Toys of Christmas Past: 50 Somethings
I remember the Christmas when I wanted a Cindy doll, like all my friends, but my father had been working in the States so my gift was a Barbie. Barbie, at the time, was unheard of in the UK and her vital statistics were very different from Cindy so I struggled to find dresses to fit her. I only had to wait for a few years until Barbie became the “must have” doll for any girl. As we disclosed yesterday, there are many Barbie’s sitting in the attic!
A few years later, what waited for me under the Christmas tree was a Timex watch. I have to admit to being somewhat disappointed as everybody played with their toys; a watch does not offer any entertainment. However, it did stand the test of time (excuse the pun) and was still serving a useful purpose months later. Today, the world is a very different place where the watch is now unnecessary with people using their mobile phone as the timekeeper.
The lesson from this story is how time matters. Time matters for saving for retirement because:
- the sooner you start contributing, the easier it is to build up a decent pot and, as importantly, you are in the habit;
- the type of products change so it is important to review whether it is still providing you with the benefits that you need;
- the pensions that may seem very exciting when you first invest may not have the staying power of something that may be more pedestrian;
- the needs and priorities that you have change so you may choose drawdown when you first access your pension pot but this may not be right throughout your retirement.
Like Christmas, pensions may seem overwhelming when you only think about it once a year. At The Pensions Advisory Service, it is “Christmas” every day as we think about pensions all the time. So please do contact us about your pensions and we will help you make your pension “not just for Christmas but for life”!