Mountain Surfing

Dear Margo - This is an unusual column for me to write. Throughout my years as an advice columnist (first as "Dear Prudence," now "Dear Margo"), I have never plugged anything or suggested to my readers that they participate in any event. I do so now to continue a tradition.

If you have a pension scheme that you are paying into every month, your retirement years will be well taken care of. Does that statement sound right or wrong? In truth it could be either. The ability of your own pension to provide for you after you get your gold watch depends purely on how much you have paid into it during the years you have spent at work.

The fact is, there is so much conflicting - and confusing - information around concerning pensions. Many of us have been lulled into thinking that all we need to do to get the retirement we want is to pay into either our company pension scheme, or a personal pension scheme. More and more people are realising that the government's state pension scheme won't be enough to see us through our retirement, and in any case the chances are the state scheme won't last forever anyway.

But it's not just having a pension that's important - it's what you pay into it that determines the amount you'll have to live on when it finally starts paying out at retirement age.

In this respect, it should be remembered that pension plans are only as good as the amount of money you pay into them over your working life. The earlier you can start paying into a pension the better, and the more you can pay in each month the faster your pension pot will grow.

To determine how big your pension pot needs to be, you need first of all to decide what level of income you want to receive each year. There are many online pension calculators that will help you to figure out how much you need to be paying into your fund every month to achieve the income you want in your retirement. You also need to bear in mind that the older you are when you start your pension, the more money you will need to pay in to reach your desired goals.

The figures you arrive at may be frightening, but they are the first essential step to deciding how best to approach your retirement. Bear in mind that most people achieve several promotions during their working life, which will bring in more money to be invested for their retirement. But the more you can put away now, the better your financial situation will be when you stop work for good.

The moral here is that it's never too soon to start paying into that pension scheme. The longer you leave it the more you'll have to invest to catch up - and you might even end up settling for a smaller pension altogether.

Today really is the best day to begin, so start crunching some numbers now.

Disclaimer:

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Matthew Pressman is a freelance writer and frequent flyer. When not travelling, he enjoys golf and fishing.

AP - The Jacksons were crowned icons at the BMI Urban Awards, but the King of Pop was an absentee.

Follow These Helpful Tips For Bringing Balance To Your Life.....While Coping With Life Transitions Such As Retirement

When it comes time to retire, it should be one of the happiest and most exciting moments of your life. After all, you will never have to set an alarm clock again - and you no longer have to take your boss's orders - you can finally life freely and to its fullest!

Yet, for many people, coping with life transitions (such as with retirement) and bringing balance to their life after retirement can be difficult.

When engaging in retirement planning, most people focus solely on the financial aspect of this major life transition. Yet, many fail to consider the emotional aspect of the transition - and the steps they should take for coming to terms with retiring, which requires balancing more than finances alone.

Although retirement is exciting, it can also be frightening. Many people have dedicated their entire lives to their careers, which makes coming to terms with retiring even more difficult. In fact, some find themselves feeling useless, restless, or bored. Still others are frightened when coping with life transitions such as retirement, fearing that they will run into financial trouble.

In order to prevent experiencing such issues, it is important to incorporate proactive methods for coming to terms with retiring as a part of your retirement planning.

Some proactive methods you can use include...

* Pick up several hobbies - You will have plenty of time to enjoy them, so don't be afraid to experiment with a variety.

* Keep yourself actively involved with family members - Don't allow yourself to become a hermit when coping with life transitions.

* Create a routine when coping with life transitions - Many people need to adhere to a routine in order to feel as if they have accomplished something at the end of the day. Don't be afraid to define and follow a routine when coming to terms with retiring.

If these tips for coping with life transitions and bringing balance to your life are not enough to help you enjoy your golden years, you might seek the services of a professional life coach or counselor. With their help, you can learn additional methods for coming to terms with retiring and coping with life transitions so you can finally enjoy this special time you have worked so hard to earn!

Dr. Edward Dreyfus is a practicing clinical psychologist, sex therapist, relationship counselor, and life coach who has written several books and published many articles. Learn how he can help you maximize your potential and achieve your goals by visiting his website at http://www.docdreyfus.com