There are a heck of a lot of variables to consider here. One person’s midlife is another’s old age or relative youth, as is their ‘retirement’ should they decide to have one. Retirement, as often discussed on these very pages, is becoming a moveable feast rather than a straight switch from office to garden with a gold watch collected on the way. And of course what might be comfortable for you might seem abject poverty to him over there. There is apparently something called the ‘comfortable retirement living standard’, which is said to need a savings pot of £530,000 in today’s terms. That’s more than six times the amount that most of those surveyed midlifers have so far put away, so no wonder it’s seen as an uphill challenge. But neither retirement nor the pots that might be used to fund it are quite that simple; so worry but don’t panic would be my midlife message.
“Reeves backs down on plans to cut ISA limit”
So it looks as though Cash ISAs are safe for the moment (FTM – is that a thing?) Rachel has apparently ‘bowed to pressure’ from the banks and building societies and decided not to reduce the allowance to £4,000 for cash and to keep the £20,000 parity with Stocks and Shares ISAs. Bowed also to common sense, I’d say.
