Are you putting off saving for retirement. Seeing an image of your future self might just spur you to take action! Which you definitely should.
Saving for retirement is essential
Far too many people aren’t saving for retirement. The figures are astounding. According to one 2020 survey I read, 17% of over 55s have no pension savings at all and this figure rises to 21% for the overall working population. Despite this, 61% of Brits are hoping to have an income in retirement of over £10,000 and 45% are hoping for at least £20,000 per year.
With no savings, which magic money tree are these dreamers hoping to find? The current UK state pension is just £9,339 per year (2021-2022) and even that amount is dependent on having made National Insurance contributions for 35 years or more.
If you want a decent pension and lifestyle when you retire, saving is non-negotiable. And the earlier you start, the easier it is going to be for you to acquire a decent nest egg.
How to motivate yourself to save for retirement
If you’re struggling to get motivated to save for retirement, recent research shows that exposing yourself to a computer-generated image of yourself in the future tricks your brain into treating yourself with the empathy you usually reserve for strangers. You feel sorry for the wrinkled, geriatric version of you and are motivated to take action to make life better for that future self.
Try it out by using the free app It will show you what you might look like in 2052 – a horrifying sight in my case! How does it make you feel?
If it sends you into a blind panic about the future, you’re not alone. Research has shown that seeing our future selves can be just the catalyst we need to trigger better financial decisions.
None of us likes to face the unpleasant truth that we are going to get old. As a result we avoid thinking about our future selves and feel disconnected from the person we will be in 20, 30 or 40 years time. That disconnect is one of the reasons why we fail to save when we are young. Retirement seems so far away and not worth bothering about for a few more years.
The trouble is, those years speed by and suddenly middle age hits with 20 years to go until retirement. It is about now that panic sets in for those with no pension savings. This often triggers a serious financial reset but it’s an uphill struggle to save with just two decades in which to do it.
You can make acquiring a decent retirement pot so much easier by taking the slow and steady approach from earlier on. That means prioritising saving as soon as you are earning and doing it consistently throughout your career. It also means choosing investment options which are going to build your wealth more quickly within your own risk tolerance limits.
A financial adviser is also a brilliant motivating force to help you clarify your retirement goals and work out how to achieve them. They can advise on how much you need to save and the investment products which are best suited to your needs. They will also keep you accountable and work with you on an ongoing basis to ensure that your financial plan continues to be relevant as your life changes and evolves.
I have a wealth of experience working with expatriates who are at the beginning of their financial planning journey and are looking to put a retirement plan in place. If you have been lacking the motivation to do this even though you know it is essential, contact me at jordan.donald@infinitysolutions.com to find out how I can assist you with getting your pension planning sorted.

Financial Consultant
I work as a Financial Planner with expat clients to meet their financial planning needs and goals, with a focus on adequately protecting expats & their families, and helping people to grow their savings over the long term. I strongly believe in building meaningful and lasting relationships with clients to ensure the best client outcomes are achieved.