Sunday, July 14, 2013

Pension Planning

I am a long way from retirement still at the moment, but the reason that I am thinking so much about passive income right now is because I am considering what to do for retirement. I do not have a pension, well apart from one paying £50 a year and a state pension which may not pay out and even if it does will not provide much money. Therefore I am considering what to do.

I would like to have money in premium bonds still, but they do not provide a regular or guaranteed income and so are not the best option for retirement, where we will need a certain income each month. I could continue working, but I may not be able to, want to or find that there is anything I can do. Just because I am making money writing now, does not mean that it will be something that I can do later in life. There may just not be a market for it or be too much competition.

As mentioned before, I have been considering holiday property rental, but feel that I need a selection of different options in case one does not work as well as expected. It is difficult to predict what might be a good source of income in twenty five years time, but I am working hard to save money so that I have something to invest at the moment. Well, I plan to pay off the mortgage first and then start saving up for retirement.

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