Three in five (62%) of UK millennials worry about the prospect of having to return to work once they retire, with up to half (49%) admitting they don’t have a retirement plan in place according to new research from L&G.

What’s more, those aged between 28 – 44 yrs old are letting saving opportunities Slide Away – with 12% of those currently having no money saved for when they retire, while 36% don’t know what their monthly pension contributions are.

Three in five (62%) millennials worry about the prospect of returning to work once they retire, 58% say they know of friends and family who have had to do so, with a further 78% admitting they would feel frustrated if their future self didn’t have enough savings in place.

With the return of Oasis prompting further discussion about the prospect of coming out of retirement, Katharine Photiou, Managing Director of L&G’s Workplace Saving Business, shares her tips to help millennials avoid looking back in anger when their time comes:

Don’t underestimate the power of early starts – the earlier you start saving, the harder your money can work for you and the more help you’ll get from the government and your employer. While retirement might seem like a long way off, start saving early and you’ll reap the rewards!

Pay off your most expensive unsecured debt first – before you begin your saving journey, make sure you have a plan for paying off your existing unsecured debt first, starting with the most expensive which will help you save money on interest moving forwards.

Making the most of your savings – cash ISAs pay you interest on your savings, while Stocks & Shares ISAs aim to achieve better longer term growth.

Understand your workplace pension and boost contributions – most workers in the UK contribute 8% to their pension automatically through their salary (split between the employee and employer). While this is a good start, consider if you can afford to increase your contributions, even 1% could make a serious difference. Many employers will match increased contributions up to a certain level – which is essentially free cash, and something that can add a significant of money to your pot over time. And don’t forget the tax relief!
For more information click here: https://www.legalandgeneral.com/retirement/campaigns/avoid-returning-to-work/