Why save for retirement
There are two key reasons why saving for retirement is important:
1. To be able to afford the retirement you want
For most of us, as well as our day-to-day living expenses, there are probably a lot of things that we’d like to be able to start doing or keep doing in retirement.
Like going on holiday, running a car, or still being able to afford a mobile phone.
Although most of us will receive a State Pension, it won’t cover more than the basics.
The flat rate State Pension of £203.85 per week for 2023/2024. This is far below what most people say they hope to retire on.
So, to help you to be able to afford to do everything you want to when you retire, you should start to save now for your future.
2. People are living longer
Most people underestimate how long they are likely to live for in retirement (on average people are living for over 30 years after age 55).
While this is a good thing, it does mean that you might need to make your money last for more years than you expect. So it’s important to keep this in mind, when saving for retirement.
A great way to save for retirement is through the Tesco Retirement Savings Plan. At Tesco, the Plan is available to all colleagues from day one.