Concerns for retirement
- 56% of the UK working population is not making adequate preparations for retirement, while 19% are not saving.
- On average, people start saving for retirement at 26 but do not start financial planning for retirement until 30
- 57% reported fear of financial hardship in retirement
- 31% worry that they will need to work longer than planned to fund their retirement.
Over the last 5 years, the global downturn, along with the current low interest rates for savers, has caused many to think again in terms of their retirement planning. For some, this may mean beginning to save more, whereas others may choose to work longer. The reality is that if we wish to achieve our retirement aspirations such as holidays, hobbies, and more family time, we will be obliged to save more. The Government encourages to save by offering incentives. There is, however, a limit to what can be done. The solution is same as it has always been; the earlier you start to plan, the better prepared you will be!
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