Hi there! Today I wanted to share with you this infographic from AJ Bell Youinvest, as it is a perfect follow up of my lifetime of savings series, where we talk about why you should save and invest money and how to do it specifically in your 20s, 30s, 40s and 50s.
I can’t empathize enough the importance of saving. According to the infographic, 1.6 million pensioners live below the poverty line, and 1 million in severe poverty. I remember a very old gentleman who was bagging my groceries at the supermarket, he looked like every bone of his body was hurting, and yet like he had no choice but to keep working as he couldn’t afford to stay at home and have no job.
You never know what is going to happen in life. People born in the 80s will have a life expectancy of 92 years says the infographic, meaning you have to finance 20 years of retirement. If you currently live on £30,000 a year, you need to save £600,000 on top of your house equity, by the time you retire. That is no small change. Start now.