How the experts are saving for retirement

planning your retirement: How the experts are saving for retirement - at Moneyweek.co.uk - the best of the week's international financial media.

Good news, says Jay Palmer in Barron's: life expectancy is rising fast. The average American can now expect to live to 78 - up from 62 just a few generations ago. And thanks to enormous strides in medicine, if you make it to 65 you are very likely to live into your 80s. Make it to 75 and the odds are good you'll reach 90. Many of us will even "break the century mark".

Sounds great, says Eleanor Laise in Smart Money. But not everyone's happy: financial planners make "longevity sound like some kind of affliction" in their panic about how we pay for it. If you retire at 65, says planner David Yeske, "there's a good chance your assets will have to support you for 30 years". But if there is even moderate inflation (say, 3%), your cost of living will double every 24 years. "If your income doesn't do the same, you'll have a continuously eroding lifestyle that's a depressing way to retire." Indeed, says Laise, but it's far from inevitable. A "bit of careful planning" from as early in your working life as possible will ensure you don't have to live on noodles in your nineties. At present, 51% of working adults spend fewer than four hours a year planning for their old age. That just isn't enough. So what should we do? asks Stephen Ellis in The Daily Telegraph. Ellis asked independent financial advisers (IFAs) how they are preparing to fund their own retirement. Here are seven of their best tips.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.