However, this could drop when he reduces his working week in five years’ time. He currently earns £50,000 a year and estimates he can save between £1,200 and £1,500 a month. Mr Smith’s partner has kindly agreed to pay the bills so he can focus on building up as big a retirement pot as possible before he stops working. “I am kicking myself for focusing too much on paying the mortgage off early rather than saving for my retirement,” he said. Now, at age 56, he finds himself with just £10,000 in savings and nothing else put away for later life. Partly because he joined on a short-term contract, Mr Smith, who has worked as a scientist for the civil service for the past 22 years, never joined his employer’s pension scheme.
Three weeks ago Toby Smith, from Bromsgrove, Worcestershire, finally paid off his mortgage.īut despite reaching this milestone, he still worries for his financial future. Would you like a Telegraph Money Makeover? Apply here or through the form at the bottom of the page.
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