Chapter 2

Saving for Your Retirement

Savings in the UK

‘Twenty years from now you will be more disappointed by the things that you didn’t do than the ones you did do.’

Mark Twain

Saving for retirement is central to your financial plan. It means avoiding spending a portion of your income today, accumulating it and spending it in the future after retiring. In other words, it is giving up consumption today for future consumption.

Saving is not easy. It requires discipline, self-control and long-term vision. It involves taking some of your disposable income and, instead of enjoying it, putting it away for many years. When retired, your quality of life probably depends on your savings. It is as simple and as important as that.

Psychologist Walter ...

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