It is never an easy time to save whatever your age.

In your 20’s you are too concerned about having a good time before you settle down. In your 30’s you are either saving up to buy a home (average age of a first time buyer is now 37) or are busy paying off your mortgage. Through your 40’s you are probably realising how expensive children can be.

But it’s when you hit your 50’s that arguably all of these factors come together. You want to enjoy life as much as you can while working hard to build a life for yourself and your family. You may have a mortgage and children going to University. At the same time you have rising costs of living and (as a nation) fairly static income levels.

Saving for retirement amongst all of that, while you understand it should be a concern, is difficult to achieve. In fact, saving at all for many in their 50’s is becoming an issue.

However, to achieve the thing you want most at this age – to not have to work and still have the income you need to do what you want (also called retirement) – saving towards retirement is a must. So my suggestion would be to sit down and really think about where you spend money in the context of your household income. A useful free tool to do this can be accessed here (

Once you know more about yourself you can begin to make plans to adjustment little things that could make a big difference in 5 or 10 years time. Juggling all that life throws at you, or you want to create for yourself is not easy. But with a plan and some help it can be a whole lot more fun when you have a greater level of certainty about achieving it all.

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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on