Too many people bury their heads in the sand when it comes to planning for their financial future so we need to face some facts.
The reality is that most people are facing a significant shortfall in their retirement income.
According to recent figures, the average UK pension pot totals just £50,000 and the average pension income is £500 a week. That income will not just be from the pensions, but from other sources such as the state pension, personal investments or property.
The average UK resident has savings of just £17,365 and 34% have no savings or less than £1,000. Equivalent figures are not available for GCC expats but given that our incomes are higher than UK averages I would hope it is rather more. That said, I all too frequently come across people without any savings or investments.
In this article I look at some of the mistakes you want to avoid and issues that you really cannot afford to ignore.