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Daily Insurance Industry News
Sunday 25th of February 2018
October 5, 2011

Budget weddings enhance retirement

by Gill Montia

Story link: Budget weddings enhance retirement

Budget weddings enhance retirement

Top savings advice from today’s retirees to the younger generation is to spend less on expensive life events such as weddings, according to research from Aviva.

The budget wedding needs to be followed by few children, if financial security in retirement is to be achieved, with other savings advice from beyond retirement including:

Shopping around with every penny (57%), dropping designer labels (52%), keeping away from credit (48%) and spending less on cars (45%).

Aviva suggests that at an average cost of £18,500, wedding expenses can be cut by a half (or more) to provide a significant lump sum to start a pension fund.

Money spent on designer labels (often twice the price of non-designer clothing) can be added to the pot, and with average interest on unsecured debt running at around £2,467 per annum per household, financial security in old age could be within grasp.

Ditching the second car would save an additional £5,869 a year, making the post-retirement outlook even rosier.

According to the insurer’s calculations, a 30 year old male saving £150 a month on designer labels, cars and the like could benefit from £450 income per month, from 65 throughout retirement, in addition to any state pension.

Aviva’s retirement director, Clive Bolton, comments: “It is crucial that as well as enjoying their youth, the younger generation also plan for their future.”

 

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