It’s estimated that around 1.9 million workers aged over 50 find themselves juggling the competing needs of the younger and older generations, sometimes overlooking their own financial planning requirements. As a result, many feel under pressure to go on working for longer; others sacrifice saving for their retirement to help other family members.
There is an assumption that unless you’re going big and starting early, saving is a waste of time. That couldn’t be more wrong. Here are three reasons why even modest saving and small tweaks can make a huge difference.
Politicians, consumer groups and the investment industry, in general, welcomed the pension freedoms introduced by the government in April 2015. The changes gave people more choice and flexibility in how they funded their retirements.
However, the sweeping nature of the reforms has caused one or two problems. Earlier this summer, the Financial Conduct Authority (FCA) published its initial study of the new system, alerting savers to potential risks.