According to Deloitte, the UK savings gap is expected to reach £350 billion by the year 2050, with investors having to find an average additional amount of £10,000 per annum if they’re to bridge this chasm.
This number is nearly £32 billion more than the firm estimated just five years ago, as the pressure on private and public pensions continues to grow against a strained economic backdrop.
So, there’s an onus on individuals to formulate their own successful savings plans. Here are some ideas to help you on your way:
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The above numbers highlight the primary reason why you should start planning for your retirement, as it fundamentally prevents you from running out of cash and resources for the duration of time that follows you leaving gainful employment.
As we can see, the need to plan ahead of time and in greater detail is even more pressing in the current climate, as private and state pension shortfalls continue to spiral year-on-year.
By planning, you can also take control of your financial future and security, as you look to calculate rates of return on your various investments, manage risk in line with your outlook and determine which assets you want to commit to over-time.
With a clear understanding of the importance of financial planning when it comes to your retirement, the next step is to conceive and implement some practical ideas. We’ve outlined three to keep in mind below:
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