salary it’s time to get that pension ball rolling. The earlier the better as well. There are as many pension schemes as there are pensioners. Well, maybe not quite, but the choice can be quite mind boggling.

Get in touch. I’d be happy to talk with you about your options.

P.S. I couldn’t tell you who was in celebrity Big Brother.

Image credits/Flickr – kevin dooley / ed ed

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