How to save for retirement: getting started

Saving for retirement seems harder before you start than once you’re in the habit. A few practical steps turn the decision into a plan you can actually follow.

1. 1Track your spending honestly for a month — every coffee and takeaway included. It usually reveals more room than expected.
2. 2Turn what you learn into a budget, with retirement savings treated as a fixed monthly expense rather than whatever is left over.
3. 3Set a clear goal alongside any other goals you’re saving for, so retirement isn’t competing vaguely with everything else.
4. 4Work out roughly how much you need to save each month, based on how long you have and how much risk you’re comfortable taking on.
5. 5Research your options before committing — the right investment manager and the right products matter more than moving quickly.
6. 6Automate future increases, so a portion of each salary increase goes toward savings before you get used to spending it.
7. 7Start now rather than later. Delaying by ten years can cut a substantial share off the eventual outcome, simply from lost time in the market.

This article is general information and not advice. Silke Financial Services is an Authorised Financial Services Provider, FSP No. 12462.