As a young farmer, you know you need to start thinking about your own financial future. But how do you get started?
Planning your finances for later life can seem daunting. It may also not feel like a top priority right now,and is likely to take a backseat to your many day-to-day tasks.
But spending some time now to prepare for your financial future will be a sound investment, of both time and money.
A comfortable lifestyle after farming
Ultimately, you need to think ahead to a time - however distant that may be - when you may want or need to work less. How would you achieve a comfortable lifestyle?
Time is on your side. The younger you start investing, the better your chances are of creating the level of income you’ll need for a comfortable retirement.
The age at which you start to invest, the amount you invest, how often and the type of investment you chose such as a pension, will all play their part.
Help is at hand
You have some questions to consider. Among them, how much money do you need to fund a comfortable retirement? What resources do you already have? What’s the right strategy to take, to profit from pension and investment tax breaks?
When it comes to navigating the complexities of financial planning you aren’t alone. Our NFU Mutual financial advisers can answer your questions and help you bring clarity and focus to your financial goals.
The sooner you start getting expert advice about your financial goals, the sooner you’re likely to reach them. You can, for example, set up a pension very easily by talking to one of our experts to help you start early.
They can help you decide which solutions are financially beneficial for you, and ensure you feel confident about the decisions you make. Ultimately, you’ll avoid making hasty, costly, ill-informed decisions and instead have peace of mind about your financial future.
The value of pensions and investments can fall and you may get back less than invested. The tax benefits of pensions and investments depends on individual circumstances and may change in the future.
To find out more and to book an appointment with a Financial Adviser.