Are You Worried About Saving Enough For Retirement?
You wouldn’t be alone if you are! Determining how much you need to save for the retirement can be quite the conundrum. And that’s just the start! What about the complexities involved with actually having to save the money? Factor into this that your requirements will invariably change over time, and the puzzle seems increasingly daunting. You can’t be expected to know exactly what you’ll need in 5 years time. So, trying to fathom 20 or 30 can be understandably mind-boggling.
As we’ve seen from the events of 2020, even the safest predictions can be subject to unexpected outcomes.
and the survey says…
It appears that this uncertainty is reflected in the minds of savers, according to Schroders 2020 Global Investor Study. The study was an independent survey of over 23,000 investors from 32 different locations globally made between 30th April -15th June 2020. It found that 41% of investors across the world fear not having enough savings to fund their retirement.
It’s true that the time at which the survey took place may be a factor as to why the figure was so high. Whilst responses were being collected the Coronavirus pandemic was in full swing. So, previously held notions of job security and general stability were widely upheaved. There were, however, specific answers within the survey which point to more definite reasons as to why people are so worried about saving enough for retirement.
When asked if they believed the state was not enough to live off, 55% agreed. In fact, only 19% thought that it was sufficient.
This view can likely be attributed to constantly shifting pension rules. These leave many expectant retirees stumped as to what they should prepare for. In fact, 41% of investors agreed that ever changing governmental rules led them to see little point in saving for their retirement.
This is one of the many reasons why seeking the help of a financial adviser can be so helpful. Having a plan, developed by an expert, will set you on the right path and should help alleviate your worries. It’s true that financial advisers do not have crystal balls – but we do know exactly how best to manouever when the unpredictable happens. So, if you have any concerns about your own pension or retirement savings, do give us a call. We’d be happy to see how we can help lessen the worry!
Written by Ian Barnett
Ian is an experienced Chartered Financial Planner as well as being a Fellow of the Personal Finance Society, with over 25 years’ experience in the financial services industry. With a broad range of client experience and expertise, Ian specialises in financial matters from Pre-Retirement Planning to Inheritance Tax Planning and all points in between.