When you quit the rate race, will you really have the time of your life?
Weighing up the tax-efficiency versus flexibility
Have you considered all the potential costs of retiring? Some people find their expenses fall once their working life ends, but it’s important not that assume that all your expenses will go down – some may increase, such as heating and leisure costs.
Put simply, retirement planning is about how you look at your future, but more than a million Britons are facing a ‘mid-life savings crisis’ as they near the age of 40 with no retirement savings, according to research from Zurich. A third (33%) of British adults aged 35 to 39 – equivalent to an estimated 1.31 million people – say they have no money saved into a pension, despite approaching the mid-point of their working lives.
Procrastinating when it comes to putting money aside for retirement
People with birth dates between 1964 and 1979 are labelled ‘Generation X’ and are suffering from a widespread tendency to procrastinate when it comes to putting money aside for retirement, according to the results of a new survey.