Who is saving for tomorrow?

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Savings

Julie Hutchison

22nd November 2013 at 1:44pm

Don’t you wish you were a Time Lord, who could go back in time and start saving earlier?

It seems many of us have regrets about not starting to save soon enough. Over 7m1 people in the UK wish they’d started saving for their retirement when they were younger, and not doing so is their biggest financial regret.

The problem is, if you end up with a savings gap, even a sonic screwdriver can’t fix that one easily.

Tom Baker was the Doctor, when I was growing up.  And today marks 50 years of this great institution.   What made you hide behind the sofa?  Was it the Daleks?  For me, the Cybermen were (and still are) the scariest creatures.

But if you want to be really scared, try this one.  According to a recent report2, many of us don’t really wake up to the “retirement reality” and realise how much we truly need to save for

Wake up to the “retirement reality” comes when people reach the age of 48.

retirement until we reach the age of 48, at which point a quarter of us have no retirement savings. What kind of lifestyle can you look forward to in the years ahead, if you only have the state pension to support you?

So, what can you do to improve things? Here’s three tips:

1. If you’re not already saving for your future, then the sooner you start the better. Even a small amount saved regularly can make a difference when you come to retire if you start early enough.

2. Use online tools to help you plan your savings. This one will help you figure out how much income you might need in retirement, based on the kind of lifestyle you’d like. And this tool will help you check whether you’re on track with your pension savings to fund that lifestyle.

3. When it comes to your cash savings for an emergency fund, always shop around for the best rate.

So don’t let a lack of foresight exterminate the value of your savings, because sadly we don’t have the Doctor’s powers of regeneration for another chance to save more.

1ONS estimate UK 18+ population in 2013 is 48,844,900 According to the YouGov Plc survey 15% wished they had saved for retirement earlier, equivalent to 7,326,735 UK adults

2Source: NFU Mutual 22 November 2013

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