Start planning for your future now

Whether you're in your 20s or 50s, you need to get your house in order now. So if thinking about retirement feels overwhelming or like something you can do 'later', you are playing with fire.

The reality is that you need to start preparing now. And no, it's not too late or too early to build a future that feels secure and fulfilling.

The cornerstone of any retirement plan is consistency. Even small, regular contributions to a pension or retirement savings account can add up impressively over time. How does this happen? Thanks to compound interest.

The best thing you can do is start by automating your monthly transfers. You need to treat your future self like another bill you can't afford to miss, because you just can't!

Many money experts, including popular personal finance guru Suze Orman, suggest saving at least 15 per cent of your income if you can. If that feels too steep, start with 5 per cent and increase it each year.

You should also consider diversifying your savings. Relying solely on a third-world pension is not enough. Consider shares, personal pensions or low-risk investments.

Women often face particular challenges in saving for retirement, with career breaks during maternity leave, the gender pay gap in some institutions and longer life expectancy all playing a role. So, starting early and regularly reviewing your financial goals cannot be stressed enough.

Don't forget to think about what you want your retirement to look like. Do you plan to relocate? Downsize or upsize? Start a small business? Your retirement plan should reflect your lifestyle goals, not just your expenses.

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Finally, seek professional advice before jumping in with both feet. A trusted financial adviser can help you understand your options and avoid costly mistakes.