Thinking about the future can be stressful at any point in your life, whether you are a sixteen year old thinking about getting a job or a fifty year old wondering if you are earning enough to live happily after you have retired.

Some people find thinking about the future so stressful that they refuse to do it; this is the worst possible thing to do. A person who has not done any planning for their future may suddenly find that they have no money but cannot get a full time job in a new career.

No matter how old someone is or how well off they think they are they should always have a financial plan in place in relation to their future.

Financial Plan

The financial plan doesn’t have to be incredibly detailed. It does not have to include every estimated outgoing and incoming expense for the rest of your life. It can just be an idea of how much you’re earning and how much you will need to put away as part of your pension plan. If you are terrified about thoughts of the future and are scared you might get something wrong, it is advisable to have a financial planner or even just a pension planner. This person will be able to work out how long you have until retirement and roughly what percentage of your wage you should be putting away for the future.

Saving for the Future

The idea of putting money aside for the future is a worrying one in itself for some people. For people who live ‘hand to mouth’ and almost run out of money just before their next payday, putting money away for the future seems like a bizarre idea, especially if the company they work for has a pension plan for them. However, in the last few years it has become clear that many industries are changing parts of the pension plans. This is especially worrying for industrial areas like Sheffield, where steel industries are trying to cut down on as many costs as possible. Many labourers felt that their pension plans were secure, but a lot of unions are now striking over proposed changes to plans. This is why it is essential now, more than ever, for people to have an individual pension plan as well as having the pension plan.

Even if the thought of financial planning is nerve wracking, it is something that everyone must do, as the alternative is far, far worse.