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Why Save?

Can you afford not to save towards a pension?

Basic State Pension will be £87.30 (2007/8 figures).

National statistics indicate the following average pensioner spend per week:

  • One person retired households dependent on state: £162.10
  • Retired couple mainly dependent on state: £136.00 per person
  • Retired couple not dependent: £188.10 per person (this is a difference of £52.10 per person depending on whether the couple are dependent or not dependent on the state)

Clearly there is a gap…

However, a means-tested Pensions Credit will be available as a top-up and there may also be housing and other benefits.

Before we go further into pensions and savings - there are three big things everyone should know about pensions.

Actions

1. Use our Pensions calculator - to see how starting monthly pension savings would translate into a final pension.

2. Develop your action plan from today:

  • Can you afford not to have a pension?
  • What is your current budget and what can you afford to save?

3. Find an IFA:

Seek advice – an IFA, or an accountant. IFAs will frequently provide initial advice for free:

IFAs can be found at:

This site is funded by Arts Council England for educational purposes. No financial advice is given on this site and you are advised to seek personal independent financial advice before undertaking any investment.


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