8th December 2022
Tips For Potential Spending Cutbacks In The Current Environment
Savers Could Miss Out On Thousands Of Pounds In Retirement
As the cost of living continues to rise and inflation reaches its highest level in forty years, the impact on household budgets is deteriorating. In spite of the current economic circumstances, however, it is crucial to maintain a savings habit. Any pauses in pension payments might cost savers hundreds of pounds in the future, resulting in a lower income during retirement.
Reducing or halting pension payments, even for a relatively little period of time, can have a major impact on the final pot, potentially leaving individuals thousands of pounds less in retirement, according to research.
Tomorrow we will look at how abandoning pension contributions can have an even bigger impact than you realise. Please contact us for more information on how we can help protect your future financial well-being and the options available to you.
Source data:  Research conducted among a sample of c.2,600 contactable Standard Life customers
between 9–22 May 2022. Calculations are intended for the sole purpose of providing an illustration regarding the projection of savings and pensions. They should not be used with the intention to give an accurate representation of real world outcomes.