Many people in their forties and fifties are becoming increasingly concerned about their ability to retire comfortably. Research from Apella Advisors found that more than a third of workers aged 40 to 54 believe they may never be able to afford to stop working, while a further 19% expect to remain in employment into their seventies. The findings highlight a growing retirement savings gap for Generation X, a group that broadly missed out on both generous final salary pension schemes and the early benefits of automatic pension enrolment.
James Baxter from the investment firm Tideway Wealth said: “It should be no surprise that 40 to 54-year-olds feel they have less capacity to save than those under 30. The spending pressure on Generation X, with many supporting families of children and younger adults, is probably at its peak.
Our founder James Baxter shared his insight on the topic:
“It should be no surprise that 40 to 54-year-olds feel they have less capacity to save than those under 30. The spending pressure on Generation X, with many supporting families of children and younger adults, is probably at its peak.
“Building retirement savings is rarely a smooth process. Savers should take advantage of any spare cash as it becomes available. It can be available for couples before children arrive or much later in life when children are financially independent and spending pressure declines.”
Read the full article at The Times.