We’re still not saving enough for our retirement … Recent articles and survey’s suggest that not only is one in five of us not saving at all, but the rest of us are not saving anything like enough to enjoy the retirement we think and deserve!
Question … So just how much cash should we be putting away?
Let’s say that you are hoping to retire at 65 on an annual income of just over £24,000. The state pension should (hopefully) take care of the first £7,000 of that when it eventually kicks in (check at what age you’re likely to qualify for it, as it is on the rise as per the parliament updates) but that means you still need to come up with another £17,000 a year yourself.
Assets International have teamed up with various professionals and have worked out the sums …
They say that to buy an annuity paying out £17,000 - you need a pension pot of £425,000. To get that, a 25-year-old needs to start saving £420 a month; a 35-year-old £690; and a 45-year-old £1,250 per month.
For most that sounds frightening! and it is … These figures also assume that the inflation is 2.5% (which is isn’t) and that your savings growth is at 6% a year (which looks unlikely). So the chances are that you will need to save even more than the figures stated.
Help is at hand … Pension Investments are becoming more and more popular, due to the above information lots of people need to make their pensions work harder … Taking control of your pension pot is getting very popular – Assets International offer various hotel room schemes in beach resorts that are managed with 8 - 12% returns per annum …
You will need to transfer your pension into a SIPP (Self Invested Personal Pension) to do this. Guidance is at hand for your Pension Investments … Contact the experts today to find out more.
*Information from Lansdown Hargreaves and Money Weekly June 2011
Question … So just how much cash should we be putting away?
Let’s say that you are hoping to retire at 65 on an annual income of just over £24,000. The state pension should (hopefully) take care of the first £7,000 of that when it eventually kicks in (check at what age you’re likely to qualify for it, as it is on the rise as per the parliament updates) but that means you still need to come up with another £17,000 a year yourself.
Assets International have teamed up with various professionals and have worked out the sums …
They say that to buy an annuity paying out £17,000 - you need a pension pot of £425,000. To get that, a 25-year-old needs to start saving £420 a month; a 35-year-old £690; and a 45-year-old £1,250 per month.
For most that sounds frightening! and it is … These figures also assume that the inflation is 2.5% (which is isn’t) and that your savings growth is at 6% a year (which looks unlikely). So the chances are that you will need to save even more than the figures stated.
Help is at hand … Pension Investments are becoming more and more popular, due to the above information lots of people need to make their pensions work harder … Taking control of your pension pot is getting very popular – Assets International offer various hotel room schemes in beach resorts that are managed with 8 - 12% returns per annum …
You will need to transfer your pension into a SIPP (Self Invested Personal Pension) to do this. Guidance is at hand for your Pension Investments … Contact the experts today to find out more.
*Information from Lansdown Hargreaves and Money Weekly June 2011
