Are you saving enough?

Are you saving enough?

Retirement may seem like a long time away, but the earlier you start to save, the less you need to put aside each month to reach your goals. If you are a member of your employers pension scheme, you will already be saving and your employer will be adding to this too. But what should you be saving and what are the options? State Pensions – we are all going to have to save more to secure our financial futures. When the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it – around 23% of their adult life.

This has been increasing ever since. By 2017, a 65-year-old could expect to live for another 22.8 years, or 33.6% of their adult life. The latest projections from the Office for National Statistics show that the number of people over State Pension age in the UK is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

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