Pension saving is undoubtedly a challenging endeavour, and one which may take a significant amount of time to achieve. While retirement income can come from many different places, building up suitable funds will be important, especially with a constant stream of income from a salary or wages removed in later life. As a result, Britons are being urged to take pre-emptive action, as soon as possible, to ensure they are amply prepared.
However, planning ahead often means looking at calculations, which Britons may favour undertaking themselves or outsourcing.
Regardless of the method, looking at finances ahead of time will be particularly important to ground oneself in the reality of financial responsibilities.
Ms Savova added: “As a rule of thumb, I tend to divide the amount you need by four percent, which is not the easiest mathematical calculation.
“However, it does tell you that roughly you need a pension pot of £500,000 if you’re going for that, and that, in and of itself, is a huge amount to have saved.”
She urged individuals to take action ahead of time, rather than at…
