Too many people bury their head in the sand when it comes to planning for their financial future. In this article I want to look at some of the issues that you really cannot afford to ignore. When I use the term ‘pension’ I am referring to any kind of investment being used as retirement provision, rather than just traditional plans and as expats such arrangement are rarely available to us.
The facts are that most people are facing a significant shortfall in their retirement income, According to the Association of British Insurers, the average UK pension pot at retirement is less than £40,000. In the US, the Employee Benefit Research Institute has calculated that 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. Worrying figures indeed.
If you want to ensure you have enough money to live comfortably when you retire, here is my list of the top 10 pension mistakes to avoid.