I was reading a blog post on Business Matters about how a fifth of people have no pension savings.
Pension savings are very important.
There won’t be a state pension in a few decades time in my opinion (that affects you if you’re in your 20s or 30s).
This means saving for when you finish work is crucial unless you really like eating baked beans 3 times a day.
Where is the money going to come from?
A lot of one man bands with tight cashflow find it difficult to cover day to day living, let alone put money aside for 30-40 years time. It can feel too big a task.
What to do –
- Save an extra 2% when you get paid.
- Put it in an ISA and forget about it.
Survival can be difficult now, but it’s much harder further down the line when ability to work is much less.
You’ll thank yourself later.
How you do you manage your pension savings? Do you have any? Tell me in the comments.