retirement savings | Ross Naylor

I am a 50 something year old expat, how much should I be saving for retirement?

Retirement might seem like a distant dream or it may seem like an oncoming freight train. Whichever the case, it is never too early or too late to start planning for it. If you are age 50 or older, it is time to buckle up and get serious about saving for the future. But don’t worry, I’m here to guide you through this journey with a sprinkle of good humour and a dollop of practical advice.

A deeper look at inflation

With UK inflation at 5.5%*, quite simply, if you are saving for retirement your money is going to have to work harder to keep its value Let’s say you were planning to retire on savings of £500,000. If prices go up by 10% before you retire, you’ll need to save an additional £50,000 to have the same retirement you had planned for. This means that either you will have to save more or you will need to delay your retirement.

A New Year Financial Check-Up

The start of a New Year is always a good time to review one’s finances. In fact, with 2021 behind us and the pandemic still rumbling on, a financial check-up may be more important than ever this year. With that in mind, here are some ways to make sure that your financial situation is on the right track.