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How much should we save for retirement?

Enable’s IFA’s in Bishop’s Stortford know that it is difficult to get through a day once you reach a certain age without thinking about how much you should save for retirement or to hear someone saying you’re not saving enough for retirement.  Unfortunately it is very difficult to give a clear and accurate answer to how much should we be saving it depends on a whole host of factors such as your age, income, circumstances, and what you want to do with your retirement at the end of the day.

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Regardless of your personal circumstance and situation the key thing to remember is that anything saved to a pension is probably better than nothing and that, it’s never too late to start.  A good place to start looking at how much you might want to save to a pension is by looking at your age. One frequently cited rule of thumb is to half your age and then try and save this percentage of your salary each year. So for example, if you’re 30 you should try to save 15% of your earnings each year for your pension, if you’re 40, 20%, 50, 25% and so on.

These proportions of your salary can seem a tall order in the middle years especially if you’re still raising a family, paying for school fees, beginning to think about children’s weddings and supporting property buying. But it shouldn’t mean that you save nothing, a more sensible idea, might be to work out how much you can realistically afford each month. Calculate your monthly income and deduct essential expenses, remember to consider your debts. If you still owe money on expensive credit cards and loans it may be a sensible idea to pump any extra cash into paying down these debts before you start saving. It really is important to find a way to save alongside your outgoings.

If all the ins and outs seem a bit much being, really immediate and practical can help.  Have you ever thought of just trying to save a fiver a day? Savings can quickly grow this way.  However you want to save Enable’s IFA’s in Bishop’s Stortford are here to help.

Issued by: Enable Independent Financial Life Planners 
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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