This is not an unusual scenario to have no savings at the age of 40 and is a situation that may become more common in the future.  Right now people are under a lot of financial pressure and retirement may seem a long way off.  Traditional retirement at 65 is a thing of the past and the start date for State Pension has been moved.  However, you may have a workplace pension or two courtesy.  So, if you think you have a pension and do not have the details use the Pension Tracing Service.  This scheme was set up in 2016 and helps anyone to trace a missed pension.

The next step is to work out how much to save each month.  Some people spend what they want and then save what is left.  Is this wise?  If you have absolutely no savings at this age then you have to be serious now.  Around 20% of your salary should be a starting point.  Looking at saving £100 per month from the age of 40 by retirement of 66 you could have a pot around £88,000 which would not be enough to retire on.  If £300 per month was saved with a 3% yearly increase, there would be a substantial sum by retirement of over £350,000 with a workplace pension and a State Pension would be more than adequate.

This is where a financial adviser can help you set in place a pension adequate for your future needs.  Phone Mathew on 01778 341658