28 Jun 2019
A recent article published by Mail Online about research done by the World Economic Forum, warns that British pensioners could have a retirement income shortfall of more than 10 years.
This research revealed that Pension Funds are not growing enough to keep up with inflation and life expectancy. This implies that people might have to work longer to be able to afford retirement.
Nigel Green, CEO of deVere Group says, “As much as 80% of working age people, who started seeking financial advice from deVere last year, were not saving enough for their retirement.”
This is a shocking reality for most of us, as we tend to put off thinking about retirement and ‘live for today’.
It is always advisable to start retirement planning early on in life but, if you are getting on in the years and haven’t planned properly, then there is still hope. If you have 10-15 years left to retirement, then you could still top up your nest egg.
Solutions to make your nest egg last longer
Budget, Budget, Budget – Look at unnecessary spending and try to cut down on your cost of living as this could prolong your nest egg. Alternatively, the extra savings could go into a retirement savings plan.
It is recommended to start your own private retirement plan that ensures a reliable savings vehicle for your retirement throughout your working life.
When you reach retirement age, you could work for a few more years to build your nest egg.
Consider retiring in another country where the cost of living is much lower, and your nest egg will last longer.
“It’s never too late to start, and there are numerous financial solutions available to help reach, often exceed, these objectives.” - Nigel Green
Speak to your deVere consultant about tailor-made retirement solution for you or contact us on [email protected]