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‘Start saving for retirement in your 20s’, says watchdog

Savers are being urged to "start early and save often" if they want to have a comfortable retirement.

Consumer watchdog Which? polled 1,590 retired couples in the UK and found they needed an average annual income of £18,000 to cover household essentials, such as energy bills, food and transport.

However, this amount increased to £26,000 per annum to fund additional extras, such as a European holiday and leisure activities.

Which? calculates that consumers would need a combined pension pot of £210,000 on top of their state pension by the time they reach retirement.

Those who begin saving at the age of 20 would need to contribute the least (£131 per month over 48 years) to achieve the targeted income of £26,000 by the average retirement age of 68.

In comparison, 50-year-olds would need to save the most (£633 per month over 17 years) to hit that target by the age of 67.

Gareth Shaw, money expert at Which?, said:

"When it comes to saving for your retirement: start early and save often.

"Being a part of your company pension scheme is a good start, but, depending on how much you contribute, you could well need to save a little more to have the lifestyle you want in retirement."

Contact us today for advice on planning for your retirement.

 

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.