Check out our pick of the financial news from across the web this week and find out what we think!
The Independent: How much you should already have saved for retirement – you’re probably about 60 per cent short
This week, The Independent looked at the amount you’ll likely need saved to enjoy a financially healthy retirement.The figures show that Generation X (those born between the 1960s and early 1980s) will need to have saved around £187 000 to enjoy a retirement income of £19 000. Those in their late twenties and early thirties should have around £74 000 saved, though it is believed that most people have saved significantly less. The amount needed to enjoy a comfortable retirement is, of course, also dictated by area.
Pensions Age: Baby boomers need financial advice as many admit lack of investment knowledge and confidence
Baby boomers (those born between 1946 and the early 1960s) are thought to own more than 1/3 of the country’s wealth, and yet are failing to take advantage of the investment opportunities available to them. As the youngest in this age group near retirement age, financial planning becomes increasingly important. 26% of this age group reported that they are worried about making poor financial decisions, yet only a quarter had received financial advice.
The Independent: How can you painlessly build up a ‘drizzly day fund’
The Independent shared some advice on how you can build up a savings fund for those unexpected costs, stating that everyone should aim to have at least £500 spare.